WEBVTT - You’ll Still Hate Your Manager in The Metaverse

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<v Speaker 1>This is Bloomberg Crypto Daily Bloomberg I heard podcast, and

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<v Speaker 1>I'm Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg.

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<v Speaker 1>Use It's Thursday, October twenty. It might seem like the

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<v Speaker 1>conversation about the metaverse right now is a combination of

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<v Speaker 1>jokes about Mark Zuckerberg's digital legs, snark about the cost

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<v Speaker 1>of virtual reality headsets, and a real lack of clarity

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<v Speaker 1>on why any corporation at all might want to be

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<v Speaker 1>in this space. So we asked Matt Boyle, god forbid,

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<v Speaker 1>you know, how are you going to take your you know,

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<v Speaker 1>your two hour lunch in France in metaverse? I think

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<v Speaker 1>you'd much rather be at a bistro somewhere. A Bloomberg

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<v Speaker 1>senior report who has written a lot about the future

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<v Speaker 1>of work to help explain exactly what's going on here,

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<v Speaker 1>especially as relates to businesses hiring chief metaverse offices and

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<v Speaker 1>what those folks even do. Oldie Matt, welcome onto the show.

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<v Speaker 1>Thanks for having me. What's going on in the metaverse? Well,

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<v Speaker 1>quite a lot if you've been reading the news lately, um,

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<v Speaker 1>But I'm mostly focused for our work shift editorial area

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<v Speaker 1>in terms of you know how our companies and particularly

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<v Speaker 1>the C suite managers approaching the metaverse. What are the opportunities,

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<v Speaker 1>what's the promise, what is the peril? And you know,

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<v Speaker 1>I hate to say this, and we all kind of

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<v Speaker 1>hate to say this, but you know, the jury is

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<v Speaker 1>very much still out there. When the company that is

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<v Speaker 1>the poster child for the metaverse can't get its own

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<v Speaker 1>employees to use its own metaverse, well, that's that company

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<v Speaker 1>that you're referring to, that post a child which renamed

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<v Speaker 1>itself to Meta to embrace the metavers. Uh, there are

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<v Speaker 1>no toes to dip, right, because we're still trying to

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<v Speaker 1>figure out if people people in the metaverse are gonna

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<v Speaker 1>have legs. But this idea of employee adoption of a

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<v Speaker 1>technology is interesting to me because the metaverse is being

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<v Speaker 1>positioned as a it's almost like like a Zoom enterprise

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<v Speaker 1>like products that something for people who work in large

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<v Speaker 1>corporations will find benefit from, which is very different from

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<v Speaker 1>some of the consumer brandings that we had out there previously. Like,

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<v Speaker 1>what's explaining that disconnect? Well, I mean it's funny you

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<v Speaker 1>mentioned Zoom. You know, if the promise of the Metaverse

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<v Speaker 1>or one of the potential promises of the metaverse is to,

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<v Speaker 1>you know, bring employees into some sort of immersive environment

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<v Speaker 1>which may or may not enhance their work experience. I

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<v Speaker 1>think if you hate your manager, you're still going to

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<v Speaker 1>hate your manager in the metaverse. But you mentioned zoom.

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<v Speaker 1>I mean, we can't even get zoom calls right these days.

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<v Speaker 1>There are homes and books being written and research papers

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<v Speaker 1>coming out of Harvard studying interactions over zoom and who

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<v Speaker 1>gets left out on the zoom call and should that

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<v Speaker 1>zoom have been an email or should that thirty minutes

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<v Speaker 1>zoom be twenty five minutes? And my argument is yes,

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<v Speaker 1>the smartest companies are shortening meetings using zoom less because

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<v Speaker 1>they know what sort of impact it is having. My

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<v Speaker 1>wife is on zoom calls twelve hours a day. She

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<v Speaker 1>comes out of a work from home day, she looks

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<v Speaker 1>like she just went through the Battle of the Bulge.

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<v Speaker 1>I mean, it's insane. So if you're saying let's all

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<v Speaker 1>go to the metaverse and have a more productive meeting,

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<v Speaker 1>my answer is why can't we Just you know, we're

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<v Speaker 1>not even getting meetings right now with the simplest of

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<v Speaker 1>technologies for video conferencing. But that said again, Um, you know,

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<v Speaker 1>one of the applications of the metaverse will certainly be

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<v Speaker 1>you know, workplace applications, and how Slack and Salesforce and

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<v Speaker 1>all those various workplace applications that we know and loathe

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<v Speaker 1>are going to happily coexist within some type of of metaverse.

