KPMG Canada Moves Further Into Web3 With Purchase of World of Women NFT

After adding Bitcoin and Ethereum to its balance sheet earlier this month, KPMG Canada has bought a World of Women NFT.
Image source: KPMG

Quick take:

  • This is the accounting firm’s first NFT purchase.
  • It has also bought an Ethereum Name Service (ENS) domain name.
  • KPMG Canada now claims to be well-positioned to help their clients build a corporate NFT strategy.

KPMG Canada announced today that it has bought a World of Women (WoW) NFT, marking the Big Four global accounting firm’s first foray into the rapidly growing NFT space. A KMPG Canada spokesperson told CoinDesk that the company bought Woman #2681 for 25 ETH. 

The company has also bought an Ethereum Name Service (ENS) domain name, kpmgca.eth. This news follows an announcement earlier this month that the accounting firm has added an undisclosed amount of BTC and ETH to its balance sheet.

Having gone through the NFT purchasing process, KPMG Canada says it’s now qualified to help its clients build a corporate NFT strategy.

“NFTs unlock a new channel for organizations to engage with their customers, while also underpinning innovation through the secure digitization of assets,” says Benjie Thomas, Managing Partner, Advisory Services, KPMG in Canada. “This acquisition reflects our belief not only in the continued growth of NFTs, but in the value of WoW and its mission. Having now gone through the process, we are well-positioned to guide our clients around building a corporate NFT strategy, including, acquiring, and safeguarding NFTs.”

Since its launch in July 2021, World of Women has enjoyed a solid amount of traction and Hollywood attention. 

As a collective celebrating representation, inclusivity, and equal opportunities for all in the Web3 space, WoW has attracted high-profile buyers and deals as it supports women-focused causes around the world.

Its recent high-profile partnerships include a representation deal with talent manager Guy Oseary, a storytelling partnership with Reese Witherspoon’s media company Hello Sunshine, and an NFT magazine cover in collaboration with Billboard announced today.

“By all accounts, women are underrepresented in the world of all things crypto, which makes us proud to make our first NFT acquisition in a collection that supports women,” says KPMG’s Nancy Chase, Partner and National Risk Consulting Leader. “We hope that our purchase draws more women into a sector that’s on the cusp of changing how we interact with one another in the future.”

Web3, the next iteration of the internet, will change the way people interact with brands, socialize within communities, and trade digital assets, says KPMG’s Kareem Sadek, Cryptoassets and Blockchain Services co-leader.

“There are numerous use cases for NFTs,” he says. “We are already seeing organizations from retailers and sports leagues to auction houses, celebrities, and not-for-profits use NFTs to market their brand, recruit talent, create value, raise awareness for causes, and connect with customers.”

According to a Feb 14-16 KPMG poll of 1009 Canadians using Schlesinger Group’s AskingCanadians Panel, 53% of respondents say the NFT market opens the door for women artists to promote and monetize their work in ways that weren’t previously available to them. 

Two in five think avatars, crypto wallets, and digital goods will become the norm while 8% say they already own an NFT, indicating that Canadians are slowly starting to explore the market.

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