What do Disney, P&G, LVMH, Publicis and Telefonica have in common? All of these heavy hitters recently hired a Chief Metaverse Officer to lead them on Web3. What is this new job? Do companies really need it? Is this a stupid job ?
Chief Metaverse Officer: definition
A Chief Metaverse Officer (CMTO) is generally responsible for developing and managing a company’s presence in one or more metaverses. However, the definition of this position is still new and much debated. We can continue the definition of Scott Keeney (known as DJ Skee), CMTO of TSX Entertainment and author of the book The Metaverse Handbook.
“A Chief Metaverse Officer is a person with extensive experience in the metaverse and extensive knowledge of video games and the Web3 ecosystem. Besides his technical knowledge, he must also know the creative aspect of the market. He must lead the development of the company in the metaverse. This includes identifying and recruiting people with experience in development platforms such as Unreal Engine, Unity and CryEngine… or Blender and Maya. »
Companies torn in relation to the metaverse: between great promises and disappointing reality
Big corporations are confused about the metaverse. On the one hand, they heard that the metaverse affects all sectors. Reputable companies announce fantastic predictions about the metaverse. For example, according to McKinsey the metaverse will generate $5 trillion by 2030. Gartner predicts that by 2026, 25% of the world’s population will spend at least one hour per day in the metaverse. Individuals will work there, shop, have fun, interact… On the other hand, they see that currently the user experience is not good, there are many technological difficulties, the great transfer of Meta seems to be a failure…
In general, large companies are afraid of harming their position if they miss this opportunity. However, the metaverse is uncertain and difficult to understand inside, they prefer to gradually. This is why they usually invest little and only recruit one or two experts who evangelize content and propose projects in the metaverse. Vanessa Mullin, metaverse business development manager at Agora, told VentureBeat that “for a company looking to experiment in the metaverse, the use of a CMTO is inevitable”.
Video of the teaching of the Chief Metaverse Officer of Publicis, the lion Leon. Source: PublicisGroup.
The example of Publicis
Publicis Group is one of the three leading communications groups in the world. It was a great success Made in France (and unfortunately not many of them). In July, at a technology conference in Paris, the company caused a stir with its video. It introduces a new member of management: the CMTO. The Chief Metaverse Officer calls himself Leon. He is a lion-like digital avatar. With its CMTO Leon, Publicis seeks to advise its clients (such as Walmart or Nestlé) on the Web3 (metaverse, NFT, blockchain). For Publicis, it is necessary to appoint a CMTO. In fact, its customers are wondering if their communication will change as the use of the metaverse evolves. “Brands need to get closer to their customers, and meTaverse is one way to achieve this” according to Hamza Khan, a partner at McKinsey. To ensure a digital future for its clients, the Publicis group cannot ignore the emergence of the metaverse.
For decades, the pressure to keep up with technological trends has created new leadership positions. First of all, the 1980s were marked by the emergence of Chief Internet Officers, who knew the workings of computing and how to incorporate it into corporate strategy. Then, Chief Technology Officers appear as visionaries who are able to evaluate the potential of new technologies for the company. Recently, Chief Digital Officers are responding to the need to modernize outdated business practices. The goal is not to “uberize”, “amazonize” or simply replaced by a more skilled competitor in technologies.
Will the Chief Metaverse Officer be called upon to play a role as important as previous Chief Offices? Everything depends on the success of the metaverse, which is uncertain and distant. We were promised a lot regarding the metaverse, but the current results are extremely disappointing and many obstacles hinder its progress (monetary, technological, mentalities).
The Chief Metaverse Officer is not a stupid job. In fact, it addresses the lack of technical knowledge within. In addition, it offers use cases enough. And, he knows how to recruit the right people. However, in the short term, the company expects less results from a CMTO. His recruitment is part of a long-term strategy that allows the company to gradually move into the metaverse if it proves to be a profitable opportunity.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are closely linked: blockchain and NFTs are changing many sectors and presenting unprecedented opportunities.