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<v Speaker 1>I don't know. What I do know is, you know,

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<v Speaker 1>it's to be far more relevant for my fourteen year

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<v Speaker 1>old son who lives has for the past ten years,

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<v Speaker 1>has lived in basically three worlds, Roadblocks, Minecraft, and Fortnite,

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<v Speaker 1>and he is so comfortable there. If his first job

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<v Speaker 1>is something similar to any of those experiences, then okay,

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<v Speaker 1>I'm kind of getting you there, but that you know,

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<v Speaker 1>that's when he's twenty four, twenty years down the line.

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<v Speaker 1>So again, I think there's gonna be a lot of

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<v Speaker 1>growing pains here, as with any big shift in the workplace.

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<v Speaker 1>And my god, I mean, how many huge shifts are

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<v Speaker 1>happening at the same time in the workplace as we're

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<v Speaker 1>talking about whether or not the metaverse is going to

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<v Speaker 1>be really impacting corporations. You know, we've got organizing movement,

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<v Speaker 1>labor organizing movements at places like Starbucks. We have people

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<v Speaker 1>freaking out over the fact that they don't even know

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<v Speaker 1>where their remote workers are, much less how to pay them.

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<v Speaker 1>I mean, there's so much going on, not to mention

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<v Speaker 1>the whole return to office battle that you know, I

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<v Speaker 1>can imagine how moving work to the metaverse, or corporations

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<v Speaker 1>shifting a lot of their operations to the metaverse might

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<v Speaker 1>become slightly lower priority when they can't even hold on

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<v Speaker 1>to their best people. Work is hard is a big

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<v Speaker 1>takeaway I'm hearing there. But what you're also saying is

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<v Speaker 1>something that we hear a lot about kind of everything

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<v Speaker 1>that tends to be smushed into like crypto plus web

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<v Speaker 1>three plus metaverse, which is the criticism that these are

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<v Speaker 1>solutions in search of problems. And you know, there are

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<v Speaker 1>always going to people who will be like, no, no, no, no.

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<v Speaker 1>Bitcoin actually solves x y Z or Web three solves ABC.

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<v Speaker 1>But there's way less consensus on what's exactly the metaverse

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<v Speaker 1>solves for what it even is when different people are

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<v Speaker 1>talking about it. But that doesn't seem to have stopped

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<v Speaker 1>some corporations from hiring chief metaverse off exactly. But I

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<v Speaker 1>think they're chasing the consumer opportunity here rather than figuring

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<v Speaker 1>out how it's going to change the way that they work.

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<v Speaker 1>I mean, all the luxury companies doing you know, metaverse

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<v Speaker 1>fashion shows and um, you know Starbucks doing their coffee

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<v Speaker 1>related n f T s whatever that turns out to be. UM.

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<v Speaker 1>You know, they are very much looking at this as

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<v Speaker 1>as a branding opportunity, UM down the line away to

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<v Speaker 1>get closer to customers because again, a lot of big

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<v Speaker 1>brands missed the boat with e commerce, were very slow

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<v Speaker 1>to that UM and do not want to miss that

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<v Speaker 1>that boat again. So digital you know, fomo is is

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<v Speaker 1>very much a part of this. But how Proctor and

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<v Speaker 1>Gamble and LVMH and all the companies that are hiring

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<v Speaker 1>chief metaverse officers, it seems like that role is sort

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<v Speaker 1>of being put in place to have a point person. Okay,

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<v Speaker 1>you're in charge. Now. We know there's a lot going

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<v Speaker 1>on with this metaverse stuff and you know, UM, but

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<v Speaker 1>we don't really understand it. I'm a fifty six year

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<v Speaker 1>old CEO from Central Casting. You know, I went to Harvard,

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<v Speaker 1>then Mackenzie and now I'm here. I don't get this stuff.

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<v Speaker 1>Let me hire somebody or find somebody internally for a

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<v Speaker 1>heck of a lot cheaper. You know who maybe was

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<v Speaker 1>talking to me about n f t S the other day. Hey,

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<v Speaker 1>you could be our chief metaverse officer and you let

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<v Speaker 1>you smile. But that's as easy, that's as quickly as

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<v Speaker 1>it is happening in some of these places. You must

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<v Speaker 1>know something about this. Well, now you are are newly

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<v Speaker 1>minted chief metaverse officer. Congratulations, And then there's sort of

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<v Speaker 1>like crickets. THO was like, well, what in the world

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<v Speaker 1>do I do now? And that was the whole point

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<v Speaker 1>of my story. What do these people do all day?

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<v Speaker 1>We know some of them are getting million dollar paychecks. Okay,

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<v Speaker 1>are they deserving of them? Um? We don't really know yet.

