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 companies really need it? Is it a bullshit 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 recent and highly debated. We can then retain the definition of Scott Keeney (nicknamed 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 with development platforms such as UnrealEngine, Unity and CryEngine… Where blender and Maya. »
Companies torn in relation to the metaverse: between fabulous promises and disappointing reality
Large corporations are confused about the metaverse. On the one hand, they hear that the metaverse will impact all sectors. Reputable companies are announcing 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 a day in the metaverse. Individuals will work there, shop, have fun, interact… On the other hand, they find that currently the user experience is bad, there are many technological difficulties, the big shift in Meta seems to be a failure…
Generally, large companies are afraid of damaging their position if they miss this opportunity. However, the metaverse being 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 Agoratold VentureBeat that “for a company that intends to experiment with the metaverse, the use of a CMTO is inevitable”.
Video of the appointment of the Chief Metaverse Officer of Publicis, the lion Leon. Source: PublicisGroup.
The example of Publicis
Publicis Group is one of the three main communication groups in the world. It’s a great achievement Made in France (and unfortunately there aren’t many of them). In July, at a technology conference in Paris, the company caused a stir with its video. It introduces a new member to the management: the CMTO. The Chief Metaverse Officer calls himself Leon. He is a lion-like digital avatar. With its CMTO Leon, Publicis aspires to advise its clients (like Walmart or Nestlé) on Web3 (metaverse, NFT, blockchain). For Publicis, it was essential to appoint a CMTO. Indeed, its customers are wondering if their communication will change as the use of the metaverse develops. “Brands need to get closer to their customers, and the metaverse is a way to achieve this” according to Hamza Khan, a McKinsey partner. In order to ensure a digital future for its clients, the Publicis group could not ignore the emergence of the metaverse.
Chief Metaverse Officer: a profession of the future?
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 the workings of computing and how to incorporate it into corporate strategy. Then, the Chief Technology Officers appeared as visionaries capable of evaluating the potential of new technologies for the company. Lately, Chief Digital Officers are responding to the need to modernize outdated business practices. The objective being not to “uberize”, “amazonize” or simply replace with a more adept competitor with technologies.
Will the Chief Metaverse Officer be called upon to play a role as crucial as these previous Chief Offices? Everything depends on the success of the metaverse, which is uncertain and distant. We are promised a lot in relation to 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 a bullshit job. Indeed, it responds to the lack of technical knowledge internally. Moreover, it offers use cases adequate. And, he knows how to recruit the right people. However, in the short term, the company expects little result from a CMTO. His recruitment is part of a long-term strategy allowing the company to gradually move to the metaverse if it proves to be a profitable opportunity.
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