As the metaverse expands, more and more businesses are entering the space. In the first of its kind moment for the metaverse, tax consultancy firm PwC Hong Kong is buying up Land in The Sandbox.
This is a very forward-thinking approach for a tax firm, and PwC is buying Land early. They are banking on the success of the metaverse in years to come. PwC hasn’t specified what plot of Land they have brought. However, it doesn’t come cheap. Recent sales have been over $10,000 per plot.
Tax problems in the metaverse
Tax is a highly underrepresented aspect of cryptocurrency and NFTs. Although crypto and NFTs are entering the mainstream, it is still a very niche market. Furthermore, most law firms don’t offer these services. In fact, not many firms have a clear understanding of the laws. In the future, the metaverse will need to solve that.
Hopefully, PwC can change that. As more and more people enter the metaverse in the coming years, there will be a vast need for knowledgeable digital asset tax consultancy. If PwC keeps up its forward-thinking approach, it could become the go-to tax firm in the metaverse.
“We will leverage our expertise to advise clients who wish to embrace the metaverse on the full range of challenges presented by this emerging global digital phenomenon,” PwC Hong Kong Partner William Gee said in a statement about the tax metaverse Land sale.