Consulting Giant KPMG Makes Its First Foray Into Metaverse

The move follows PwC Hong Kong, which bought some virtual real estate represented as a non-fungible token, in the metaverse.

AccessTimeIconJun 22, 2022 at 11:00 a.m. UTC
Updated Jun 22, 2022 at 4:50 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

KPMG, one of the top four consulting firms, is stepping into the metaverse by opening its first collaboration hub between its U.S. and Canadian units.

The hub will allow the firm’s employees, clients and communities to connect, engage and explore opportunities for growth across industries and sectors, the consulting firm said in a statement. “The metaverse is a market opportunity, a way to re-engage talent and a path to connect people across the globe through a new collaborative experience,” said Laura Newinski, deputy chair and chief operating officer at KPMG in the U.S.

The metaverse is a superset of virtual reality, augmented reality and the internet, and the term was first coined in Neal Stephenson’s 1992 science fiction novel “Snow Crash.” The technology is still in its infancy, but companies such as Nike, Facebook and even JPMorgan have dabbled into the metaverse. Most recently, Citi said that the metaverse could represent a revenue opportunity of as much as $13 trillion and have a major impact on not just key tech players, but also cryptocurrencies.

“The metaverse is a $13 trillion market opportunity that could boast as many as 5 billion users by 2030,” said Armughan Ahmad, president and managing partner of digital at KPMG in Canada.

This wouldn’t be the first time a large consulting agency has stepped into the niche world of the metaverse. Last year, PwC Hong Kong said it bought some LAND, virtual real estate represented as a non-fungible token (NFT).

KPMG’s metaverse launch comes after its Canadian arm said it bought bitcoin (BTC) and ether (ETH) on its balance sheet and purchased digital art from the World of Women (WoW) NFT collection. Meanwhile, both its U.S. and Canadian business units started leveraging Chain Fusion, a proprietary tool that helps provide audit services for financial services, fintech and crypto-native companies, according to the statement.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Trending

1
CoinDesk - Unknown
Bitmain to Start Selling New Ethereum Mining Rig Model Tomorrow

Despite the Merge edging closer, Bitmain is releasing an Ethereum ASIC.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto News Roundup for July 5, 2022

With the crypto market appearing to have stabilized while altcoins take the lead, plus a look at the surprising lack of crypto contagion, CoinDesk’s “Markets Daily” is back with the latest news roundup.

CoinDesk - Unknown
3
CoinDesk - Unknown
TeraWulf Adds $50M in Debt to Build Data Center Infrastructure

The miner aims to seize opportunities created by the market slump.

CoinDesk - Unknown
4
CoinDesk - Unknown
UK Financial Regulator Hires Former Police Officer to Head New Crypto Unit

Matthew Long will be responsible for payments and digital money at the Financial Conduct Authority.

CoinDesk - Unknown