101 on talent for the metaverse: Who do you need to hire first

Metaverse and NFTs are two key buzzwords these days and while some might think of them as a fad, companies such as Boohoo, Ocean Park, Victoria's Secret, McDonald's, and Gucci, have begun building their operations to incorporate these new developments and prepare themselves for Web3. A report by international economics consulting firm, Analysis Group, said if metaverse adoption and impact evolves similarly to mobile technology, it could contribute 2.8% to global GDP in the 10th year after the adoption begins. This means that if the adoption of the metaverse started in 2022, it would lead to a US$3 trillion contribution to global GDP in 2031.

In Asia Pacific, the metaverse is expected to have a 2.3% share of the region's GDP in the 10th-year of adoption.

Meanwhile, employees are also keeping an eye on this space. A study done in January by Lenovo found that 44% of employees are willing to work in the metaverse and believe that it can deliver benefits like productivity to the workplace.Working adults in Brazil (53%), Singapore (51%) and China (54%) are split evenly, with around half confident that their employers have the expertise to enable a metaverse workplace, and the other half less confident. Conversely, working adults in the UK (30%) and Japan (18%) are less optimistic.

That said, there is skepticism on whether companies have the capabilities to pull it off. Two in five (43%) respondents believe their employers do not, or probably do not have the knowledge or expertise to enable them to work in the metaverse of the future.

However, it is not too late for brands to get started in the metaverse scene and Gowthaman Ragothaman (pictured below), CEO of Aqilliz, told MARKETING-INTERACTIVE that from a talent perspective, having a strong graphic design team, especially with 3D modelling capabilities, is critical. "Brands can also opt to outsource the design and development process to metaverse architecture firms that would already have a high level of familiarity with a given platform’s functionalities," he said.

This also brings about the question of whether there is a need for more specialised roles to handle the metaverse, such as the chief metaverse officer. A check by MARKETING-INTERACTIVE on LinkedIn found that in Asia, there are not many individuals with the title of chief metaverse officer. 

"If not a chief metaverse officer, for sure, we will need to start thinking about the chief experience officer," Ragothaman said. At the same time, an entire brand function dedicated to the metaverse that can address all elements from design, development, cybersecurity, legal, and marketing will be needed as the space continues to see interest among established brands and businesses. 

In my view, this will revive the return of filmmakers and artists to come back to the advertising industry.

As we all know, marketing has become more data-driven these days and the debate between creativity/gut feel and data is still ongoing. Ragothaman said that NFTs are "a fantastic route" to bring creativity back into digital advertising. "Existing creative directors in an advertising agency can very easily fill this role. In fact, Aqilliz is only dealing with creative directors for one of its projects," he said.

When it comes to NFTs, instead of looking at them as "a money-making auctioning machine that speculates on consumer preferences with an idea or an asset", Ragothaman said marketers need to look at them as a means to build sustained relationships between brands and consumers. According to him, this in itself is a function that will need to determine the kind of experience a brand would like to offer and how unique it is. 

An added touchpoint for consumer engagement

According to a Gartner survey of 324 consumers done in January, 58% of respondents have either heard of the metaverse but do not know what it means, or think they understand the metaverse but would struggle to explain it to someone else. Only 6% of people identify as being comfortable enough in their understanding of the metaverse to explain it to others.

The concept of the metaverse might seem pretty abstract to some but Ragothaman explained that the metaverse is a fundamentally visual format that shares existing synergies with experiential marketing. In the metaverse, customers are looking for fun, meaningful experiences that resonate with who they are. If brands have a strong understanding of what their core audience's values and what they care about, Ragothaman said they already have the insights needed to create a virtual space that will appeal to them.

Although the metaverse might be an attractive space for brands to play in right now, at the end of the day, ROI still matters and in this case, brands stand to reap the benefits of engagement and awareness. When contextualised within a virtual space, Ragothaman said the metaverse becomes another touchpoint to engage with customers, continuing the experience they might have had in-person at a retail store or on social media, to a completely immersive, virtual space.

"Think about what this means when you can combine the metaverse with other technological enhancements such as AR or VR — customers have the opportunity to experience a brand in a completely new way," he added.

When it comes to specific measurement metrics, the strength of brand awareness and engagement is a key metric brands can look at. Not only among consumers but also among other key stakeholders such as media, influencers, and other industry peers. 

As for NFTs, these digital assets can be sold on secondary markets too so brands that have entered this space can look at the longevity of the asset in terms of further transactions beyond its initial sale to attest to its long-term value. "Over time, these metrics might change. For example, as NFTs and metaverse become part of the norm, it’s likely that we’ll see less reporting on brands launching activations in a virtual world which can significantly impact awareness among new customers," he explained.

Next big thing or hype?

Aside from brands jumping on the metaverse and NFT train, another factor that helped this gain steam was Facebook's rebranding to Meta last October. CEO Mark Zuckerberg said during the rebranding that moving forward, it will be metaverse-first and not Facebook-first. However, the metaverse and NFTs have been around for quite some time. 

According to multiple media reports including The Guardian and Vanity Fair, as well as an academic paper titled "'Hiro' of the Platonic: Neal Stephenson's 'Snow Crash'" by Carl Boehm, the term "metaverse" was coined by Stephenson in his 1992 sci-fi novel Snow Crash, and was used to describe a cyberspace realm. Meanwhile, the Wall Street Journal, which quoted research by NonFungible.com and L’Atelier, said the first NFTs surfaced in late 2017.

"While mainstream audiences and businesses are just catching on now, these virtual spaces and digital assets have existed online for years and this will continue, irrespective of whether or not mainstream interest falters," Ragothaman said. 

More than just hype, NFTs can also help solve pressing issues around privacy and transparency. Ragothaman explained that all NFTs are minted on the blockchain, essentially functioning as “digital certificates of authenticity” attached to an asset. The resulting asset attests not only to the fact that it’s one of a kind, but also provides proof of exclusivity. As all transactions are recorded on the blockchain, all past sales and activities associated with the NFT are viewable to anyone.

"If, let’s say, this asset represents a limited edition collectible released by a luxury fashion brand, you could be assured of the item’s provenance and authenticity," he added. Simultaneously, NFTs can also be used to enable more private transactions. As NFT’s don’t rely on centralised intermediaries to verify and store data, Ragothaman said transactions can be fully automated between buyers and sellers with smart contracts.

"Here, NFTs can be used to represent one’s digital identity, ensuring that for the purpose of a transaction, the person meets to required criteria without sharing the actual data," he said.

In addition to privacy and transparency, creators also stand to benefit from the NFT hype. With NFT-based transactions, they now have an alternative to create and monetise without depending on other platforms. According to Ragothaman, NFTs level the playing field for creators when it comes to building a fan base as well as brand monetisation. Rather than platforms taking a cut out of every sale or every track listened to, creators can earn more on their work.

"However, content platforms continue to benefit from the first-mover advantage and will likely continue to be where the bulk of a creator’s fan base is concentrated due to the ease of accessibility," he said.

While NFTs certainly add a more equalising dimension to what it means to be a content creator, it’s likely that the space will develop in tandem with traditional content platforms.

To this end, he believes that creators will maintain a presence on both to capture the largest possible audience. That said, there is also a change of content platforms ultimately struggling to compete due to their "disparate, siloed nature". This essentially means that creators that are building their own community have to straddle across different platforms. Furthermore, as centralised platforms, this can pose challenges on how creators can engage with their fans or what they can post on a platform. "NFTs or even the metaverse provide a decentralised alternative where creativity is boundless," Ragothaman said.

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