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<v Speaker 1>But you know, if one of these chief metaverse officers

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<v Speaker 1>turns their brand into you know, sort of this amazing

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<v Speaker 1>Web three phenomenon, then they're earning every penny or are

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<v Speaker 1>they not. There have been a few stories I'm thinking

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<v Speaker 1>of Kashmir Hill for example, of folks who have tried

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<v Speaker 1>to be in the metaverse, and Alex Brinka the other

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<v Speaker 1>day exactly. Um, and you know, one of the things

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<v Speaker 1>that they have said is it's kind of exhausting because

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<v Speaker 1>you right now to in order to achieve that, especially

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<v Speaker 1>if you're thinking of it as a virtual reality context,

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<v Speaker 1>is like you've got something strapped to your face, ye

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<v Speaker 1>ways over a pound. You know, it's it's a little

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<v Speaker 1>bit disorienting. It's you're there, aren't always other people there,

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<v Speaker 1>right like, So you know that's something that we've seen

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<v Speaker 1>in crypto, for example, there are spaces there's one called

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<v Speaker 1>the Sandbox, as one called the Central Land where the

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<v Speaker 1>number of active users in there like relative to kind

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<v Speaker 1>of like your typical gaming platform is very low, and

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<v Speaker 1>so you've got like a dead zone. Nobody is necessarily

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<v Speaker 1>here a problem, and then you have got the question

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<v Speaker 1>of Okay, I'm here, how do I fill in my

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<v Speaker 1>Excel spreadsheets? Like, like what practically can I be doing

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<v Speaker 1>in the metaverse? To your points about experimentation, given that

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<v Speaker 1>people can't really do much in most cases right now,

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<v Speaker 1>what are some of the strongest arguments you've heard corporations

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<v Speaker 1>make for why they're plowing forward if they are I mean,

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<v Speaker 1>one could be just collaboration. We certainly have been disconnected

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<v Speaker 1>it over the past two years, and you know, for

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<v Speaker 1>a forty something maybe seeing a colleague in the metaverse

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<v Speaker 1>isn't going to be enough. Maybe not enough too then

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<v Speaker 1>you know, having like an in person lunch or a

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<v Speaker 1>drink after work. But maybe for younger workers, you know,

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<v Speaker 1>having a more immersive collaborative experience, whether that's onboarding a

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<v Speaker 1>new employee, doing a training session, sitting in a big

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<v Speaker 1>virtual auditorium to listen to you know, you're your fearless

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<v Speaker 1>leader tell you that we're going to attack this or

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<v Speaker 1>that market, or you know, we're going to do this

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<v Speaker 1>or that. Um, that might be you know, enough to

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<v Speaker 1>get to have people sort of feel a sense. Okay,

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<v Speaker 1>I'm kind of getting a better sense. And here are

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<v Speaker 1>my colleagues, and they are you know, I look to

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<v Speaker 1>my right and my left and and there, okay, there

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<v Speaker 1>they are. They might not have legs, but there they are,

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<v Speaker 1>and they're chatting, and we're kind of like passing notes

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<v Speaker 1>during the meeting. And isn't that funny? I mean, maybe

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<v Speaker 1>that will be enough. I'm not sure yet. Um, But then,

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<v Speaker 1>you know, Alex Brinka's story the other day was great

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<v Speaker 1>because you know, she was trying to she couldn't figure

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<v Speaker 1>out if she could type while she was in you know,

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<v Speaker 1>in the metaverse, and and then her makeup got smushed,

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<v Speaker 1>and it's you know, it's like, it's always the everyday

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<v Speaker 1>stuff that ends up being the huge issue here. You know,

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<v Speaker 1>it's just happened throughout technology. You know this better than

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<v Speaker 1>I do. It's that they often overlook the every day

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<v Speaker 1>the cotidian examples like wait, Howard did we account for this? Oh,

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<v Speaker 1>don't worry about it. This technology is wonderful. It'll solve

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<v Speaker 1>all our problems. Um. So it's figuring out those little

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<v Speaker 1>things like yeah, can I do an Excel spreadsheet? Can

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<v Speaker 1>I just do my expenses in the Why in the

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<v Speaker 1>world would I want to do my expenses in the metaverse?

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<v Speaker 1>You don't ever do them anywhere? Um? But could I

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<v Speaker 1>be onboarded and meet all my new fellows some are interns. Okay,

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<v Speaker 1>now you're kind of now I'm with you a little bit.

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<v Speaker 1>I mean, yes, I might rather be going out going

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<v Speaker 1>bowling with them in real life, but it's a start.

