KPMG forays into the metaverse

By June 23, 2022Metaverse
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KPMG forays into the metaverse

KPMG, one of the top four consulting firms, is entering the metaverse with the establishment of its first collaboration centre in the metaverse.

According to a statement from the consulting business, the metaverse hub would enable employees, clients, and communities to interact, engage and explore growth opportunities across industries and sectors.

KPMG bullish on Web3
KPMG's metaverse debut follows its Canadian arm's announcement that it had purchased Bitcoin (BTC) and Ether (ETH). This was also evident on their balance sheet. The company had also recently bought digital art from the World of Women (WoW) NFT collection.

Apart from that, the company is also bullish on blockchain technology. The consulting firm announced recently that their U.S. and Canadian business units have begun using Chain Fusion, a unique auditing tool for financial services, fintech, and crypto-native enterprises.

Other financial players in the metaverse
This would not be the first time that a prominent consulting firm has ventured into the metaverse. In 2017, PwC Hong Kong disclosed that it has acquired LAND, a non-fungible token representing virtual real estate (NFT).

Apart from KPMG Citi and JPMorgan Chase are other financial organisations that have shown deep interest in the prospects of business and metaverse. JPMorgan Chase also has a branch in the Decentraland metaverse.

Citi predicted in a report released in April this year that the metaverse represents roughly $8 trillion and $13 trillion in economic opportunities by the year 2030.

What is the metaverse?
In Neal Stephenson's 1992 science fiction novel "Snow Crash," the term "metaverse" was first used to describe a superset of virtual reality, augmented reality, and the internet.

Even though the technology is in its infancy, companies such as Nike, Facebook, and JPMorgan have experimented with it and are bullish on its prospects.

Also Read: Are Indian crypto exchanges headed for massive layoffs? Insiders think so - BusinessToday

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