NEW YORK (Reuters) – Retail brokerage giant Fidelity Investments said on Thursday it has opened an eight-story virtual building in the metaverse that offers financial education – and dancing – as it tries to attract more young people investors on its platforms.
The so-called Fidelity Stack was to be launched alongside the brokerage firm’s Fidelity Metaverse ETF, which gives investors the opportunity to invest in companies involved in the metaverse, a network of virtual environments accessible through different devices where users can work, socialize and play.
The Fidelity Stack, which was built in Decentraland, a web-based platform that mimics a metropolitan area, with shopping districts, offices and event spaces, is open to everyone but largely caters to 18-35 year olds. , said David Dintenfass, chief marketing officer and head of emerging clients at Fidelity.
“We try to make sure we stay up to date for the next generation,” he said in an interview.
In 2021, 3.8 million new Fidelity brokerage accounts were opened by investors aged 18-35, and the company has made efforts to engage with those customers, including through its own Reddit sub-thread and TikTok account. .
Last May, Boston-based Fidelity launched a brokerage account designed exclusively for teens, overseen by their parents, and about 60,000 of the accounts have been opened so far, Dintenfass said.
“Learning by doing – it’s consistent with the metaverse, he said.
“It’s the next step in the long series of things we’re trying to do to reach this next generation.”
Fidelity Stack users can explore the interior of the building, which includes a dance floor and rooftop garden, and are challenged to learn the basics of ETF investing while collecting ongoing “orbs” road, the company said.
Dintenfass declined to say how much Fidelity paid to buy the virtual space inside Decentraland.
Reporting by John McCrank; edited by Diane Craft