What do Disney, P&G, LVMH, Publicis and Telefonica have in common? All of these heavy hitters have recently hired a Chief Metaverse Officer to guide them to Web3. What is this new job? Do businesses really need it? Is it one crap 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 then keep the definition of Scott Keeney (called DJ Skee), CMTO at TSX Entertainment and author of the book The Metaverse Handbook.
“A Chief Metaverse Officer is a person with extensive metaverse experience and extensive knowledge of video games and the Web3 ecosystem. In addition to his technical knowledge, he must also know the creative aspect of the market. He must be able to lead the development of the company in the metaverse. This involves knowing 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 fabulous promises and disappointing reality
Big companies are confused about the metaverse. On the one hand, they hear that the metaverse will affect 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 an hour a day in the metaverse. Individuals want to work there, shop, have fun, interact… On the other hand, they find that the user experience is currently poor, there are many technological difficulties, the big shift in Meta seems to be a failure…
In general, large companies are afraid of damaging their position if they miss this opportunity. But since the metaverse is too uncertain and difficult to understand internally, they prefer to go gradually. This is why they generally invest little and recruit only one or two experts who evangelize internally and propose metaverse projects. Vanessa Mullin, metaverse business development manager at Agora, told VentureBeat “for a company intent on experimenting with the metaverse, the use of a CMTO is inevitable”.
Video of the appointment of the Chief Metaverse Officer for Publicis, the lion Leon. Source: PublicisGroup.
The example of Publicis
Publicis Group is one of the three most important communications groups in the world. It is a great achievement Made in France (and unfortunately there aren’t many of them). In July, the company caused a stir at a technology conference in Paris with its video. It introduces a new member to management: the CMTO. The Chief Metaverse Officer calls himself Leon. He is a lion-like digital avatar. With its CMTO Leon, Publicis strives to advise its clients (such as Walmart or Nestlé) on Web3 (metaverse, NFT, blockchain). For Publicis, it was important to appoint a CMTO. Indeed, its customers wonder if their communications will change as the use of the metaverse evolves. “Brands must get closer to their customers, and theyetavers is one way to achieve this” according to Hamza Khan, a McKinsey partner. To ensure a digital future for its clients, the Publicis group could not ignore the emergence of the metaverse.
For decades, the pressure to keep up with technology trends has given rise to new leadership positions. First of all, the 1980s were marked by the emergence of Chief Internet Officers who knew how computers work and how to incorporate it into the company’s strategy. After that, the technology managers emerged as visionaries who were able to assess the potential of new technologies for the company. Lately, Chief Digital Officers have responded to the need to modernize outdated business practices. The goal is not to “uberize”, “amaze” or simply replace with a more capable competitor with technologies.
Will the Chief Metaverse Officer be called upon to play as pivotal a role as these previous Chief Offices? Everything depends on the success of the metaverse, which is uncertain and distant. We are promised a lot in terms of the metaverse, but the current result is extremely disappointing and many obstacles can hinder its development (monetary, technological, mentalities).
The Chief Metaverse Officer is not one crap job. In fact, it responds to the lack of technical knowledge internally. Moreover, it offers utility cases sufficient. And he knows how to recruit the right people. But in the short term, the company expects few results from a CMTO. His recruitment is part of a long-term strategy that allows the company to gradually move into the metaverse if that proves to be a profitable opportunity.
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