With its riseWeb3 and metaverse marketingLast year, a new role emerged for brands engaged in the virtual space: chief metaverse officer. Disney, Procter & Gamble, LVMH, Gucci, Epic Games and Crate & Barrel were just a few of the many marketers touting variations of the feature.
But in the time since that frenzy, Web3 has largely faded from the limelight, in part because of waning interest and unclear investment returns, exacerbated by macroeconomic headwinds.Disney shut down the entire metaverse team last month, while Meta - allegedlyone of the most serious supportersof the virtual ecosystemended its brief experiment with NFT functionality.
Read more:What Disney's Reverse Exit Means for Web3
Such fluctuations have called into question the viability of a chief metaverse officer. For example, Disney doesn't appear to need a conversion czar — a position previously held by Mike White, who remains at the media company, albeit in a different, undisclosed role. Disney did not respond to a request for comment.
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Other brands like Gucci and Epic Games have seen their leaders in the metaverse leave and may not be looking to replace them. Then there are marketers, including American Eagle, who have quietly dropped the term "refinishing" from a job title that previously contained it to broaden the focus of the function.
Even thoughJourneys Cathy Hackl, who co-founded the design consultancy and became known last year as one of the first chief transition officers, has expanded his role beyond the virtual realm. While retaining her original title, she also recently assumed the title of "Chief Futurist" to expand her mandate to other emerging technologies such as games andEverything included, he told Ad Age.
Read more:How Cathy Hackl Leads as a Metaverse Architect
"As the [metaverse] opportunity appears to have waned as other business interests have emerged... you're seeing companies rationalize investments and more have reduced their focus on metaverse campaigns," wrote Matt Moorut, principal analyst for the marketing practice of Gardener. in an email.
"There is still an opportunity," he added, "but not as many senior leaders see it as an opportunity worth pursuing with a senior role to lead."
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Change of the Metaberic leader
If anyone was going to be chief transition officer, Journey's Hackl was a perfect fit, thanks to her numerous accomplishments in the space and her enthusiasm for its potential. But when it turns its attention to other technologies, especially artificial intelligence…which has undoubtedly caught Web3's attention- there is reason to believe that her role as chief turnaround officer is secondary. In addition, Hackl noted that she was let go thanks to a recent hire to serve as general manager of Journey's virtual studio. Relieving some of the duties of chief metaverse officer could be a way for a brand to maintain its position by decentralizing its importance.
"This dual role also allows me to continue my strategic forecasting work in a more focused way and work in Journey's studios with physical and virtual offerings," he wrote in an email.
Cathy Hackl of Journey recently took on the role of Chief Futurist in addition to Chief Conversion Officer.
Credit: Travels
Other brands that have seen an upheaval in their leadership position in the post-modal cluster include Gucci and Epic Games. Robert Triefus left Gucci in April after an eight-month stint as CEO of Vault and metaverse ventures. Vault houses rare Gucci pieces and tends to connect virtual activations. for example, the brand opened a virtual Vault store in The Sandbox last October. While Triefus has left Gucci for a non-transferable role elsewhere, the fashion house has not yet clarified whether his former position will be filled. Gucci did not respond to a request for comment.
Similarly, Epic Games has yet to name a replacement for metaverse development director Matthew Henick, who left the company in January. Henick joined Epic from Facebook in October 2021 to understand the gaming company's role in the metaverse, focusing on space politics and economics. Epic declined a request for comment, and the reason for Henick's departure from the company remains unclear.
But as Hackl reiterated, a corporate transformation doesn't mean moving away from virtual spaces. Gucci teamed up with Vans for a Roblox experience last month and in March signed a deal with Bored Ape creator Yuga Labs to bring digital fashion toYugas metavers, Otherside. As for Epic Games, CEO Tim Sweeneystated that the company was "all in".about creating the metaverse, through titles like Fortnite, at the annual Game Developers Conference in March.
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remove "metaverse"
American Eagle illustrates another approach to reorganization: simply remove the term "refinishing" from the title. In February 2021, the brand named Nathan Poekert as director of social media, culture and metaverse marketing, but last month that role changed to director of social media, branded content and digital innovation. American Eagle declined a request for comment.
