KPMG in Canada completed the purchase of digital art from the highly acclaimed World of Women (WoW) non-fungible token (NFT) collection, its first foray into this rapidly growing technological innovation.
"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."
NFTs, cryptographic assets on the blockchain, are unique, digital tokens that represent ownership of a digital or real-world asset. The tokens can represent anything, such as art, music, games, and real estate. Ownership of the NFT is recorded on the blockchain.
WoW is a community celebrating representation, inclusivity, and equal opportunities for all in this new era of the web. They aim to promote female artists, who account for a sliver of all NFT art sales. Through their charitable giving, WoW also supports women-focused and, more recently, ecological causes around the world.
"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 recent KPMG poll, 53 per cent of Canadians 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 (40 per cent) think avatars, crypto wallets, and digital goods will become the norm. As well, 8 per cent say they already own an NFT, indicating that Canadians are slowly starting to explore the market.
The signature WoW collection features 10,000 first edition NFT artworks of diverse, inspiring, and powerful women living on the blockchain. Many of their female avatar art pieces have become prized collector's items.
The acquisition comes on the heels of an investment in Bitcoin and Ethereum. KPMG purchased carbon offsets to maintain a net-zero carbon transaction to deliver on the firm’s stated environmental, social and governance (ESG) commitments.
KPMG surveyed 1,009 Canadians between February 14 and 16 using Schlesinger Group's AskingCanadians Panel through its Methodify online automation platform
About KPMG in Canada
KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada's top employers and one of the best places to work in the country.
The firm is established under the laws of Ontario and is a member of KPMG's global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, see kpmg.com/ca.
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