PwC Hong Kong, an international subsidiary of the global PricewaterhouseCoopers (PwC) organization, announced Thursday its emergence in the metaverse space with the acquisition of LAND in the popular world The Sandbox.
Though the cost of its LAND asset was undisclosed, it was noted that PwC Hong Kong intends to construct a Web 3.0 advisory hub to facilitate a new generation of professional services, including accounting and taxation.
The global organization PwC, headquartered in London, United Kingdom, documented revenues of $45 billion from June 2020 to June 2021, up 2% from the previous year.
William Gee, a partner at PwC Hong Kong, stated that the organization will seek to "leverage our expertise to advise clients" on the metaverse, calling the burgeoning technology a "digital phenomenon.”
In July this year, PwC crypto leader Henri Arslanian stated that venture capital funds and similar conglomerates with large financial resources are curtailing opportunities for smaller, often family-run firms to invest and participate in the growth of promising crypto startups. Recently, Twitter CEO Jack Dorsey expressed similar concerns about the power of venture capital firms in preventing Web 3.0 developers from achieving their decentralized vision.
Chief operating officer of The Sandbox Sebastien Borget shared his enthusiasm for the introduction of PwC Hong Kong to the platform:
"The metaverse is open for business. We welcome PwC Hong Kong to experience how The Sandbox fosters new immersive experiences and ways for brands to connect with customers.”
According to data from DappRadar, The Sandbox has registered 4,450 unique users over the last 30 days, while the platform’s native token, SAND, is priced at $5.84, having retraced almost 30% from all-time highs last month.