Consulting giant KPMG forays into the metaverse with a virtual collaboration hub

(Representative Image: Shutterstock)

KPMG US and Canada announced on June 22 the launch of a metaverse collaboration hub as the "next step in both firms’ journeys to lead their people and clients into Web 3.0", marking the consultant's foray into virtual reality.

The hub is aimed to bring employees, clients and communities together to "connect, engage and explore opportunities for growth across industries and sectors".

Laura Newinski, deputy chair and chief operating officer at KPMG in the US, said, "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."

She added, "The unique experience provided by our collaboration hub will tap the creativity and passion of our people and clients to accelerate innovation."

Facebook, Epic Games and other companies are investing heavily in creating a metaverse, which seems the next big thing.

Gartner Inc has predicted that by 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment.

"The metaverse is making it possible for us to experience the ‘phygital’ world, where physical and digital worlds collide," Armughan Ahmad, president and managing partner of digital at KPMG in Canada, said. "The metaverse is a $13 trillion market opportunity that could boast as many as five billion users by 2030. Our first immersive metaversal experience will take our people, clients and communities beyond the traditional two-dimensional virtual environment and offer new levels of social connection, mobility and collaboration."

The launch follows recent Web 3.0 and cryptocurrency announcements made by both companies.

KPMG in Canada added Ethereum and Bitcoin to its corporate treasury and acquired the World of Women NFT in February. KPMG's US branch integrated the non-fungible token (NFT) experience and crypto trainings into the process of onboarding new hires.

Both businesses have started using Chain Fusion®, a patented platform that aids in providing audit services for businesses involved in financial services, fintech, and cryptocurrencies.

The companies will continue to examine opportunities in the crypto and Web 3.0 sectors as part of their strategic innovation roadmap. They will also, among other things, launch immersive learning and development platforms, hire talent to lend expertise, and help navigate the developing convergence of the physical and digital worlds.

Despite a number of firms in the crypto space choosing to pause or slow hiring efforts due to the recent drawdown, KPMG is seeking to add more people with skills in blockchain technologies and DeFi, reported Blockworks, a financial media brand.

The Netherlands-based global network of businesses KPMG International recorded sales of almost $32 billion in 2021 fiscal year . The companies provide consultancy, audit, and tax services.