May 31, 2023

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KPMG Canada buys World Women’s NFT for $ 73,000

KPMG Canada on Monday announced that it has purchased the Fungal World Women (NFT) token for 25 ethereum (ETH) or about $ 73,000 at current market prices. The global accounting firm Ethereum Name Service (ENS) also acquired the domain name – which facilitates the use of cryptocurrency addresses – and created kpmgca.eth.

The move comes after the company announced in early February that it had added Bitcoin (BTC) and ethereum (ETH) to its balance sheet. KPMG announced that she had paid 25 ETH or $ 73,000 for Canada Woman # 2681, a figure with blue skin and long curly hair. The company said the acquisition marks “its first journey into this rapidly growing asset class.”

Source: KPMG Canada

“NFTs are opening up new channels for companies to engage with their customers, while at the same time supporting innovation through secure digitalisation of assets,” said Benji Thomas, KPMG’s Managing Partner in Canada, in a statement.

“Now that this process is over, we are well positioned to guide our clients in developing the corporate NFT strategy, including obtaining and securing NFTs.”

The NFT market opens its doors to female artists

NFTs are unique digital tokens that represent digital or real world ownership. Tokens can represent anything like art, music, games and real estate. The ownership of NFTs is registered in the blockchain. The World of Woman Collection features 10,000 non-fungal first edition works of art by “diverse, inspiring and powerful women living in the Blackchain”. Since its introduction in November, the price of NFTs has increased significantly, with a minimum price of 8.3 ETH (~ $ 23,000) in the open market.

According to the report, KPMG conducted a survey of 1,000 Canadians and 53% said that “NFT opens the market door in ways not available to female artists before they can promote and monetize their work.” About 40% of those surveyed think “avatars, cryptocurrency wallets and digital assets will become the norm”, and 8% already have a non-fungal token.

“Women’s representation in the crypto world is low in all respects, which makes us proud to be our first NFT acquisition in a collection that supports women,” said Nancy Chase, KPMG Partner and National Risk Consulting Leader.

Growing interest

KPMG is not the only enterprise to enter non-fungic tokens. Visa acquired CryptoPunk NFT for 49.5 ETH in August last year, and the Budweiser Ethereum Name Service domain names in the same month. Both McDonald’s and YouTube have made big moves in the industry this year.

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