Wolters Kluwer plants flag in Metaverse

Tax, accounting and compliance software provider Wolters Kluwer, announced that it has now established a presence in the Metaverse. Specifically, it has bought virtual land in the Blockchain-based platforms Decentraland and Somnium Space.

While a precise definition of the Metaverse — especially one with broad agreement — is hard to pin down, it generally seems to describe a persistent or semi-persistent virtual world and the places where it intersects with the physical one. Such an understanding encompasses a wide range of things, from online roleplaying games like World of Warcraft to simply video conferencing over Zoom, Teams or Meet, but today it is most commonly associated with a growing number of distinct spaces or platforms, all of which have different focuses, whether art, technology or just social interaction. Some of the biggest ones right now that are explicitly pitching themselves as Metaverse platforms include Decentraland, Illuvium, Sandbox, Axie Infinity and Cryptovoxels. 

Wolters Kluwer joins a small but growing number of companies that have spent resources to develop a presence in the virtual world (see previous story). While this virtual world is still in its infancy, companies like Wolters Kluwer (and accounting firms like Prager Metis, PwC, KPMG and others) believe that it could hold great promise in the future, and therefore it is wise to stake an early claim.

Wolters Kluwer's initial plans for its new virtual land is to create new, more engaging ways for its global teams to collaborate with each other and with customers via virtual meetings and customer events. The company also plans to conduct research and explore the development of products and services that can help its clients transform work and collaboration processes while improving productivity and efficiency.

"The metaverse will very likely reshape business models, product portfolios, and the way people collaborate. Ultimately, our leadership in this next technology revolution will enable increased productivity and revenue opportunities for our customers," said Karen Abramson, CEO of Wolters Kluwer Tax & Accounting, in a statement.