64 Cryptoliteracy

Financial institutions and fintech brands want to demystify the metaeconomy.

In March 2022, the US Treasury launched a campaign to educate the public about crypto risks.
The Treasury’s Financial Literacy Education Commission is responsible for creating educational
materials and organizing outreach to inform the public about how crypto assets work and how
they differ from other forms of payment.

Nellie Liang, US Treasury undersecretary for domestic finance, said that the initiative aims to
raise awareness about the risks of investing in cryptocurrencies as the digital asset moves from
the fringes of the financial system to the mainstream, Reuters reported. “We’re hearing more
and more about investors and households who are purchasing crypto assets, and we recognize
the complexity of how some of these assets operate,” Liang said. “It felt like this is an area also
where more education (and) more awareness could be helpful.”

Finance brands are also stepping in to fill the gap in crypto education. Fidelity Investments
launched a financial education center in the metaverse in April 2022. The eight-floor virtual
learning center, located in Decentraland, helps educate visitors on investing basics, the
metaverse, and Fidelity’s new metaverse exchange-traded fund. The center was created to
“inform a new generation of investors,” the brand said.

In February 2022, Mastercard expanded its consultancy services to cover cryptocurrency, NFTs,
and open banking. The new suite of services will help banks and businesses adopt digital assets
like cryptocurrency and NFTs, address risk assessment for digital currencies and NFTs, and
advise on the development of digital wallets, crypto credit cards, and crypto loyalty programs.

Visa launched a crypto advisory service for financial institutions and merchants in December
2021. The service is aimed at financial institutions eager to attract or retain customers with
crypto offerings, retailers looking to delve into NFTs, or central banks exploring digital
currencies, the company said.

Why it’s interesting: The metaverse and Web3 are giving rise to new retail avenues and a
nascent digital goods economy—all of which will inform spending patterns and are leading to
the creation of a new cryptonomic ecosystem. But first, education needs to take place; the
future of Web3 commerce hinges not only on adoption but also on education—for both
consumers and brands.