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The idea of making room in the budget for a chief metaverse officer (CMetaO) might have seemed laughable even just a few years ago. However, in the years since Facebook rebranded as Meta and announced it was shifting its focus to the metaverse in 2021, a growing number of organizations are appointing their own CMetaOs, along with chief AI officers (CAIO).

And it’s not just companies that are considered on the fringe or cutting edge that are adding these roles. In fact, according to an artificial intelligence (AI) priorities study conducted in 2023:

  • 11% of midsize to large organizations have already designated an individual for the CAIO role.
  • Another 21% of organizations are actively seeking a CAIO.

Source: (1)

While these statistics are specific to CAIO roles, they show a trend towards the serious consideration of roles dedicated to emerging technologies. The CMetaO role falls into this category.

WHAT IS THE METAVERSE?

When it comes to the metaverse, there are no easy answers.  It’s new, complex, and still evolving.

Presently, the metaverse blends the physical and digital realms, allowing you to carry your identity, assets, and experiences across different virtual spaces. In this virtual universe accessible through your devices, you’re the captain of your own avatar and can transform into someone else, explore interconnected virtual worlds, and interact with others in real-time.

That’s the easy explanation.  But more broadly speaking:

“The metaverse refers to the convergence of physical and virtual space accessed through computers and enabled by immersive technologies such as virtual reality, augmented reality and mixed reality. Described by proponents as the next iteration of the internet, this 3D virtual world is envisioned as a persistent, collective, shared space where digital facsimiles of ourselves, or avatars, move freely from one experience to another, taking our identities and monetary assets with us.” (2)

Given the complex and dynamic reality of the metaverse, it is easy to see why so much confusion exists around it. Trying to wrap your head around what it is makes understanding the cloud and Internet of Things (IOT) look like child’s play.

The better question to ask is, why would businesses care about tapping into the metaverse? What’s in it for them?

Perhaps the biggest draw is the creation of what many companies have visualized as a new digital economy. In this digital universe, users of the metaverse can create, buy, and sell goods.

Furthermore, idealists anticipate being able to transport these virtual purchases across platforms within the metaverse. This concept, however, has a long way to go before it can be realized. Challenges remain in this area and must be solved. However, these challenges have not stopped tech leaders like Meta, Microsoft, Snap, Roblox, Unity and Nvidia from building technology and infrastructure for improved virtual worlds that more closely resemble physical life.

CHIEF METAVERSE OFFICER RESPONSIBILITIES

While specifics about this new role are still being developed, the general consensus is that it is responsible for directing, planning, and executing how the company presents itself and interacts in the metaverse. In other words, CMetaOs are strategists, innovation drivers, and immersive experience creators. They apply metaverse-specific technologies to shape and enhance the organization’s brand. These individuals also determine how the company engages with customers in the virtual environments that comprise the metaverse.

The perfect CMetaO will possess the following skillset:

  • A formidable background in augmented and virtual reality.
  • A solid grasp on utilizing immersive experiences to craft and apply effective brand strategies.
  • An in-depth understanding of business strategy and market trends related to metaverse development.
  • A visionary mindset that compels them to push beyond what exists and tirelessly monitor industry developments and technological advancements.
  • A solid track record of leveraging data analytics to inform the creation of metaverse strategies.
  • A striver of mastery in fostering collaboration and team building.
  • A superb communicator, facilitating fruitful collaboration and communication among teammates and employees.

Realistically, few CMetaOs will have all of this expertise. After all, the role itself is still so new. However, companies who are seeking to fill this role should look for as many skills as possible that match this list.

PRO TIP:  Prioritize skillsets based on your organization’s specific metaverse goals and current digital maturity. Then, assign weight to each skill by considering its alignment with your company’s metaverse strategy and the time the CMetaO will dedicate to key activities. This approach ensures the role is tailored to your strategic vision and practical implementation needs.

As more and more businesses hire their own chief metaverse officers, your organization might contemplate doing the same. But is doing so a smart move – or a risk not worth taking?

ARGUMENTS IN FAVOR OF THE ROLE

Proponents of CMetaO roles enthusiastically champion these executives as indispensable guides for organizations venturing into the exciting yet complex metaverse landscape. They argue that a Chief Metaverse Officer’s blend of specialized knowledge in virtual reality, blockchain, and digital asset management is not just valuable but crucial for success in this new frontier. These visionaries are seen as the driving force behind innovation, skillfully managing risks while orchestrating cross-functional efforts to craft truly immersive experiences. CMetaOs, they contend, are the key to unlocking new revenue streams and fostering a cohesive approach to metaverse technologies that can transform customer engagement and streamline operations. For these advocates, a CMetaO’s expertise isn’t just an asset—it’s the cornerstone for companies aiming to thrive and gain a competitive edge in our rapidly digitalizing world.

ARGUMENTS AGAINST THE ROLE

CMetaO detractors argue that the role’s necessity will be fleeting. They foresee its purpose as short-lived and minor compared to more established titles in the C-suite.

This camp proposes that companies roll various responsibilities into existing roles like chief technology officer, chief digital officer, and chief marketing officer instead of dedicating an entire role to the metaverse.

Detractors also point out the lack of information about how the metaverse will evolve over time. Will siloed “worlds” within it remain separate, or will they merge into a seamless omniverse where the potential it offers can be fully realized? In the former scenario, the metaverse looks much like existing platforms and apps. In the latter scenario, transactions done across multiple metaverses are transferrable between its “worlds.” It is too early to tell which of these scenarios will emerge.

TAKE A WAIT-AND-SEE APPROACH

The definition of the metaverse keeps changing, so it is best to wait and see if it will go the distance or flare out in a few years. Do not rush to appoint a chief metaverse officer just yet. Keep an eye on the state of the metaverse over the next year or two.

In the meantime, start training some of your C-suite team or emerging leaders in the fundamentals of the metaverse and how it might fit into your organization’s future. Host offsite meetings with leadership where you not only educate attendees on the metaverse but also solicit their feedback about its current state and evolution. If you ultimately decide to add a CMetaO to your employee roster, you might find the right person for the job at these events!

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SOURCE(S):

1 https://foundryco.com/tools-for-marketers/research-ai-priorities/

2 https://www.techtarget.com/whatis/feature/The-metaverse-explained-Everything-you-need-to-know

Kris Maynard
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