Abstract

Metaverse offers opportunities for companies to create innovative business models by providing a virtual platform where they can sell products and services and interact with customers in new and unique ways. Extended Reality (XR), Augmented Reality (AR), Mixed Reality (MR) and Mirror World technologies are important technological pathways for the metaverse. The metaverse concept is changing organizational structures with new opportunities and shaping the workforce for the future environment. The purpose of this review article is to discuss the concept of metanomics, the business implications of the metaverse in the context of the economy, business and employee-based value, future workforce, B2B opportunities and new business models. The concept of metaptation was associated with the metaverse in later studies to be conceptualized within the framework of adaptation theory. This review concludes by asserting that as the metaverse continues to evolve, driven by advancements in XR, AR, MR, and Mirror World technologies, it will not only revolutionize traditional business models but also necessitate a new paradigm of metaptation, where businesses must continuously adapt to harness the full potential of the metaverse in the realms of economic growth, innovative B2B opportunities, workforce development, and customer engagement. In order to be successful in this dynamic change process, businesses should adopt a strategic approach to adopting these innovative technologies. These strategic steps of businesses will contribute to gaining competitive advantage by enabling them to make the most of the commercial potential of the Metaverse.

Keywords

• Metaverse
• metanomics
• business
• metaptation
• metaverse technologies

Meta: XR-AR-MR and Mirror World Technologies Business Impact of Metaverse

Abstract

Metaverse offers opportunities for companies to create innovative business models by providing a virtual platform where they can sell products and services and interact with customers in new and unique ways. Extended Reality (XR), Augmented Reality (AR), Mixed Reality (MR) and Mirror World technologies are important technological pathways for the metaverse. The metaverse concept is changing organizational structures with new opportunities and shaping the workforce for the future environment. The purpose of this review article is to discuss the concept of metanomics, the business implications of the metaverse in the context of the economy, business and employee-based value, future workforce, B2B opportunities and new business models. The concept of metaptation was associated with the metaverse in later studies to be conceptualized within the framework of adaptation theory. This review concludes by asserting that as the metaverse continues to evolve, driven by advancements in XR, AR, MR, and Mirror World technologies, it will not only revolutionize traditional business models but also necessitate a new paradigm of metaptation, where businesses must continuously adapt to harness the full potential of the metaverse in the realms of economic growth, innovative B2B opportunities, workforce development, and customer engagement. In order to be successful in this dynamic change process, businesses should adopt a strategic approach to adopting these innovative technologies. These strategic steps of businesses will contribute to gaining competitive advantage by enabling them to make the most of the commercial potential of the Metaverse.

Keywords

• Metaverse
• metanomics
• business
• metaptation
• metaverse technologies

References

1. Lee, L-H., Braud, T., Zhou, P., Wang, L., Xu, D., Lin, Z., Kumar, A., Bermejo, C., & Hui, P. (2021). All One Needs to Know about Metaverse: A Complete Survey on Technological Singularity, Virtual Ecosystem, and Research Agenda. Journal of Latex Class Files, 14(8).
2. Tutgun-Ünal, A., & Tarhan, N. (2022). Metaverse Awareness and Generation to Transform Education. International Journal of Academic Education, 8(1), 64-74.
3. Oliveira, T., Thomas, M., & Espadanal, M. (2014). Assessing the determinants of cloud computing adoption: An analysis of the manufacturing and services sectors. Information & Management, 51(5), 497-510.
4. Pan, X., Pan, X., Song, M., Ai, B., & Ming, Y. (2020). Blockchain technology and enterprise operational capabilities: An empirical test. International Journal of Information Management, 52, 101946.
5. Sarkar, M., & De Bruyn, A. (2021). LSTM Response Models for Direct Marketing Analytics: Replacing Feature Engineering with Deep Learning. Journal of Interactive Marketing, 53, 80-95.
6. Sestino, A., Prete, M. I., Piper, L.,& Guido, G. (2020). Internet of Things and Big Data as enablers for business digitalization strategies. Technovation, 98, 102173.
7. Jeon, J. E. (2021). The Effects of User Experience-Based Design Innovativeness on User-Metaverse Platform Channel Relationships in South Korea. Journal of Distribution Science, 19(11), 81-90.
8. Smart, J. M., Cascio, J., & Paffendorf, J. (2007). Metaverse road map pathways to the 3D web. Acceleration Studies Foundation.

