Want a $1 million job in crypto? How About Chief Metaverse Officer-They Are All of the Rage

The Metaverse era has continued to be the fashion amongst massive-name manufacturers that are now dolling out million-dollar paychecks to so-called "leader metaverse officials" to head up their metaverse adoption approach.

According to a Bloomberg document, manufacturers including Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom service Telefonica SA, and wedding ceremony-registry store Crate & Barrel are amongst the giants that have invested in a CMO of the latest.

These companies, even as each has changed job descriptions for their CMO, are all making the appointment with the view of no longer being left behind in the adoption of the emerging generation. Hamza Khan, the co-lead of metaverse efforts at management and consulting company McKinsey & Co., stated:

McKinsey estimates that annual international spending related to the digital world could reach as much as $5 trillion by 2030. Gartner Inc. analysis indicates that the metaverse is the subsequent big innovation, with its forecast that one in every four humans will spend at least an hour an afternoon in the metaverse in a few years.

Despite the "virtual FOMO" fashion, businesses are nonetheless treading carefully in their metaverse adoption as the world is yet to show itself to be a big earner. Bloomberg observed that it's far from unusual to see newly named leader metaverse officers having additional duties in order not to constrain corporation assets, even though their paychecks nevertheless run into hundreds of thousands in some cases.

Companies already rolling out metaverse adoption strategies

Companies globally have not stopped at eyeing metaverse technology, some have already initiated moves to establish a significant presence in the virtual world. So far in 2022, the number of metaverse-related trademark filings made by companies has exceeded the total number of such filings made in the whole of 2021 as reported by Fortune. 

Mark Zuckerberg's Facebook completed its rebrand to Meta this year and has pivoted its enterprise cognizance to metaverse technology, albeit to a rocky start. Others, like Walmart, Starbucks, and McDonald's, to name a few, have fashioned partnerships with metaverse-native groups to launch NFT collections or different metaverse-related initiatives.

All those strides the metaverse quarter has been making have been in spite of a broader market price hunch that has seen the crypto market capitalization drop beneath $1 trillion from its all-time high of close to $3 trillion.