Every month, a new survey seems to come out showing how woefully ignorant most Americans are when it comes to personal finance and the stock market. Most recently, 8 in 10 adult respondents drew a blank when asked to explain what a bonus is. while seven in 10 wavered on the definition of a hedge fund despite confidently saying they knew of it in large numbers.
Amid a widespread lack of financial and investment education, the internet has long been a primary place for many to educate themselves; According to the results of Investopedia’s annual financial education survey, Gen Z is increasingly using YouTube (45%) and TikTok (30%). %) to learn about investing, while millennials search the internet (47%) and YouTube (40%).
In an effort to educate the public and carve out a place for itself on an emerging platform, financial services giant Fidelity Investments (FBNDX) – Get Fidelity’s Investment Grade Bond Report is launching a platform to learn about personal finance in the metaverse. Often called the next iteration of the Internet, the metaverse is a combination of video and augmented and virtual reality in which users move through avatars.
Built on the Decentraland platform, Fidelity Stack will have a virtual lobby, dance floor, and rooftop garden for users to virtually move around.
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From exchange-traded funds to common investment misconceptions, each will include primers on the basics of personal finance. As they answer questions (it will start with something as basic as “what is an action?” and gradually increase in complexity) correctly, users correct “orbs” that will guide them to the exit.
“As users traverse The Fidelity Stack and up each floor of the building, they will encounter a series of educational experiences that provide insight into common financial concepts, including stocks, mutual funds and ETFs,” Kathryn Condon, chief marketing officer for Fidelity. and emerging platforms, she told TheStreet in an email. “Users also find information about the Fidelity Metaverse ETF (FMET) and the industries that make up the fund’s investment universe.”
Fidelity is far from the only major company trying to gain early entry into the metaverse. All of Restaurant Brands International (QSR) – Get the Restaurant Brands International Inc.Burger King owned by Nike (NKE) – Get the Class B report from NIKE, Inc. all have tried to launch platforms where they offer games and interactive experiences with their name stamped on them.
As the metaverse is still limited in scope and too abstract a concept for most people, it is often little more than a form of marketing with a bit of educational insight (or, in the case of fast food companies, some discounts or prizes) launched to attract users.
But as more people sign up and get avatars (a process that could speed up significantly in the next few years or disappear like Google Glass did around 2013), a business that gets early entry to this platform will be able to tap into a broader demographic. emergent. before the competitors.
“It’s clear that consumers, particularly the next generation, have an appetite for immersive experiences, and the metaverse has incredible potential,” said Condon. “I think we’ll see more people and organizations try it out in the future as we learn what potential it can hold for digital engagement.”