KPMG‘s Canadian division is making no secret of the fact that it is bullish on cryptocurrencies and NFTs. The company is capitalizing on its experience with NFT investments to help clients develop profitable strategies in the context of investing in cryptocurrencies. To be more specific, Canada’s KPMG division recently announced it has finalized the acquisition of World of Women digital art NFTs. Let’s take a closer look at this acquisition and delve into its importance in the context of NFTs and cryptocurrency.
KPMG Hops On The NFT And Crypto Train
A KPMG representative stated the company’s acquisition of the World of Women NFT reflects the company’s belief in the ongoing growth of NFTs. Benjie Thomas, the Managing Partner of KPMG Canada’s Advisory Services division, noted how the addition of NFTs to the company’s portfolio empowers organizations to engage with clients in a more idiosyncratic manner while also permitting secure asset digitization.
Thomas also noted how there are several use cases for digital pieces of art. He pointed out how organizations in professional sports leagues and even those in the brick-and-mortar retail space are using NFTs to bolster marketing, add new “rainmaker” hires, engage customers on a deeper level and generate significant value.
Kareem Sadek, the co-leader of KPMG’s blockchain and crypto assets services stated he is hopeful for the progress of web3, noting this tech evolution will fundamentally alter the manner in which consumers interact with brands, trade digital assets and interact with corporations as well as other people.
A Closer Look At The World Of Women NFT Collection
The World of Women NFT collection, also referred to with the acronym of WoW, was launched by a community to unite people with a particular focus on women. The aim of this organization is to catalyze women into a cohesive group within the NFT space to develop a web3 platform characterized by inclusivity. The organization provides ongoing support for causes that benefit women as well as the environment. These causes directly benefit through charitable contributions stemming from the sales of NFTs and other items.
WoW’s initial NFT collection hit the market in the summer of 2021. The group’s second NFT collection launched in 2022. Canada’s division of KMPG purchased the second NFT for 25ETH, equating to about $70,000. The purchase of the NFT, Dubbed Woman #2681, is a piece of digital art portraying a gorgeous woman with curly hair and blue-tinted skin. The acquisition of the NFT is KPMG’s first-ever purchase of a digital artform.
The logic in purchasing the NFT is that it has the potential to increase in value yet there is also the added benefit of providing financial support to a good cause. Furthermore, Nancy Chase, the risk consulting leader of KPMG, noted the company has hopes that the NFT will spur more women to gravitate to the NFT space. The sad truth is women are disproportionately underrepresented in the crypto industry.
However, in the context of cryptocurrency investing, the key takeaway from the purchase is the fact that KPMG and other institutions are becoming increasingly bullish on digital assets. Rewind less than one month ago and the company had announced the addition of cryptocurrencies to its treasury. Though the company did not reveal the amount invested, representatives noted the stake is in bitcoin and Ethereum.