Accounting Firms Scoop Up the Land in the Virtual World

Accounting Firms Scoop Up Virtual Land in the Metaverse

Lara Raven

Lara Raven

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Accounting companies are following the footsteps of many businesses by establishing operations in the metaverse. This is the now “real” digital area in which participants imitate physical functions starting from retail to entertainment to financial advice.

Weird as it sounds, most industries are getting into the metaverse and investing significant amounts of money while at it. 

Organizations from several fields, such as the housing market, crypto, tech, and the entertainment industry, have purchased virtual property on VR worlds like Decentral and the Sandbox. 

What’s more so, officials have begun developing strategic ideas for functioning in these virtual areas, which are often created by gaming producers.

Where and When Did Everything Start

Today, it is no surprise that the property market is booming, especially to those who have been following the IT-sphere for a while. However, not many could expect that the Covid outbreak would be causing a lesser-known property rush. 

As a matter of fact, some entrepreneurs are spending millions of dollars for parcels of land that are not in Manhattan, California, or Hollywood. In truth, the plots do not exist in the material realm at all. And yet, they cost a lot! 

Instead, the landmass is obtained virtually, in a network of fantasy environments known as the metaverse, as called by IT enthusiasts. 

Costs for holdings have risen by up to 500 percent in recent months, following Facebook’s announcement that it was moving its plans on augmented worlds, including switching its trademark to Meta Technologies.

The Prager Metis Story

Prager Metis International LLC is a NY accountancy and consultancy business

On Friday, they announced the opening of a digital 3-store property on a webpage it purchased in late December for approximately $35,000. 

The company, which has 23 actual locations in the US, Asia, and Europe, made the acquisition on the Decentraland platform in collaboration with Banquet LLC, a group that invests and administers blockchain initiatives.

Prager Metis CEO, Glenn Friedman, stated that the company intends to utilize its online facility to assist firms as well as other new and current customers on accounting and financial difficulties. 

As per Mr. Friedman, the company anticipates that most of its clientele, notably those who are in the music, movie, arts, and fashion industries, would demand its expertise in the metaverse as even more firms opt to engage in commerce there. 

He also added that if the virtual world is looking to rebuild the Web, then companies will absolutely use it.

According to business, the very first level of Prager Metis’ virtual property will have a free floor design with an exhibition hall for non-fungible tokens. These are digital assets, more known as NFTs, which will be owned by its own clientele and an entertainment complex. The second story will include meeting rooms and other auditoriums, while the rooftop terrace will mostly be used for events. 

PricewaterhouseCoopers’s Presence in the Virtual World

A number of financial businesses are delving into the metaverse as well. In late December, PricewaterhouseCoopers’s Hong Kong business announced that it had bought an online property for an unspecified price in the Sandbox, a division of software developer Animoca Brands Corp.

PricewaterhouseCoopers’s

William Gee, who is a partner at PwC Hong Kong, said the metaverse provides new opportunities for firms to build value via novel business strategies, along with new methods to connect with existing consumers and communities. 

As per the announcement, PwC intends to counsel people on the problems posed by the virtual world. However, the company did not offer an immediate reply to a call for more information, nor made any further comments.

The Opinion on Other Accounting Firms 

It is unknown whether the other Big Four businesses plan on making investments in the virtual world. Even though they were called out, KPMG did not respond. Ernst & Young and Deloitte Touche Tohmatsu didn’t engage quickly in requests for comment either.

Entrepreneurs are enthusiastic yet wary of the metaverse’s commercial potential, with maybe some businesses creating linked marketplace assets. 

Facebook parent company Meta Platforms Inc. and Microsoft Corp. are among the internet behemoths that see sales potential of hardware or software required for admission, as well as sales of advertisements, commodities, and solutions inside these virtual systems.

The VR Worlds and the Rest of the Industries

The Sandbox is yet another popular metaverse environment, where Janine Yorio’s digital property development firm, Republic Realm, paid a remarkable $4.3 million for a block of digital property.

Other firms, like Nike and Microsoft, have also indicated plans to enter this market.

Prominent performers such as The Weeknd, Ariana Grande, DJ Marshmello, and Travis Scott have already hosted music gigs via their own VR personas.

What’s more, according to recent research by crypto asset management Grayscale, the augmented reality realm might soon become a $10 billion enterprise.

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