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Over the past year, an influx of traditional financial institutions into the cryptocurrency sector has been recorded. These institutions are now diversifying towards other crypto-related avenues such as non-fungible tokens (NFTs).
The NFT boom started last year, with the trading volumes totalling billions of dollars. Now, KPMG Canada has ventured into the NFT space by purchasing the World of Women NFT.
KPMG Canada buys its first NFT
Recently, KPMG Canada announced the purchase of Bitcoin and Ethereum and the addition of the two assets to its balance sheet. Now, the audit, tax and advisory firm is venturing towards non-fungible digital assets with the purchase of its first NFT.
The NFT bought by the firm is in the World of Women NFT collection. The collection comprises 10,000 NFTs that focus on women. The NFTs represent unique artworks that symbolize “representation, inclusivity, and equal opportunities for all.”
According to the Managing Partner for Advisory Services at KPMG, Benjie Thomas, “NFTs unlock a new channel for organizations to engage with their customers, while also underpinning innovation through the secure digitization of assets. This acquisition reflects our belief not only in the continued growth of NFTs but in the value of [World of Women] and its mission.”
The executive also added that the purchase of this NFT was directed towards boosting customer knowledge on the role of NFTs in the corporate sector. Before this purchase, KPMG Canada had completed a survey on NFT sentiments in the Canadian market.
Out of the over 1000 people involved in the survey, 53% believed that the NFT market was an opportunity for female artists to promote their artwork and monetize it. This would give them a new platform that was unavailable to them in the past. 8% of the respondents admitted to owning an NFT, while 40% believed that “avatars, crypto wallets, and digital goods will become the norm.”
The NFT sector has been shrouded by a lot of negativity, but the majority of the people who participated in the survey were optimistic about the NFT space. Some of the KPMG employees have also talked about the potential of the entire sector.
Nancy Chase, Partner and National Risk Consulting Leader at KPMG, said that NFTs could lure more women towards the cryptocurrency sector. She also added that the sector could change how people interacted; hence, the World of Women NFT was aligned to the financial institution’s objectives.
KPMG Canada seems to be going all-in with its cryptocurrency investments. Earlier this month, it announced it would be investing in Bitcoin and Ethereum, and the two assets would be included in its balance sheet.
NFT market gaining popularity
The NFT market has been performing well despite the recession across the cryptocurrency market. However, with last week’s uncertainty across financial markets, some popular NFTs lost a significant amount of value. Nevertheless, the sector seems to be attracting the attention of financial giants.
In August last year, Visa announced the purchase of the CryptoPunk NFT for 49.5 Ether. McDonald’s and YouTube are also invested in the space. The metaverse, a space closely related to NFTs, is also attracting interest, with JPMorgan announcing the launch of its Onyx Lounge on Decentraland’s virtual; world.
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