Big-name companies continue to be fixated with metaverse technology, paying so-called “chief metaverse officers” million-dollar salaries to come up with a metaverse adoption strategy.
Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, and wedding-registry store Crate & Barrel are among the major companies that have recently invested in a CMO, according to a Bloomberg report.
While each of these businesses has altered the job descriptions for their CMO, they all made the appointment in order to avoid falling behind in the adoption of the new technologies.
“Brands need to get closer to their customers, and the metaverse is a channel to do that. Compared to the early days of e-commerce, this time around brands are a lot more active, a lot earlier.
Hamza Khan, Co-lead of Metaverse Efforts at McKinsey & Co.
According to McKinsey, global spending on the virtual world could amount to $5 trillion annually by 2030.
With a prediction that one in four individuals will invest a minimum of one hour a day in the metaverse within a few years, Gartner Inc.’s analysis supports the idea that the metaverse is the next big innovation.
Notwithstanding the “digital FOMO” phenomenon, businesses are still being hesitant in their embrace of the metaverse because the field has yet to show that it is a significant source of revenue.
Bloomberg reported that it is now usual for newly appointed chief metaverse officers to have additional duties in order to preserve corporate resources, even though their salaries can still reach millions of dollars in some situations.
Companies throughout the world haven’t just been looking at metaverse technologies; some have already started taking steps to build up a sizable online presence. According to Fortune, as of this writing in 2022, more businesses have filed trademark applications relating to the metaverse than there were in all of 2021.