There's reason to believe that the term "metaverse" has taken on negative baggage over the past year, forcing brands to adopt more acceptable terminology. Tim Cook, for examplehe saidthat Apple has avoided the term because the average person does not understand its meaning. Other accounts found itconsumers fear the metaverse- more reason for brands to articulate their efforts in another language.
Also read:How Nathan Poekert Connects with Gen Z Consumers
The terminology in Web3 has been more clearly contested in relation to NFTs. Brands, knowing that "NFT" is a turn-off for many consumers, have chosen to refer to their tokens as"collectible avatars","trading cards" and "stamps".
Gartner's Moorut sees the reduced emphasis on the term "metasynthesis" more as a reflection of its actual duties.
"The skills of a chief metaverse officer are very similar to those required for the broader digital transformation that remains a key objective for boards and CEOs," he said. "Against this background, we are likely to see a diversification of focus for some chief transformation officers to better match the needs of today's businesses."
Stay on track
Meanwhile, some brands are staying on track with their designated converters. Creative Artists Agency (CAA), a talent agency, has hired Joanna Popper as chief metaverse officer in May 2022 — a position she still currently holds, CAA has confirmed. That said, Popper focuses more broadly on developing go-to-market strategies for new technologies, such asgenetic artificial intelligence, said a person with knowledge of the matter.
Sebastian Brauer is head of metaverse and Web3 at Crate & Barrel, as well as senior vice president of product design. The headline that appears in press releases about Brauer depends on what news is being presented.
Kredit: Cage and Barrel
L'Oréal's Camille Kroely, who was promoted to head of metaverse and Web3 last September, will remain in the position, L'Oréal confirmed. Her primary responsibilities include training people across the company, selecting partners, launching test and learning initiatives with test brands, and scaling successful efforts. The company's recent activities include a launch of virtual hairstyles last month and an investment in metaverse startup Digital Village in January.
In addition, luxury goods company LVMH confirmed that Nelly Mensah remains the global head of Web3 and metaverse, a position she will hold from January 2022. The company declined to elaborate on Mensah's role, although it is believed to be at the forefront of transitional activations across LVMH- portfolio, such as with Hublot, a watch brand that recently created a Metaber system on the Spatial platform.
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Crate & Barrel's Sebastian Brauer still holds the dual titles of senior vice president of product design and head of metaverse and Web3, the latter of which he's held since last May. However, the title that appears in press releases for Brauer depends on the news, according to the brand.
For example, outside of new product promotions and partnerships, Brauer will appear only as "senior vice president of product design." Its reverse title appears in publications related to virtual experiences. This approach aligns with Moorut's view that the tasks of a transformational role can easily be expanded to a broader business focus.
On the agency side, WPP's Dale Imerman will retain the role of director of metaverse partnerships, which he originally held in February 2022, WPP confirmed. The agency declined a request for an explanation of Imerman's role.
"Unfortunately, marketing has tarnished the word 'metaverse', causing many companies to abandon it, but the predicament of the pursuit of 3D virtual worlds that provide better digital interactions, experiences and creative outlets continues," said Emma Chiu, Global Director . from Wunderman Thompson Intelligence, a trends analysis group owned by WPP.
FAQs
What does a chief metaverse officer do? ›
A Chief Metaverse Officer is typically responsible for the development and maintenance of a company's online presence in a metaverse. The role is a controversial one, with industry thought leaders debating the need for, and the definition, of what a Chief Metaverse Officer actually is.
Who is head of metaverse strategy? ›Jason Lovell - Metaverse Strategy - PwC | LinkedIn.
How much do Chief metaverse officers make? ›Her unique skill set is the reason why chief metaverse officers can attract compensation packages upwards of $1.5 million.
Who is the chief metaverse officer LinkedIn? ›Joanna Popper - Chief Metaverse Officer - Creative Artists Agency | LinkedIn.
