Fidelity Attempts to Attract the Next Gen
Credit by www.coindesk.com

Cryptocurrency, decentralized technology, blockchain, and metaverse are the trending digital matters, appealing to people as well as investors. Fidelity Investments doesn’t escape the charm either, as the retail brokerage giant is getting ready for the metaverse. On Thursday, April the 21st, the company announced that they opened a virtual building (an eight-story one) in the metaverse offering financial education (as well as dancing?) for those who are interested. This is their attempts to attract young investors and also being ready for the upcoming future, which is quite inevitable.

What Fidelity Does?

Fidelity Attempts to Attract the Next Gen
Credit by www.reuters.com

It seems that Fidelity has given it some thoughts, considering that they are launching several different products and services. They are going to launch Fidelity Stack at the same time of Fidelity Metaverse ETF. It will provide opportunities for investors to invest within the businesses being in the metaverse. The metaverse itself has been set as a virtual environment network that can be easily accessed through various devices. Users should be able to play, socialize, and work within this virtual world.

About Fidelity Stack

Fidelity Stack was constructed and created in Decentraland. It is a web platform mimicking a metropolitan area complete with its commerce offices, event spaces, and districts. The platform is open and welcomes everyone, but the main focus is basically from 18 years to 35 years old. David Dintenfass, Fidelity’s Chief Marketing Officer and also the Head of Emerging Customers has explained it during the interview. The company wants to stay updated with the future generation, and embracing technology is one way that they can implement.

Why the target market at such age? According to their data in 2021 alone, around 3.8 million of new (Fidelity brokerage) accounts had been opened up by investors within that age range (18 to 35). The company themselves has been trying to engage with that particular market, including reaching out through TikTok account and Reddit sub-thread. The last one is their own, basically.

Fidelity Reaching up to Younger Market

This isn’t the first attempt of this company to reach out to younger generation. Last May (in 2021), the Boston-based branch had launched a brokerage account that was exclusively designed for teens – and supervised by their parents. According to Dintenfass, the response has been quite good and positive. At least around 60,000 accounts have been created since then.

Moreover, he also believes that the metaverse idea is in line with the company’s concept: Learning by doing. Launching a metaverse is only the beginning of the long journey ahead to engage the next future generations. If they are going to attract the next gen, then they should familiarize themselves with the new tech.

What can users get when going to Decentraland? Well, users within Fidelity Stack are able to explore the interior of the building. They are free to roam the rooftop sky garden and dance floor. They may have to learn ETF investing basic, but there’s nothing difficult about it. Although Dintenfass is willing to describe the entire concept of Fidelity Stack, he refused to answer how much Fidelity has to pay to buy the virtual space.

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