With the rise of Web3 and metaverse marketing last year, a new role emerged for brands committed to the virtual space: chief metaverse officer. Disney, Procter & Gamble, LVMH, Gucci, Epic Games and Crate & Barrel were just a few of the numerous marketers that appointed variations of the position.
But in the time since this frenzy, Web3 has mostly faded from the limelight—partly because of diminishing interest, as well as unclear returns on investment exacerbated by macroeconomic headwinds. Disney last month shuttered its entire metaverse team, while Meta—supposedly one of the most serious advocates of the virtual ecosystem—ended its short experiment with NFT functionality.
Read more: What Disney's metaverse exit means for Web3
Such fluctuations have thrown doubt on the viability of a chief metaverse officer. Disney, for example, doesn’t seem to need a metaverse czar—a position previously held by Mike White, who remains at the media company although in a different, undisclosed role. Disney did not respond to a request for comment.