What companies have a chief metaverse officer? ›Organizations like Disney, P&G and LVMH have recently appointed chief metaverse officers, while others, like Nike, Balenciaga and Gucci, are hiring for metaverse-related jobs.
What are the roles and responsibilities of chief digital officer? ›Chief digital officer job descriptions will vary depending on the company, but generally, their role is to drive growth and strategic planning by evolving an organization into the digital age. Their focus is on creating new value through the smart use of digital tools, platforms, technologies, services, and processes.
Who are the leaders shaping the metaverse? ›Other significant players in the space include Autodesk (ADSK), Adobe Inc's (ADBE) After Effects, Amazon's Lumberyard and Nvidia's Omniverse. Microsoft is building several metaverse enterprise solutions, including Dynamics 365 Connected Spaces, Microsoft Mesh and Azure Digital Twins.
Who is the key player in metaverse? ›The global Metaverse market is dominated by key Players, such as [Tencent Holdings Ltd, Nvidia Corporation, Facebook, Inc, ByteDance Ltd, NetEase Inc] these players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Who is controlling the metaverse? ›The metaverse is controlled by large competing ecosystems -- for example, Apple and Android meta worlds -- with limited interoperability. The metaverse is a dynamic, open and interoperable space, much like the internet but in 3D.
What are the highest paid roles at Meta? ›How much does a VP at metaverse make? ›
The estimated total pay for a Vice President at Meta is $690,614 per year.
What is the salary of metaverse developer in USA? ›Some Meta employee salaries approach $1 million for metaverse projects - The Washington Post.
Who is the co founder of metaverse? ›Ashish Agarwal
Co-Founder of Lepasa, Cronberry & TallyDekho | Developing Metaverse in form of virtual real estate| Supporting & inviting Web3 ideologists. Passionate for BUILDING.
Alexander Karim - Industrial Metaverse & Sustainability GTM Manager - Microsoft | LinkedIn.
Who is the chief metaverse officer of LVMH? ›Balenciaga is reportedly creating its own metaverse division, while luxury giant LVMH welcomed Nelly Mensah into the new role of “Head of Metaverse and Crypto” to take the helm of all metaverse efforts globally and distill knowledge across the group's clientele, which includes Givenchy, Louis Vuitton, and Christian ...
Who is the chief metaverse officer of Nike? ›Andrew Schwartz - Director of Metaverse Engineering - Nike | LinkedIn.
What is the evolving role of Chief Digital Officer? ›The Evolving Role of the Chief Digital Officer is a report for MMA Global based on in-depth interviews with 50 CDOs from global companies across multiple industries conducted by the Oxford Future of Marketing Initiative at the Saïd Business School, University of Oxford.
What makes a Chief Digital Officer successful? ›They must straddle the line between technology and business. They must understand both product innovation and process innovation. CDOs must also understand new trends and products in technology.
Why the Chief Digital Officer role is on the rise? ›Developing Digital Talent: The demand for digital innovation and transformation is currently outstripping the supply of qualified talent in the market and inside organizations. The CDO must therefore work closely with HR to attract and retain top talent, and to build digital capabilities across the company.
What is the future scope of metaverse? ›The future of the metaverse depends on how well it can meet the two basic needs of all people: to connect with other people, and to make things. It is always being improved, and in the near future, eCommerce, sales and marketing, decentralized finance, crypto businesses, etc., should be able to use the metaverse.
Who builds and controls the metaverse? ›
The longer, more helpful answer: the tool builders, the software developers, world builders, artists, 3D modelers, game developers, users, investors, those are the proverbial owners of the metaverse.
What is the future of the metaverse? ›By 2030, we could be spending more time in the metaverse than in the real world. People will be applying for jobs, earning a living, meeting with friends, shopping, even getting married using the virtual capabilities of the metaverse.
Who is the most famous person in the metaverse? ›1. Neal Stephenson. Neal Stephenson is one of the world's leading sci-fi writers. Stephenson is recognized as the first author who mentioned the term Metaverse in his post-cyberpunk novel “Snow Crash” in 1992.
Who has the most users in metaverse? ›By 2028, the market for extended reality will reach $252 billion. Roblox remains the most popular metaverse game with 55 million active daily players.
