Growing conversations around the metaverse across multiple sectors show that organizations are increasingly looking to throw their weight behind this nascent immersive world.
This new virtual world offers incredible promise. Gartner predicts that by 2026, 25% of people around the world will spend at least one hour a day in the metaverse for work, shopping, education, socializing and entertainment. So it’s not surprising that over $120 billion has been invested in the metaverse in 2022 alone, dwarfing the $57 billion invested in all of last year, per a report from McKinsey. Furthermore, the report projects the metaverse could grow to $5 trillion in value by 2030.
This huge promise has galvanized companies to position their businesses to reap the metaverse’s benefits. 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. But what is a chief metaverse officer — and why should an organization hire one today?
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.
Scott Keeney (aka DJ Skee), CMTO at TSX Entertainment, told VentureBeat that “a chief metaverse officer would be an individual with vast experience in the [metaverse] space with deep knowledge of video games and the Web3 ecosystem. Along with technical knowledge, the typical chief metaverse o …