Business & Events

KPMG Makes Metaverse Entry As It Invests $30 Million In Web3 Employee Training

KPMG, one of the Big Four accounting firms, has revealed the opening of its first metaverse collaboration hub to help its employees and clients pursue growth opportunities in the digital era.

The firm is making an entry into the metaverse scene with a new collaboration hub that will connect employees, clients and others with Web3. The company is making a collective $30 million investment this year in Web3 experiences, with the metaverse hub as its “signature piece.”

According to a Tuesday report by Fortune, the hub will be focused on education, collaboration, training, events and workshops with Cliff Justice, KPMG U.S. leader of enterprise innovation. The report also mentioned that the hub is presently being utilized but that the firm intends to hire people to build it and expand it over time.

What You Should Know

  • The report explained that the long-term objective for the company is to examine other potential metaverse use cases such as health care, consumer, retail, media and financial services.
  • Laura Newinski, deputy chair and chief operating officer at KPMG in the U.S. stated, “The metaverse is a market opportunity, a way to re-engage talent, and a path to connect people across the globe through a new collaborative experience.”
  • The firm stated that it will continue to explore possibilities in the crypto and Web 3.0 space, co-create new tools and solutions that provide critical insights, launch immersive learning and development platforms.
  • It will also recruit talent to contribute knowledge and help navigate the changing confluence of the physical and digital worlds, among other things, as part of its innovation strategy.
  • The COVID-19 epidemic sparked people’s interest in the metaverse. There has been an increase in the desire for methods to make internet contact more lifelike as more individuals work and go to school online.

JPMorgan, one of the biggest banks in the United States, made headlines earlier this year by publishing a paper suggesting metaverse technology was a “one trillion-dollar opportunity,” along with establishing its own virtual headquarters in the Decentraland (MANA) metaverse.

Although we are seeing interest by a lot of traditional and legacy organizations, the Metaverse sector of the cryptocurrency space currently stands at $12.3 billion from its peak of $26 billion in 2021.

by Ajibola Akamo