The Million-dollar Rise Of 'Chief Metaverse Officers': Who Are They & What Do They Do?

In June 2022, advertising giant Publicis Groupe introduced the newest member of its C-suite at a technology conference in Paris. Named Leon, the chief metaverse officer is not a human but a new interface in the form of an avatar to further help its clients understand, navigate and develop Web3 strategies.

Publicis wants Leon to help blue-chip clients like Walmart Inc., UBS Group AG and Nestle SA understand what the blockchain, NFTs and a more immersive internet experience could mean for their businesses, as per a Bloomberg report.

And wait. Leon even has a LinkedIn profile, an email address and a French accent. But no, it doesn't get a paycheck, as it's a digital avatar.

While Leon isn¡¯t human, companies are increasingly hiring real people to help them navigate the so-called ¡°meta-jungle.¡± Firms, as varied as consumer-products giant Procter & Gamble Co., talent manager Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, luxury-goods maker LVMH and wedding-registry retailer Crate & Barrel, have all decided they need a chief metaverse officer (CMO), the report mentioned.

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Though a recent tech-sector downturn has hit metaverse stalwarts like Meta Platforms Inc. and Roblox Corp. particularly hard, it hasn¡¯t stopped companies from rolling out million-dollar paydays to new executives as a down payment to secure their digital future. As per the Bloomberg report, Gartner analysts say one in four people will spend at least an hour a day in the metaverse within a few years.

¡°Brands need to get closer to their customers, and the metaverse is a channel to do that,¡± said Hamza Khan, a McKinsey partner who co-leads the firm¡¯s metaverse efforts, the report mentioned.¡° Compared to the early days of e-commerce, this time around brands are a lot more active a lot earlier.¡±

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Brands Digging Deep Into The Metaverse

Initially, chief metaverse officers first appeared at video-game makers, where immersion in a digital universe is central to the products. But the role has been popping up at more staid institutions dipping their toes into web3.

P&G launched a digital platform called BeautySPHERE this year and reimagined a popular TV ad from the 1980s into a video game. Nike Inc. bought a virtual sneaker company and created a world modelled on its real-life headquarters. Starbucks Corp. is introducing coffee-themed NFTs, or non-fungible tokens, linked to its customer-loyalty program. Walmart might create its own cryptocurrency. Luxury brands like Gucci, Balenciaga and Dolce & Gabbana have brought their fashions to virtual domains in the hopes of converting extremely online youth into real-world buyers of pricey handbags, watches and jewellery, as per Bloomberg.

So basically, translating that talk into action is the job of executives like P&G¡¯s Ioana Matei, whose title is head of emerging and immersive technologies, and LVMH¡¯s Nelly Mensah, vice president of digital innovation and emerging solutions at the home of Fendi and Bulgari. Disney¡¯s man in the metaverse, Mike White, is a senior vice-president in charge of next-generation storytelling and consumer experiences, as per the report.

World¡¯s first chief metaverse officer

Forbes

The ideal chief metaverse officer can speak as fluently about AR and VR as she can about sales and marketing, according to Cathy Hackl, who helps companies set up their meta-business units and claims to be the ¡°world¡¯s first chief metaverse officer¡±, a title she bestowed upon herself.

¡°They¡¯re not easy to find, but there are people who straddle both of these worlds,¡± she said.

As per a Forbes report, Web3 is an innovative and sometimes confusing space that many businesses are still learning to navigate and maximize. And for some of the biggest brands in the world, Cathy Hackl has been the essential guide into the Metaverse.

Hackl is a Web3 strategist and tech futurist. As founder and Chief Metaverse Officer at Journey (formerly Futures Intelligence Group), she supports brands that are breaking ground and expanding their businesses into the virtual world. Her studio helps clients capitalize on tools like NFTs, gaming, virtual fashion, virtual worlds and Metaverse growth strategies. Hackl is largely credited with being the first professional to be bestowed the title of Chief Metaverse Officer.

Appropriately nicknamed the ¡®Godmother of the Metaverse¡¯, Hackl has been at the forefront of bringing Web3 to business strategy. But her success didn¡¯t begin in tech. Hackl was a broadcast journalist before transitioning into corporate communications and live video, as per Forbes.

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