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Metaverse technology continues to be all the rage, with big-name brands now paying million-dollar paychecks to so-called “Chief Metaverse Officers” to dream up their Metaverse adoption strategy.

Brands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecoms provider Telefonica SA and wedding registry retailer Crate & Barrel are among the giants to have invested in a CMO, according to a Bloomberg report new.

These companies, each with changed job descriptions for their CMO, are all making the appointment so as not to be left behind in the adoption of emerging technology. Hamza Khan, co-lead of the Metaverse effort at management and consulting firm McKinsey & Co. said:

“Brands need to get closer to their customers, and the Metaverse is a channel for that. Compared to the early days of e-commerce, brands are much more active this time around, much earlier.”

McKinsey estimates that annual global spending related to the virtual world could reach $5 trillion by 2030. Analysis from Gartner Inc. supports the position that the Metaverse is the next big innovation, with its forecast that one in four people will spend at least an hour a day in the Metaverse within a few years.

Despite the “digital FOMO” trend, companies are still cautious about adopting metaverse as the sector has yet to prove itself as a big earner. Bloomberg noted that it’s not uncommon these days for newly appointed chief Metaverse officers to have additional responsibilities to avoid straining company resources, though their paychecks are still in the millions in some cases.

Organizations are already adopting Metaverse adoption strategies

Businesses around the world haven’t stopped eyeing Metaverse technologies, some have already taken action to establish a significant presence in the virtual world. To date, the number of Metaverse-related trademark applications filed by companies in 2022 has surpassed the total number of such applications for all of 2021, as reported by Fortune.

Mark Zuckerberg’s Facebook completed its rebranding to Meta this year and shifted its business focus to Metaverse technology, albeit with a rocky start. Others like Walmart, Starbucks, and McDonald’s to name a few have partnered with Metaverse-native companies to launch NFT collections or other Metaverse-related initiatives.

All of this progress that the Metaverse sector has made has come despite a broader market price decline that has caused the crypto market cap to fall below $1 trillion from its all-time high of nearly $3 trillion.

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