Want a $1 Million Job in Crypto? How About Chief Metaverse Officer – They Are all the Rage

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Metaverse know-how has continued to be the fad among big-name brands that at the moment are dolling out million-dollar paychecks to so-called “chief metaverse officers” to suppose up their metaverse adoption strategy. 

According to a Bloomberg report, manufacturers corresponding to Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, and wedding-registry retailer Crate & Barrel are amongst giants that have invested in a CMO of recent. 

These companies, while each having modified job descriptions for their CMO, are all making the appointment with a view not to be left behind within the adoption of the rising know-how. Hamza Khan, the co-lead of metaverse efforts at management and consulting firm McKinsey & Co., stated:

“Brands must get nearer to their clients, and the metaverse is a channel to strive this. Compared to the early days of e-commerce, this time round brands are a lot more lively, lots earlier.”

McKinsey estimates that annual global spending associated to the virtual world might reach as a lot as $5 trillion by 2030. Analysis by Gartner Inc. helps the position that the metaverse is the next huge innovation with its forecast that one in 4 people will spend at least an hour a day in the metaverse within a couple of years. 

Despite the “digital FOMO” pattern, companies are nonetheless treading cautiously of their metaverse adoption because the sector is yet to prove itself to be a giant earner. Bloomberg discovered that it is presently not unusual to see newly named chief metaverse officers having additional responsibilities in order not to constrain company assets, although their paychecks nonetheless run into millions in some circumstances. 

Companies already rolling out metaverse adoption strategies

Companies globally have not stopped at eyeing metaverse technology, some have already initiated moves to establish a big presence in the virtual world. So far in 2022, the number of metaverse-related trademark filings made by firms has exceeded the total variety of such filings made in the whole of 2021 as reported by Fortune. 

Mark Zuckerberg’s Facebook completed its rebrand to Meta this 12 months and has pivoted its enterprise focus to metaverse expertise, albeit to a rocky start. Others like Walmart, Starbucks, and McDonald’s to say a couple of have formed partnerships with metaverse-native firms to launch NFT collections or other metaverse-related initiatives. 

All these strides the metaverse sector has been making have been regardless of a broader market price slump that has seen the crypto market capitalization drop below $1 trillion from its all-time excessive of near $3 trillion. 

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