The buzziest topic in 2021 and 2022 in the tech industry is none other than the metaverse. And, particularly after Mark Zuckerberg adopted Meta as their parent company’s identity, the hype around the term "metaverse" peaked.
Given the potential opportunities, major brands such as Disney, Procter & Gamble, Gucci, and Epic Games created a new position for the company called chief metaverse officer.
However, this big thing did not move at the rate that the entire business world expected. And, as a result of uncertain returns on investment and waning interest in the space, the metaverse buzz has waned in recent months.
On one side, Disney closed its metaverse team, while on the other, Meta, ostensibly one of the most serious proponents of the virtual ecosystem, ended its brief experiment with NFT functionality.
These fluctuations have called into question the sustainability of a chief metaverse officer.
Gucci and Epic Games' metaverse leaders have left, and they may not be looking for replacements.
Then there are marketers like American Eagle, which quietly dropped the term "metaverse" from a job title that had formerly included it in order to expand the position's scope. To put it in detail, Nathan Poekert was appointed director of social media, culture, and metaverse marketing in February 2021, but that role was changed last month to director of social media and digital innovation.
In the meantime, some brands are sticking with their metaverse appointees.
Camille Kroely, who was appointed as chief metaverse and Web3 officer at L'Oréal, is still in the position. In fact, last month, the company invested in metaverse startup Digital Village.
Furthermore, brands such as Crate & Barrel and LVMH confirmed that they continue to have a dedicated role to oversee their Metaverse and web3 initiatives.