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<v Speaker 1>We'll be right back with more from Bloomberg Senior Reports.

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<v Speaker 1>Matt Boyle. In the story that you rose about chief

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<v Speaker 1>metaverse officers, you talked about one in particular that wasn't

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<v Speaker 1>even a person. Yes, that was very interesting, as kind

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<v Speaker 1>of prompted my my interest here when someone said, hey, Matt,

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<v Speaker 1>have you heard about these chief metaverurse officers? I said, oh,

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<v Speaker 1>let me look into it. And one of the first

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<v Speaker 1>companies that came up is Publicis Group, which is a big,

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<v Speaker 1>massive advertising giant. Their French, um, their clients are Nestlee,

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<v Speaker 1>Walmart ubs, I mean blue chip clients. They do very well. Um.

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<v Speaker 1>But when I looked into it, they said, oh, they

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<v Speaker 1>hired a chief metaverse officer and said, oh, who is here?

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<v Speaker 1>She I'd love to interview this person, and I realized

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<v Speaker 1>it was not a person. It was a digital avatar,

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<v Speaker 1>a very sleek, French speaking or I guess French accented

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<v Speaker 1>lion named Leon. Of course, his name was Leon, who

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<v Speaker 1>had a YouTube video and he had a linked in profile,

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<v Speaker 1>and he had an email address, although every time I

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<v Speaker 1>emailed him it got bounced act to me. Um, so

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<v Speaker 1>maybe he's still you know, maybe they're not maybe still onboarding,

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<v Speaker 1>or hasn't got his email, or maybe he's like you

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<v Speaker 1>know us young people, he's like email, what's email? I

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<v Speaker 1>don't use the email slack me. Um. But in the end,

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<v Speaker 1>and of course, given Publicius as French, it took them

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<v Speaker 1>three months to get back to me to basically say like, well, yes,

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<v Speaker 1>this is our chief metaverse officer and you know, and

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<v Speaker 1>but like then when they finally got back to me,

0:12:22.320 --> 0:12:24.760
<v Speaker 1>they said, how many hundreds of of agency people are

0:12:24.760 --> 0:12:28.559
<v Speaker 1>actually working with their brands on sort of Web three

0:12:28.600 --> 0:12:30.840
<v Speaker 1>related stuff. I'm like, okay, well now it's getting interesting.

0:12:30.880 --> 0:12:33.839
<v Speaker 1>But again that was because brands really want to figure

0:12:33.880 --> 0:12:37.040
<v Speaker 1>this out. It was not because everybody at Publicis Group

0:12:37.080 --> 0:12:40.400
<v Speaker 1>is working in the metaverse. God forbid, you know, how

0:12:40.400 --> 0:12:41.920
<v Speaker 1>are you going to take your you know, your two

0:12:41.920 --> 0:12:44.640
<v Speaker 1>hour lunch in France in the metaverse? I think you'd

0:12:44.720 --> 0:12:47.760
<v Speaker 1>much rather be at a bistro somewhere. Um. So, yes,

0:12:47.840 --> 0:12:51.600
<v Speaker 1>it really runs the gamut from digital avatars, two very

0:12:51.679 --> 0:12:54.080
<v Speaker 1>high qualifiled people you know who used to work at

0:12:54.120 --> 0:12:57.040
<v Speaker 1>McKenzie and at Goldman Sachs who are becoming chief metaverse

0:12:57.080 --> 0:12:59.240
<v Speaker 1>officers too. Again, the other people I mentioned the other

0:12:59.320 --> 0:13:00.760
<v Speaker 1>day is just like the guy in the room who

0:13:00.840 --> 0:13:03.280
<v Speaker 1>raises his hand when they say, who knows anything about

0:13:03.360 --> 0:13:05.840
<v Speaker 1>n F T S Bam, you're a chief metaverse officer.

0:13:06.160 --> 0:13:09.880
<v Speaker 1>So that's how haphazard the approaches right now among companies.

