Shortly after adding bitcoin and ethereum to its balance sheet, KPMG Canada purchased its first NFT from the Women's World (WoW) collection.
The first digital currency, now NFT
KPMG Canada is a Canadian tax audit and advisory services firm. Its acquisition of WoW NFT marks its first foray into such digital assets. Major organizations, companies and business groups have joined the NFT trend. The company has previously added bitcoin and ethereum to its investment holdings. Venturing into the world of NFT seems like a natural next step.
Upgrading the next phase of cryptocurrency investing
NFT or Non-Fungible Tokens are unique digital tokens that are directly connected to digital or real-world assets (e.g. artwork, audio files, video clips, graphic art, documents, etc.). Cryptocurrency users can use cryptocurrency to purchase tokens and gain ownership of the assets uniquely associated with it. In turn, this ownership is recorded on the blockchain and is immutable. Therefore, all subsequent NFT sales will also be recorded on the blockchain.
Benjie Thomas, Managing Partner of KMPG Canadian Advisory Services, spoke on the NFT purchase and stated.
"NFT opens a new channel for organizations to interact with their customers while also supporting innovation through the secure digitization of their assets. This acquisition reflects our belief in not only the continued growth of NFT, but also in the value of WoW and its mission. Having now gone through this process, we are well positioned to guide our customers through the development of an enterprise NFT strategy, including the acquisition and protection of NFT."
KMPG Select WoW NFT
The World of Women community aims to increase representation and inclusion by promoting equal opportunities for female artists in Web3. The organization's initiatives are aimed at enabling more and more female artists to explore cryptocurrency and NFT opportunities. The organization also runs a number of philanthropic initiatives that support global women's issues and ecological causes. With 10,000 first editions of NFT featuring diverse and inspiring women, the iconic WoW series has become highly collectible in nature.
Nancy Chase, Partner and Head of Country Risk Advisory at KPMG, spoke about the lack of female representation in the cryptocurrency world when she discussed the added value of the WoW collection. She said that
"By all accounts, women are underrepresented in all cryptocurrencies, which makes us proud to be acquiring NFT for the first time in a series supporting women. we hope our acquisition will draw more women into how we will interact in the future of an industry on the cusp of change."
Disclaimer: This article is for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.