9. Le Noury, P., Polman, R., Maloney, M., & Gorman, A. (2022). A Narrative Review of the Current State of Extended Reality Technology and How it can be Utilised in Sport. Sports Medicine, 52, 1473-1489.
10. Guo, X., Guo, Y. & Liu, Y. (2021). The development of extended reality in education: Inspiration from the research literature. Sustainability, 13(24), 13776.
11. Gandhi, R. D., & Patel, D. S. (2018). Virtual reality–opportunities and challenges. Virtual Reality, 5(01).
12. Theodoropoulos, A., Stavropoulou, D., Papadopoulos, P., Platis, N., & Lepouras, G. (2023). Developing an Iteractive VR CAVE for Immensive Shared Gaming Experiences. Virtual Worlds, 2(2), 162-181.
13. Kari, T., & Kosa, M. (2023). Acceptance and use of virtual reality games: an extension of HMSAM. Virtual Reality, 1(2), 1585-1605.
14. Herpich, F., Nunes, F. B., Petri, G., & Tarouco, L. M. R. (2019). How mobile augmented Reality is applied in education? A systematic literature review. Creative Education, 10(07), 1589.
15. Dargan, S., Bansal, S., Kumar, M., Mittal, A., & Kumar, K. (2022). Augmented Reality: A Comprehensive Review. Archives of Computational Methods in Engineering, 30(2), 1057-1080.
16. Kaur, D. P., & Mantri, A. (2015). Computer vision and sensor fusion for efficient hybrid tracking in augmented reality systems. In 2015 IEEE 3rd International Conference on MOOCs, Innovation and Technology in Education (MITE), 176-181.
17. Syal, S., & Mathew, R. (2020). Threats Faced by Mixed Reality and Countermeasures. Procedia Computer Science, 171, 2720-2728.
18. Papadopoulos, T., Evangelidis, K., Kaskalis, T. H., Evangelidis, G., & Sylaiou, S. (2021). Interactions in augmented and mixed reality: An overview. Applied Sciences, 11(18), 8752.
19. Tang, M. Y., Chau, K. Y., Kwok, A. P. K., Zhu, T., & Ma, X. (2022). A systematic review of immersive technology applications for medical practice and education-trends, applications areas, recipients, teaching contents, evaluation methods, and performance. Educational Research Review, 35, 100429.
20. Doolani, S., Wessels, C., Kanal, V., Sevastopoulos, C., Jaiswal, A., Nambiappan, H., & Makedon, F. (2020). A review of extended reality (xr) technologies for manufacturing training. Technologies, 8(4), 77.
21. Ligthart, S., Meynen, G., Biller-Andorno, N., Kooijmans, T., & Kellmeyer, P. (2022). Is virtually everything possible? The relevance of ethics and human rights for introducing extended reality in forensic psychiatry. AJOB neuroscience, 13(3), 144-157.
22. Hong, S., Ahn, J. G., Ko, H., & Kim, J. (2008). Acquiring a physical world and serving its mirror world simultaneously. In International Conference on Virtual and Mixed Reality, pp.445-453.
23. Croatti, A., & Ricci, A. (2020). From virtual worlds to mirror worlds: A model and platform for building agent-based extended realities. 17th European Conference, EUMAS, Thessaloniki, Greece, pp. 459-474.
24. Park, M., Yoo, B., Moon, J. Y., & Seo, J. H. (2022). InstantXR: Instant XR Environment on the Web Using Hybrid Rendering of Cloud-based NeRF with 3D Assets. In Proceedings of the 27th International Conference on 3D Web Technology, 1-9.
25. Liu, Y. & Gao, G. (2022). Prediction of Social Communication Behavior Changes in the Meta Universe. In 2022 6th International Seminar on Education, Management and Social Sciences, Atlantis Press, 3528-3534.
26. Kang, J. (2012). Design and Implementation of Digital Map Products Contributing GIS Perspective based on Cloud Computing. International Journal of Computer and Communication Engineering, 1(2), 159.
27. De Kerckhove, D. (2021). The personal digital twin, ethical considerations. Philosophical Transactions of the Royal Society A, 379(2207), 20200367.
