The Rise of Chief Metaverse Officer: How Brands are Rethinking the Web3 Role

In a world where virtual reality is rapidly becoming a reality, brands are starting to realize the importance of having a Chief Metaverse Officer (CMO) in their teams. The CMO is a relatively new role that has emerged in the past few years, but it has quickly become a crucial one for brands that want to take advantage of the opportunities of Web3.

The CMO is responsible for developing and executing a brand's strategy in the metaverse, which is the online space where virtual reality, augmented reality, and gaming intersect. This space represents a new frontier for brands to connect with their audiences, and it offers a range of exciting opportunities for marketers.

For example, a brand might create a virtual store in the metaverse where customers can browse and buy products without ever leaving their homes. Or a brand might create a game that is set in the same world as their products, allowing players to engage with the brand in a fun and interactive way. These are just two of the many possibilities that the metaverse offers for brands.

The importance of the CMO role is reflected in the number of companies that are now hiring for this position. According to a survey conducted by Gartner, 60% of organizations will have a dedicated CMO in their teams by 2024. This is a significant increase from the 5% of organizations that had a dedicated CMO in 2020.

This trend is also reflected in the number of job postings for CMOs on LinkedIn. In June 2021, there were approximately 1,600 job postings for CMOs that mentioned "metaverse" or "Web3" in their descriptions. This represents a significant increase from the same period in 2020, when there were only around 500 job postings that mentioned these terms.

One of the reasons for the rise of the CMO role is the increasing number of consumers who are engaging with the metaverse. According to a survey conducted by Horizon Media, 37% of consumers have used virtual reality or augmented reality in the past year. This number is expected to grow as the technology becomes more widespread and accessible.

Another reason for the rise of the CMO role is the potential for brands to reach new audiences in the metaverse. According to a report by Accenture, the metaverse is expected to have 1 billion active users by 2030. This represents a massive opportunity for brands that want to engage with younger and more tech-savvy audiences.

• Some of the quantifiable examples of how brands are using the metaverse to engage with their audiences include:
• Roblox, a gaming platform that has over 150 million monthly active users, has been partnering with brands such as Gucci, Nike, and Lil Nas X to create virtual experiences that are set in the same world as their products.
• NFTs (non-fungible tokens) have also become a popular way for brands to connect with their audiences in the metaverse. For example, Coca-Cola created a series of NFTs that were sold on OpenSea, a popular marketplace for NFTs.
• Virtual events have also become a popular way for brands to reach their audiences in the metaverse. For example, Fortnite, a popular online game, has hosted virtual concerts for artists such as Travis Scott and Ariana Grande.

As the metaverse continues to grow and evolve, it is likely that the role of the CMO will become even more important. Brands that want to stay ahead of the curve need to start thinking about how they can leverage the opportunities of the metaverse to engage with their audiences in innovative and exciting ways.

Conclusion:

• The rise of the CMO reflects the growing importance of the metaverse for brands.
• Brands that want to stay ahead of the curve need to start thinking about how they can leverage the opportunities of the metaverse to engage with their audiences in innovative and exciting ways.
• The metaverse represents a new frontier for brands to connect with their audiences, and it offers a range of exciting opportunities for marketers to experiment with.

References:

• https://www.adweek.com/brand-marketing/how-a-chief-metaverse-officer-could-unleash-brand-potential/
• https://www.gartner.com/smarterwithgartner/5-questions-for-the-chief-metaverse-officer/
• https://www.linkedin.com/jobs/search/?currentJobId=2724368505&f_AL=true&geoId=92000000&keywords=chief%20metaverse%20officer&location=Worldwide
• https://www.horizonmedia.com/news/2021-06-14-adweek-shopper-behavior-post-pandemic-and-the-rise-of-the-metaverse
• https://www.accenture.com/_acnmedia/pdf-125/accenture-metaverse-platforms-vision.pdf#zoom=50

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Category: Marketing