0:13:09.920 --> 0:13:12.520
<v Speaker 1>But they all kind of agree this is something we've

0:13:12.520 --> 0:13:16.720
<v Speaker 1>got to pay attention to. As you say it's it's

0:13:16.720 --> 0:13:19.319
<v Speaker 1>not like companies haven't done this before, right, like twenty

0:13:19.400 --> 0:13:22.320
<v Speaker 1>years ago, it was like anyone heard of the Internet? Great,

0:13:22.400 --> 0:13:24.319
<v Speaker 1>you know, in charge of our digital and now you're

0:13:24.360 --> 0:13:27.199
<v Speaker 1>the chief transformation officer, the chief digital officer. I mean,

0:13:27.240 --> 0:13:29.840
<v Speaker 1>as we know, the C suites are never hesitant to

0:13:29.840 --> 0:13:33.000
<v Speaker 1>add yet another person to the c suite um. And

0:13:33.000 --> 0:13:35.400
<v Speaker 1>while some of them have real like a chief information

0:13:35.400 --> 0:13:37.720
<v Speaker 1>officer you need, you need a person in charge of

0:13:37.720 --> 0:13:40.600
<v Speaker 1>your internal I T. But then there's a chief Technology

0:13:40.640 --> 0:13:42.760
<v Speaker 1>officer who's like, Okay, well I'm in charge of finding

0:13:42.760 --> 0:13:45.000
<v Speaker 1>out what's next in technology. And then you have a

0:13:45.080 --> 0:13:47.560
<v Speaker 1>chief Digital officer, and now you have a Chief Metaverse officer.

0:13:47.760 --> 0:13:49.079
<v Speaker 1>And I can imagine the four of them in a

0:13:49.160 --> 0:13:51.960
<v Speaker 1>room sort of arguing over like, you know, who's really

0:13:52.000 --> 0:13:55.280
<v Speaker 1>the top tech you know, gun um. I would not

0:13:55.320 --> 0:13:57.040
<v Speaker 1>want to be in that room, but I'm sure those

0:13:57.040 --> 0:14:00.480
<v Speaker 1>conversations are happening somewhere in corporate America. Yeah, just not

0:14:00.520 --> 0:14:03.480
<v Speaker 1>necessarily in virtual reality. Thank you so much, Matt for

0:14:03.520 --> 0:14:08.160
<v Speaker 1>being here. What a pleasure. You can find more of

0:14:08.200 --> 0:14:11.760
<v Speaker 1>Matt Boyle's reporting on the Bloomberg Terminal on bloomberg dot com,

0:14:11.800 --> 0:14:15.240
<v Speaker 1>where he writes for Workshift and on Twitter at biz

0:14:15.360 --> 0:14:17.920
<v Speaker 1>boil and if you're interested in more about the future

0:14:17.920 --> 0:14:22.400
<v Speaker 1>of work, follow Workshift on Twitter at the future yep,

0:14:22.800 --> 0:14:26.800
<v Speaker 1>that's apt t h E f U t U r E.

0:14:30.880 --> 0:14:34.760
<v Speaker 1>On the next episode of Bloomberg Crypto, finance people, including

0:14:34.840 --> 0:14:39.760
<v Speaker 1>to be clear, finance reporters love round numbers love them.

0:14:39.800 --> 0:14:43.040
<v Speaker 1>So we're celebrating episode one hundred of the Bloomberg Crypto

0:14:43.080 --> 0:14:46.080
<v Speaker 1>podcast by answering some of the questions you sent in.

0:14:46.640 --> 0:14:49.320
<v Speaker 1>Thanks to everyone who emailed us at Crypto Bloomberg dot net,

0:14:49.520 --> 0:14:54.880
<v Speaker 1>replied to our survey or message just on Twitter. This

0:14:54.920 --> 0:14:58.000
<v Speaker 1>is Bloomberg Crypto, a daily podcast from Bloomberg and I

0:14:58.080 --> 0:15:01.320
<v Speaker 1>Heart Radio. For more shows from I Heart Radio, visit

0:15:01.360 --> 0:15:04.400
<v Speaker 1>the I Heart Radio app, Apple Podcasts, or wherever you

0:15:04.440 --> 0:15:08.440
<v Speaker 1>get your podcasts. Send us your comments, questions, or suggestions

0:15:08.480 --> 0:15:11.480
<v Speaker 1>for the show to Crypto at Bloomberg dot net or

0:15:11.520 --> 0:15:17.320
<v Speaker 1>find us on Twitter. We're at Crypto. The supervising producer

0:15:17.360 --> 0:15:20.880
<v Speaker 1>of Bloomberg Crypto is Vicky Verglina. Our senior producer is

0:15:20.960 --> 0:15:24.560
<v Speaker 1>Janet Babin. Our producers are Mohammed Faruk and Sharon Barriro.

0:15:25.080 --> 0:15:28.680
<v Speaker 1>Our associate producers are Ty Butler and Moses on Desta

0:15:28.720 --> 0:15:32.640
<v Speaker 1>wonder At is our engineer. Original music by Leo Sidrn.

0:15:33.480 --> 0:15:35.920
<v Speaker 1>I'm Stacy Marie schml We'll be back tomorrow.