28. Komatsu, K., Alavesa, P., Pauanne, A., Hänninen, T., Liinamaa, O., & Pouttu, A. (2022). Leveraging 5G in cyber-physical system for low-cost robotic telepresence. In 2022 Joint European Conference on Networks and Communications & 6G Summit, EuCNC/6G Summit, 399-404.
29. Fauska, P., Kryvinska, N., & Strauss, C. (2013). The role of e-commerce in B2B markets of goods and services. International Journal of Services, Economics and Management, 5(1-2), 41-71.
30. Cartwright, S., Liu, H., & Davies, I. A. (2022). Influencer marketing within business-to-business organisations. Industrial Marketing Management, 106, 338-350.
31. Ioannidis, S., & Kontis, A. P. (2023). Metaverse for tourists and tourism destinations. Information Technology & Tourism, 25(4), 483-506.
32. Simge, U., Yaşar, L., & Bilici, E. (2023). Metaverse as a Platform for Event Management: The Sample of the Metaverse Türkiye E-Magazine. TRT Akademi, 8(17), 122-143.
33. Stephenson, N. (1993). Snow Crash; Bantam Paperback. Bantam Books; New York, NY, USA.
34. Barrera, K. G., & Shah, D. (2023). Marketing in the Metaverse: Conceptual understanding, framework, and research agenda. Journal of Business Research, 155, 113420. https://doi.org/10.1016/j.jbusres.2022.13420
35. Weinberger, M. (2022). What Is Metaverse?- A Definition Based on Qualitative Meta-Synthesis. Future Internet, 14(11), 310.
36. Di Natale, A. F., Repetto, C., Riva, G., & Villani, D. (2021). Immersive virtual reality in K‐12 and highereducation: A 10‐year systematic review of empirical research. British Journal of Educational Technology, 51(6), 2006-2033. https://doi.org/10.1111/bjet.13030
37. Jin, S. A. A. (2011). Leveraging avatars in 3D virtual environments (Second Life) for interactive learning: The moderating role of the behavioral activation system vs. behavioral inhibition system and the mediating role of enjoyment. Interactive Learning Environments, 19(5), 467-486. https://doi.org/10.1080/10494820903484692
38. Valaskova, K., Machova, V., & Lewis, E. (2022). Virtual Marketplace Dynamics Data, Spatial Analytics, and Customer Engagement Tools in a Real-Time Interoperable Decentralized Metaverse. Linguistic and Philosophical Investigations, 21, 105-120.
39. Hwang, Y. (2023). When makers meet the metaverse: Effects of creating NFT metaverse exhibition in maker education. Computers & Education, 194, 104693. https://doi.org/10.1016/j.compedu.2022.104693
40. Hwang, G. J., & Chien, S. Y. (2022). Definition, roles, and potential research issues of the metaversein education: An artificial intelligence perspective. Computers and Education: Artificial Intelligence Article, 100082. https://doi.org/10.1016/j.caeai.2022.100082
41. Chen, C., Huixiang, Z., Jinkui, H., Yonghui, Z., Huihui, Z., Jiangyan, D., Shupeng, P., & Chengdwan, W. (2023). Deep Learning in the Ubiquitous Human-Computer Interacitve 6G Era: Applications, Principles and Prospects. Biomimetics, 8(4), 343.
42. Bibri, S. E., & Allam, Z. (2022). The Metaverse as a virtual from of data-driven smart cities: The ethics of the hyper-connectivity, datafication, algorithmization, and platformazition of urban society. Computational Urban Sciences, 2(1), 22.
43. Anshari, M., Syafrudin, M., Fitriyani, N. L., & Razzaq, A. (2022). Ethical Responsibility and Sustainability (ERS) Development in a Metaverse Business Model. Sustainability, 14(23), 15805.
44. Moy, C., & Gadgil, A. (2022). Opportunities in the metaverse: How businesses can explore the metaverse and navigate the hype vs. reality. [Ebook], JPMorgan Chase. https://www.jpmorgan.com/content/dam/jpm/treasury-services/documents/opportunities-inthe-metaverse.pdf
