Metaverse technology continues to be all the rage with major brands now handing out million-dollar paychecks to so-called “Metaverse Chiefs” to devise their Metaverse adoption strategy.
According to a Bloomberg reportbrands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecommunications operator Telefonica SA and wedding registry retailer Crate & Barrel are among the giants that have recently invested in a CMO.
These companies, despite each having changed their CMO job descriptions, are all taking the appointment with the goal of not being left behind in the adoption of emerging technology. Hamza Khan, co-head of metaverse efforts at management and consulting firm McKinsey & Co., said:
“Brands need to get closer to their customers, and the metaverse is a channel to do that. Compared to the beginnings of e-commerce, this time 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. Gartner Inc. analysis supports the position that the metaverse is the next big innovation with its predictions that one in four people will spend at least an hour a day in the metaverse within a few years.
Despite the “digital FOMO” trend, companies continue to tread carefully in their adoption of the metaverse as the industry has yet to prove itself to be a big earner. Bloomberg found that it’s currently not uncommon to see newly appointed metaverse directors given additional responsibilities so as not to limit company resources, although their paychecks are still in the millions in some cases. .
Enterprises Are Already Deploying Metaverse Adoption Strategies
Companies around the world have not stopped eyeing 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 filings filed by businesses has exceeded the total number of such filings made in all of 2021, as reported by luck.
Mark Zuckerberg’s Facebook completed its name change to Meta this year and steered its business toward metaverse technology, albeit off to a rocky start. Others, like Walmart, Starbucks, and McDonald’s, to name a few, have formed partnerships with native Metaverse businesses to launch NFT collections or other Metaverse-related initiatives.
All of this progress made by the metaverse sector has been despite a broader market price plunge that has seen the crypto market cap fall below $1 trillion from its all-time high of nearly $3,000. billions of dollars.