Crypto News
28 Dec 2021

The Metaverse Is Indeed Open For Business – PwC Hong Kong Joins The Sandbox

Akumbenla Jamir

PwC Hong Kong has turned its intentions to enter The Sandbox into a reality.

PwC Hong Kong announced its debut in the metaverse space with the acquisition of virtual land in The Sandbox. This debut makes them the first globally recognized professional services brand to enter The Sandbox metaverse publicly.

Although the cost of acquisition was not disclosed, PwC Hong Kong intends to construct a Web 3.0 advisory hub in the virtual land to facilitate a new generation of professional services, including accounting and taxation.

How Does The Sandbox Work? 

The Sandbox is a decentralised virtual world launched in 2012. It is a crypto project cum play-to-earn game that combines blockchain technology, DeFi, and NFTs in a 3D metaverse. 

The virtual world allows players to use free design tools to create and customize their games and digital assets.

The created virtual goods can then be monetised as NFTs and sold on The Sandbox Marketplace for SAND tokens. The Sandbox has already partnered with the likes of Snoop Dog, The Walking Dead, South China Morning Post and Care Bears, alongside many more.

Why is PwC Hong Kong Joining The Sandbox Important?

Firms such as PwC Hong Kong joining The Sandbox can play a crucial role in driving the growth of an open metaverse. Apart from PwC, Bank of America also said the metaverse presents a massive opportunity for crypto as “we start using cryptocurrencies as currencies”. 

In particular, metaverse could alter the way people socialize, watch performances, engage with brands, learn, and trade on digital assets. With crypto as the medium of exchange in the metaverse, crypto is becoming more and more mainstream in terms of utility and adoption. 

In addition, the SAND tokens which is the utility token used in The Sandbox ecosystem for transactions and interactions also went up 7.33 per cent after PwC Hong Kong got up a spot in the Sandbox metaverse.

About PwC 

PricewaterhouseCoopers (PwC) is a multinational professional services network of firms operating as partnerships under the PwC brand. It constitutes a global network of firms in 156 countries with more than 295,000 people delivering assurance, advisory and tax services.

While PwC is the first globally recognized professional services brand to enter The Sandbox metaverse, major retail brands, including Adidas and Nike, have already found a spot in the metaverse.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Akumbenla Jamir

Content Writer

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