Want a  Million Crypto Job?  Why not become responsible for the metaverse?

Want a $1 Million Crypto Job? Why not become responsible for the metaverse?

The technological aspect of the metaverse continues to appeal to major brands, which are now paying millions of dollars to “metaverse managers” responsible for thinking about their adoption strategy.

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According to a Bloomberg article, brands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom operator Telefonica SA and wedding registry retailer Crate & Barrel are among the giants that have invested in a CMO recently.

Although each of these companies changed their CMO job description, they all made the appointment in an effort to not lag behind in adopting this emerging technology. Hamza Khan, co-director of metaverse efforts at management and consultancy firm McKinsey & Co, said:

“Brands need to get closer to their customers, and the metaverse is a way to do that. Compared to the early days of e-commerce, this time around brands are much more active, much more forward.”

McKinsey estimates that annual global virtual world spending could reach up to $5 trillion by 2030. Gartner Inc. analysis supports the position that the metaverse is the next big thing, predicting that a one in four will spend at least an hour a day in the metaverse within a few years.

Despite the β€œdigital FOMO” trend, companies remain cautious about adopting metaverses as the industry has yet to prove that it is making a lot of money. Bloomberg found that it’s not uncommon today for new metaverse managers to have additional responsibilities so as not to limit company resources, even if their salaries run into the millions in some cases.

Enterprises are already deploying metaverse adoption strategies

Companies around the world have not just watched metaverse technology, some have already taken steps to establish a meaningful presence in this 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 2021, as reported by Fortune.

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Mark Zuckerberg’s Facebook completed its rebranding to Meta this year and shifted its focus to metaverse technology, though it got off to a rocky start. Other companies like Walmart, Starbucks, and McDonald’s, to name a few, have formed partnerships with native metaverse companies to launch NFT collections or other metaverse-related initiatives.

All of these advances in the metaverse sector have occurred despite a broader market price crash, which has seen cryptocurrency market capitalization fall below the $1 trillion mark, after hitting an all-time high of nearly $3 trillion.

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