PwC subsidiary acquires a plot of land in metavsel …

PwC subsidiary acquires a plot of land in metavsel … post thumbnail image

The company plans to advise clients on developments in the digital world.

PricewaterhouseCoopers (PwC HK) subsidiary in Hong Kong has acquired land in The Sandbox metaverse. The owner of the digital project, Animoca Brands, tells this story.

  • PwC HK plans to build a Web 3.0 hub on a virtual metaverse site. The international company will provide consulting services, including audits of financial statements and tax matters.

  • The company will be able to receive advice on all matters relating to the use of the metaverse, the press release said.

“Metaverse offers companies new opportunities to create value through innovative business models, as well as introduce new ways to interact with their customers and communities. We will use our experience to advise clients wishing to enter the Metaverse on various issues related to this global digital phenomenon,” said PwC HK Partner William Gee.

  • The financial terms of the deal were not disclosed. However, the South China Morning Post (SCMP) reports that Republic Realm paid around $4.3 million for a site in the metaverse of The Sandbox in early December.

  • Hong Kong’s territory is limited, so real estate is considered the most expensive investment. Therefore, interest in the sale of virtual land is peaking, reports SCMP. According to the publication’s analysts, virtual land for the construction of digital shopping malls and homes “is sure to become a very popular asset.”

  • The participation of large companies will positively affect the growth of the open metaverse, notes the press release. PwC has joined a number of other corporations that have pioneered the development of the digital world. In particular, Nike, Adidas, and major crypto exchange Coinbase presented their NFT projects. Recently, rapper Snoop Dogg bought a piece of the metaverse and invited his fans to it.

  • Chinese tech giant Baidu has also been working on its own metaverse since December last year. The company believes that it takes 6 years to build a metaverse.

Read also: China’s largest news agency will release the NFT.

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