A Chief Metaverse Officer (CMO), not to be confused with a Chief Marketing Officer, is the new position that companies have started to add to their senior-level staff with increased frequency over the last couple of years. If you ask the world if your company needs one, then history would say, “yes!” The internet has come a long way since the ’90s. Back then, you could get away with someone’s nephew or niece who knew how to make web pages. Shortly after, you had to upgrade to offer your products online entirely, which meant hiring a web developer or a team of them. A few years later, social media took off, and you had to hire a social media manager, content development strategist, and a Chief Marketing Officer who knows social media to ensure your brand was getting the visibility you needed to survive. Companies that invested in these roles early were able to pivot when the time was right, having a plan of action for when the trends would change. With new reality technologies (AR, VR, XR) joining the pillars of attention, much like websites and social media becoming vital to a brand’s success, hiring someone who knows these emerging technologies can help future-proof your business.
Chief Metaverse Officers are very specific in terms of their role. Technology moves fast, and CMOs are responsible for staying up to date on emerging technologies and finding ways to utilize them for the company they work for, specifically in third-generation web technologies. This includes things like blockchain tokens, virtual worlds, digital twins, AI, and spatial computing. A Chief Technology Officer (CTO) might focus on how cutting-edge technology can be utilized, but a CMO will focus on how the utilization of technology will affect users over a long period of time.
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 officer is also expected to be well-versed in the creative side of the market and be able to drive an organization’s Metaverse efforts. This includes knowing and recruiting individuals with a background in [video game] development platforms.”
For example, a CTO might work with artists to create virtual worlds, helping develop the technology stack of the project. Developers, UX designers, composers, VO artists, and 3D modelers will work to implement the specifics of the functionality and content. A CMO will oversee the entire project in an effort to find unrealized potential, offer strategic advice, and work to add things like interoperability or cross-platform integration to the project.
Key responsibilities of a CMO:
- Strategic Planning: The CMO develops a comprehensive Metaverse strategy aligned with the company’s goals and objectives. They analyze market trends, identify business opportunities, and define a roadmap for utilizing the Metaverse to gain a competitive edge.
- Innovation and Technology Integration: The CMO stays updated on emerging technologies, virtual reality experiences, and Metaverse platforms. They explore innovative solutions, evaluate partnerships, and oversee the seamless integration of these technologies into the company’s operations.
- Customer Engagement: The CMO focuses on creating immersive and personalized experiences for customers in the Metaverse. They conceptualize and execute virtual events, develop interactive marketing campaigns, and enhance customer engagement by leveraging the unique capabilities of the Metaverse.
- Partnerships and Collaborations: The CMO builds strategic alliances and partnerships with Metaverse platforms, content creators, and industry influencers. They identify opportunities for collaboration, negotiate agreements, and establish the company’s presence in relevant Metaverse communities.
- Risk Management and Compliance: The CMO assesses potential risks associated with operating in the Metaverse, such as data security and privacy concerns. They establish protocols to mitigate risks, ensure compliance with relevant regulations, and maintain a safe and trustworthy digital environment for customers and stakeholders.
- Team Leadership and Education: The CMO provides guidance and leadership to internal teams, fostering a culture of innovation and Metaverse adoption within the organization. They may also conduct training programs and educational initiatives to enhance the understanding of Metaverse concepts and their applications among employees.
Because we are still early on the road to the Metaverse, it might not make sense to hire a full-time CMO yet. The cost of a full-time CMO could range from $120,000 to $2 million per year, depending on the size of your company if you aren’t a startup. You would also need to factor in things like health benefits, stock options, and severance if things don’t work out. As someone who has built a career ensuring availability as an educator, keynote speaker, and builder in the subject of the Metaverse, I recently launched a CMO subscription service over at hightechinfluencer.com
This is an experimental approach as C-level roles are often part of the day-to-day of any business operation. Offering a Chief Metaverse Officer (CMO) as a subscription service can be a flexible and cost-effective solution, particularly for organizations that may not require a full-time CMO or are in the early stages of exploring Metaverse opportunities. By providing access to my expertise as an educator, keynote speaker, and builder in the metaverse space, organizations can benefit from my knowledge and guidance without the long-term commitment and costs associated with hiring a full-time executive.
A subscription-based model allows organizations to leverage my expertise on an as-needed basis, giving them the flexibility to scale their Metaverse initiatives according to their specific requirements. It also provides the opportunity to tap into business connections within the Metaverse community, opening doors to valuable partnerships and collaborations.
For organizations that are still exploring the Metaverse and its potential, a subscription service can serve as a valuable resource to gain insights, develop strategies, and make informed decisions about their metaverse journey. It provides them with access to a knowledgeable and experienced professional who can guide them through the complexities and challenges of entering the Metaverse space.
The role of a Chief Technology Officer (CTO) is often confused with the role of a CMO. While the CMO focuses specifically on the Metaverse and its strategic implementation, the CTO has a broader scope, overseeing technology operations across the organization. It’s possible for organizations to have both roles, with the CMO specializing in metaverse-related strategies and the CTO managing overall technology infrastructure and operations.