What is the largest metaverse platform? ›Decentraland is one of the most popular social virtual platforms in the Metaverse. Decentraland is the first decentralized online setting and largest Metaverse cryptocurrency.
Who owns property in the metaverse? ›Where to Buy Metaverse Real Estate? The majority of metaverse real estate is owned by the Big Four. These are the major players in the metaverse economy and include Decentraland, Sandbox, Somnium Space, and Cryptovoxels.
What does Elon Musk think of the metaverse? ›The CEO of Tesla compared what was presented as the next big thing in tech a year ago to a disease that had infected the world. The metaverse is no more: this seems to be the message sent by big companies.
What does Mark Zuckerberg want to do with metaverse? ›Mark Zuckerberg is betting it all on the metaverse because he wants to create an imitation world where he controls everything.
What is the average salary at Meta? ›How much does Meta in the United States pay? The average Meta salary ranges from approximately $80,216 per year for Regulatory Affairs Manager to $274,625 per year for Director of Program Management.
How much do Meta paid VR developers make up to $1 million? ›Meta paid VR developers salaries of up to $1 million. Facebook's owner is now in financial trouble. Programmers hired by the Facebook parent company Meta capable of building out virtual reality-powered games, apps and technology can earn total compensation from $600,000 to packages approaching $1...
What is the lowest paid job at Meta? ›
At Meta, the highest paid job is a Group Product Manager at $285,000 annually and the lowest is a Receptionist at $40,000 annually. Average Meta salaries by department include: Sales at $163,044, Design at $157,834, IT at $109,602, and Marketing at $107,718. Half of Meta salaries are above $149,718.
Can you make real life money in the metaverse? ›The metaverse offers opportunities for investors and gamers. Investors can sell NFTs for a profit, and gamers can play to earn. You might want to hold an event and sell tickets or rent metaverse real estate. For long-term earning, consider a job in the metaverse industry.
How much do metaverse strategists make? ›The current average salary for metaverse game designers in the US is $64,000 per year. To land a metaverse job in the 3D Game Designing space, you would need various competencies that include creativity, animation knowledge, lighting and experience with gaming interfaces.
How much does a product manager at metaverse make? ›| Job Position and Company | Location | Tags |
|---|---|---|
| Metaverse Product Manager SwissBorg $67k - $160k | Lisbon, Portugal | metaverse product manager non tech crypto |
With its potential to generate up to $5 trillion in value by 2030, the metaverse is too big for companies to ignore. How do we navigate a virtual world that is still taking shape?
What skills do you need to be a metaverse developer? ›As a Metaverse developer, one needs to have the skills of creating a digital and immersive world that the users can communicate with. Developers need to build such applications and games which could interact with the users with the help of VI, AR, and AI technology.
What skills do you need for metaverse? ›Skills required to build a career in the metaverse
In addition to having knowledge of and expertise using gaming engines, 3D modeling and animation tools, and VR and augmented reality (AR) technologies, this also entails having an understanding of computer programming languages, such as Python, C++ and JavaScript.
Big Tech has set its sights on creating and implementing its own metaverse. Companies, such as Microsoft and Meta, have realized that more immersive digital space that blurs lines between real world and virtual world is where the Internet and digital communication are expected to gain popularity in the future.
How is Amazon using metaverse? ›Activities available on Amazon's Indian metaverse platform included competing in virtual games with other customers to collect points and win prizes, and virtually meeting social media influencers, but no direct e-commerce.
Is Amazon a metaverse company? ›Amazon Metaverse & Other 4 Giant Tech Companies. Amazon's metaverse certainly has a lot of potential. But you might wonder why the tech powerhouse is adamant about entering this new digital world.
Who invested metaverse? ›
1992 -- American sci-fi writer Neal Stephenson coins the term metaverse in his book Snow Crash, which depicts dystopian future world where rich people escape into an alternative 3D, connected reality.
