Tech

What is a metaverse director and why do companies like Disney and P&G appoint one?


The conversations are growing around inverse across multiple sectors shows that organizations are increasingly looking to ease their burden behind this nascent immersive world.

This new virtual world holds incredible promise. Gartner predicts that by 2026, 25% of people worldwide will spend at least an hour a day in a supermarket for work, shopping, education, socializing and entertainment. So it’s no surprise that over $120 billion was invested in the metaverse in 2022 alone, far exceeding the $57 billion invested in the whole of last year, each year. report from McKinsey. Furthermore, the report predicts the metaverse could grow to $5 trillion in value by 2030.

This huge promise has prompted companies to position their businesses to reap the benefits of the metaverse. Organizations like Disney, P&G, and LVMH have recently appointed metaverse directors, while others, like Nike, Balenciaga, and Gucci, are hiring for metaverse-related jobs. But what is a metaverse director – and why should an organization hire one today?

Typically, a metaverse director (CMTO) is responsible for developing and maintaining the company’s online presence in the metaverse. However, some industry leaders are debating the need and definition of a metaverse director.

Scott Keeney (aka DJ Skee), CMTO at Entertainment TSXtold VentureBeat that “a metaverse director would be an individual with extensive experience in [metaverse] space with extensive knowledge of video games and the Web3 ecosystem. Along with technical knowledge, the typical metaverse director is also expected to be well versed in the creative side of the market and able to drive an organization’s metaverse efforts. This includes knowing and hiring individuals with backgrounds in development platforms such as Unreal engineUnity and CryEngine…or Blender and Maya.”

Keeney further noted that the CMTO must have a vision of metaverse environmentin addition to technical expertise in cryptocurrency, cloud computing, blockchain, and game engines.

Ultimately, the metaverse director manages the organization’s brand, image, mission and vision across various virtual platforms and accessories, he said.

Need stable leadership and management

Since the metaverse is still in its early stages, it’s not surprising that only a small portion of the C-suite fully understands the metaverse – as Apple CEO Tim Cook admitted in an interview. article — and how it could shape things across the enterprise in the next few years. However, Marty Resnik, Vice President and Analyst at Gartner, believes that “this is the best time to learn, explore and prepare for a metaverse with limited rollout”.

Similarly, Vanessa Mullin, business development manager for interactive media and metaverse at Agoratold VentureBeat that “for a business that intends to test the metaverse, the use of CMTO is inevitable.”

She added: “When you think about C-suite roles, they are designed to have specific strategy and resources, as well as management principles that originate from the tip of the arrow. “How a company moves forward depends a lot on having a very effective group of leaders to pull their teams in the right direction. The way the metaverse is anticipated to play out, the enormous resources and responsibilities will require innovative but stable leadership and management.”

For a business that is exploring how it will fit into a broader context and can take advantage of the endless opportunities in the metaverse, the mission of the CMTO is to find angles and figure out what works. Hiring a CMTO will help a company stay on top of emerging counter-trends and focus on which aspects of these trends will help meet the specific needs of their business.

But do you need a CMTO at this point?

But while Mullin believes it’s imperative to hire a metaverse team right away, she hints that the CMTO may come later. “For starters, I think a small metaverse ‘attack team’ is enough. Someone to test, play and research what works best for your business. Once you find your niche and establish your ‘probable volume function’, then you can hire a metaverse employee to manage and execute your routes,” she says.

On the other hand, if it’s a priority to move some of your business to the metaverse, you may already have appointed your metaverse director.

Keeney says it’s the CMTO’s job to figure out which metaverse use cases are best for their company. “It might not make sense to build a bank in the metaverse on a platform like Roblox, Fortnite or Decentraland. The CMTO must find new ways to interact with or participate in or facilitate transactions in the metadata and build the tools to get the business there.”

Like Cathy Hackl, founder and director of metaverse at Journeys, says, “Here’s how you can test assumptions in some of these virtual worlds, or test how your brand can do certain things. You can do those things in prototype form and in private.”

The world is still a few years away from mass adoption of metaverse platforms. But if you’re contemplating building your own metaverse, then you need someone who can start moving the pieces in the right direction right now. P&G has launched a digital platform called BeautySPHERE this year and reimagined a popular TV commercial from the 1980s into a video game. Nike bought a virtual sneaker company and created a world modeled after its real-life headquarters. Starbucks is introduce Coffee-themed NFT or non-fungible token associated with its loyalty program.

Join the metaverse soon

Gartner predicts that “until 2024, direct opportunities for large-scale adoption in the metaverse will be limited,” adding that “the market is beginning to explore and test applications and markets.” high-value, long-term use case.” The status of metaverse may not be mainstream today — even with all the investment in space, Gartner estimates. metaverse will mature in 2030. But if your business is looking to become a player in the metaverse when it reaches full maturity, now is the time to build a metaverse team — and even appoint a CMTO.

Keeney stated that the early stages of this metaverse were crucial. “It reminds me a lot of the dot-com era — there was so much hype and people were confused by it. It can be very scary; everyone was involved in it, we all knew it was the future, and it accelerated very quickly. Then it really has to be built, then it slowly takes over our lives. And that’s what I think is going to happen with the metaverse, like we’re at that stage. We hit the spot where people are now questioning it and getting it contagious,” he said.

By hiring a CMTO, your business invests in a long-term strategy that will put you in the supermarket before your customers. An executive who oversees work related to the metaverse will communicate with multiple departments: product, marketing, business development and partnerships, policy, legal, etc. The cross-company perspective requires requires someone with a peripheral vision and the ability to unify a strategy. It will provide a glimpse into the future when metadata is not a novelty or a separate entity, but an established model that can touch every element of your business. friend.

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