KPMG in Canada purchases World of Women (WoW) Non-Fungible Token

March 1, 2022 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, Enterprise, FinTech and Alternative Finance, Fundraising, Investing, Trading, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health No comments

KPMG Canada | Feb 28, 2022

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’ varying use cases can offer countless ways for companies to create value and engage with their customers

"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."

See: Ways NFTs Can Reinvent Your Small Business

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."

See: Is Open Sea doing enough to combat NFT fraud?

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.

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