How many employees does metaverse have? ›| Meta's main headquarters in Menlo Park, California | |
|---|---|
| Number of employees | 77,114 (Mar. 2023) |
| Divisions | Reality Labs |
| Subsidiaries | Novi Financial |
| Website | meta.com |
The $68.7 billion deal, which was announced on Jan. 18 and requires regulatory approval, would make Microsoft the third-largest gaming company in the world. But in Microsoft's own explanation of the largest acquisition in its 46-year history, the word “metaverse” did a lot of the heavy lifting.
What does a chief metaverse officer do all day? ›Typically, a chief metaverse officer (CMTO) is responsible for the development and maintenance of a company's online presence in the metaverse. However, some industry leaders are debating the need for, and the definition of a chief metaverse officer.
Who is the official metaverse partner? ›First Entertainment Metaverse, MaziMatic, Named Exclusive Screening Partner at SIAM Songkran Music Festival 2023. Bangkok, Thailand, April 26, 2023 (GLOBE NEWSWIRE) -- MaziMatic announced today that they will be the official metaverse partner at the SIAM Songkran Music Festival 2023.
What skills do you need to get a job in metaverse? ›Having a working knowledge of technologies like artificial intelligence (AI), VR, AR, and 3-D animation will be important for metaverse jobs. The broader your scope of expertise, the better you'll be equipped to build various digital and virtual products.
How much do metaverse workers get paid? ›Average Metaverse Entertainment Sales Associate hourly pay in the United States is approximately $7.62, which is 40% below the national average.
What is the role of government in metaverse? ›For one, governments could be helping drive standardization across the metaverse – not just in standardization of technologies, infrastructure, and interfaces, but also in how regulation is applied.
Can you have a real job in the metaverse? ›The 3D world of the Metaverse will likely be powered by augmented and virtual reality devices. Users will wear AR glasses or a VR headset to join the virtual world. If you want to work in the Metaverse, you need to experience AR and VR for yourself.
Can I get a paying job in the metaverse? ›The average job salary for a metaverse storyteller is $53,000 per year, but this can easily go up once you obtain experience and have a good portfolio. A passion for writing and gaming is a must because if you're not fully involved with the project, your writing will show it.
How do you become an expert in metaverse? ›
You can use the training course for honing your metaverse fundamentals with a comprehensive list of subtopics. Beginners can build a strong foundation required for learning everything they need to start training in the fundamentals of the Metaverse.
What major to study for metaverse? ›In reality, there are specific degrees for the field of metaverse. They include M.S. in human-computer interactive systems, M.S. in computer graphics, or a MFA in art and technology or digital media arts.
How hard is it to get hired by Meta? ›The company is known to have an extremely rigorous hiring process with a possibility of up to six interviews in total. Meta also has higher-than-average salaries for most of its positions, which means the candidate group is quite competitive. To get a job at Meta, you should apply online via the Meta career page.
How much do meta paid VR developers make up to $1 million? ›Meta paid VR developers salaries of up to $1 million. Facebook's owner is now in financial trouble. Programmers hired by the Facebook parent company Meta capable of building out virtual reality-powered games, apps and technology can earn total compensation from $600,000 to packages approaching $1...
Who makes money in metaverse? ›The metaverse offers opportunities for investors and gamers. Investors can sell NFTs for a profit, and gamers can play to earn. You might want to hold an event and sell tickets or rent metaverse real estate. For long-term earning, consider a job in the metaverse industry.
What is 10,000 jobs metaverse? ›Facebook is planning to hire 10,000 people in the European Union to develop a so-called metaverse. A metaverse is an online world where people can game, work and communicate in a virtual environment, often using VR headsets. Facebook CEO Mark Zuckerberg has been a leading voice on the concept.
Who benefits from metaverse? ›Metaverse has the potential to address all the existing challenges of remote work. It provides managers with a virtual environment where they can meet employees (their avatars), communicate with them, read their body language, and retain in-person interaction.
How is metaverse going to impact society? ›However, with the metaverse, you will be able to travel virtually anywhere in the world simply by strapping on a headset. In addition, when you physically visit a destination, you will have access to guided augmented reality tours that will enhance your travel experiences and help you learn more about the destination.