Metaverse technology has continued to be in vogue among big brands who are now handing out multi-million dollar salaries to so-called “chief metaverse officers” to think about their metaverse adoption strategy.
According to a Bloomberg report, brands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom operator Telefonica SA, and wedding registry retailer Crate & Barrel are among the giants that have invested in a CMO recently.
These companies, while each have changed job descriptions for their CMO, are all making the appointment with the goal of not being left behind in adopting emerging technology. Hamza Khan, co-head of metaverse efforts at consulting and management firm McKinsey & Co., said:
“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 the brands are much more active, much earlier. “
McKinsey estimates that annual global spending related to the virtual world could reach up to $ 5 trillion by 2030. Analysis from Gartner Inc. supports the position that the metaverse is the next big innovation with the forecast that one in four people will spend at least one hour a day in the metaverse within a few years.
Despite the “digital FOMO” trend, companies are still proceeding cautiously in their adoption of the metaverse as the industry has yet to prove a big gain. Bloomberg has found that it is not uncommon at the moment to see new chief metaverse officers with additional responsibilities to not constrain corporate resources, although in some cases their salaries are still in the millions.
Companies are already implementing metaverse adoption strategies
Companies globally have not stopped to look at metaverse technology, some have already taken steps to establish a significant presence in the virtual world. So far in 2022, the number of metaverse-related trademark deposits made by companies has exceeded the total number of such deposits made in the whole of 2021 as reported by Fortune.
Mark Zuckerberg’s Facebook completed its rebranding to Meta this year and has focused its corporate focus on metaverse technology, albeit with a rough start. Others like Walmart, Starbucks, and McDonald’s to name a few have partnered with native metaverse companies to launch NFT collections or other metaverse-related initiatives.
All of these advances made by the metaverse industry have been despite a broader slump in market prices that has seen cryptocurrency market capitalization drop below $ 1 trillion from its all-time high of nearly $ 3 trillion.