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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.
By Aoyon Ashraf
Updated May 11, 2023, 5:36 p.m. Published Jun 22, 2022, 11:00 a.m.
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.
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Read more: How to Make It in the Metaverse
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 and ether 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.
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