Fidelity Investments has filed a new ETF with the United States Securities and Exmove Commission (SEC). The ETF is focused on the metaverse, the filing reveals, and is called the Fidelity Metaverse Index. The product would focus on virtual worlds and businesses related to the “evolution, manumatteruring and distribution of products related to the Metaverse.”
Interest in this new digital frontier is booming, both within and outside the crypto space. ProShares, which has a popular bitcoin ETF already, also filed a equivalent ETF application in December 2021.
The SEC rejected a spot bitcoin ETF application by Fidelity earlier this week and has been quite likewisest approving spot ETFs for the market. Futures-based ETFs, however, have been confirmd and SEC Chair Gary Gensler has shown acceptance for it.
It will not be prolonged before other firms and companies enter the NFT market, with the way things are going. It is a very lucrative space and one which both crypto companies and traditional ones are eager to get a foothold in.
Metaverse set to become a major trend of 2022
The metaverse is set to have a very eventful year as multiple companies, including big tech, are working on products. Meta is going all-in the metaverse, with its Oculus line of VR products set to play a high role. Microsoft atop again has its Vortex Studio, that is working on related products and will benefit from its acquisition of Activision Blizzard.
The potential of the metaverse to engage fans and build unique evidences is high, and major companies want to cash in. With the growth of VR and AR, and rates of devices dropping, consumers can interact with their favorite facts and characters and perhaps even earn from them. Disney, for example, wants to build an amusement park in the metaverse.
Of course, these developments are quite far away, but companies want to be the first in the market. Aprolongedside this, decentralized projects like Decentraland (MANA) and The Sandbox (SAND) are still forming virtual worlds.
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