45. Shah, A., & Bahri, A. (2022). Metanomics: Adaptive market and volatility behaviour in Metaverse. SSRN. https://ssrn.com/abstract=4206410 http://dx.doi.org/10.2139/ssrn.4206410
46. Thomason, J. (2022). Metaverse, token economies, and non-communicable diseases. Global Health Journal, 6(3), 164-167.
47. Xu, M., Guo, Y., Hu, Q., Xiong, Z., Yu, D., & Cheng, X. (2022). A Trustless Architecture of Blockchain-enabled Metaverse. High-Confidence Computing, 100088.
48. Moro Visconti, R. (2022). From physical reality to the internet and the metaverse: A multilayer network valuation. https://ssrn.com/abstract=4054674 http://dx.doi.org/10.2139/ssrn.4054674
49. Hwang, Y., & Lee, H. (2022). The Future Direction of Maker Education with Metaverse and NFT: Focusing on the TMIOSS Model Based on the Non-fungible Owner and Seller Experience. The Journal of Humanities and Social Science, 13(1), 2941-2956.
50. Goldberg, M., & Schär, F. (2022). Metaverse Governance: An Empirical Analysis of Voting Within Decentralized Autonomous Organizations JDSUPRA. https://www.jdsupra.com/legalnews/the-metaverse-decentralized-autonomous-8693438/
51. Xiang, N. (2022). Metaverse: The latest chapter of the splinternet?. In East Asia Forum Quarterly, 14(2).
52. Rawal, B. S., Mentges, A., & Ahmad, S. (2022). The Rise of Metaverse and Interoperability with Split-Protocol. In 2022 IEEE 23rd International Conference on Information Reuse and Integration for Data Science (IRI), 192-199.
53. Matt, C., Hess, T., & Benlian, A. (2015). Digital transformation strategies. Bus. Inf. Syst. Eng., 57, 339-343.
54. Lee, H., & Hwang, Y. (2022). Technology-enhanced education through VR-making and metaverse-linking to foster teacher readiness and sustainable learning. Sustainability, 14, 4786.
55. Wu, H., Cai, T., Luo, D., Liu, Y., & Zhang, Z. (2021). Immersive virtual reality news: A study of user experience and media effects. Int. J. Hum.-Comput. Stud., 147, 102576.
56. Han, S. L., An, M., Han, J. J., & Lee, J. (2020). Telepresence, time distortion, and consumer traits of virtual reality shopping. J. Bus. Res., 118, 311-320.
57. Palfreyman, J, & Morton, J. (2022). The benefits of agile digital transformation to innovation processes. J. Strateg. Contract. Negot., 6, 26- 36.
58. Arpaci, I., Al-Emran, M., & Al-Sharafi, M. A. (2020). The impact of knowledge management practices on the acceptance of Massive open online courses (MOOCs) by engineering students: A cross-cultural comparison. Telemat. Inform, 54, 101468.
59. Nadeem, M. A., Liu, Z., Ghani, U., Younis, A., & Xu, Y. (2020). Impact of shared goals on knowledge hiding behavior: The moderating role of trust. Manag. Decis., 59, 1312-1332.
60. Tsai, Y. H., Ma, H. C., Lin, C. P., Chiu, C. K., & Chen, S. C. (2014). Group social capital in virtual teaming contexts: A moderating role of positive affective tone in knowledge sharing. Technol. Forecast. Soc. Chang., 86, 13-20.
61. Choi, H. S., & Kim, S. H. (2017). A content service deployment plan for metaverse museum exhibitions-Centering on the combination of beacons and HMDs. Int. J. Inf. Manag, 37, 1519-1527.
62. Mystakidis, S. (2022). Metaverse. Encyclopedia, 2, 486-497. https://doi.org/10.3390/encyclopedia2010031
63. Henz, P. (2022). The psychological impact of the Metaverse. Discover Psychology, 2, 47. https://doi.org/10.1007/s44202-022-00061-3
64. Gürsoy, D., Malodia, S., & Dhir, A. (2022). The metaverse in the hospitality and tourism industry: An overview of current trends and future research directions. J. Hosp. Mark. Manag, 31, 527- 534.
65. Marr, B. (2022). Noika The metaverse and the future of work. https://www.nokia.com/networks/real-conversations/podcast-episode-9-the-metaverse-and-the-future-of-work/
66. Alaghband, M. (2022). What Is the Metaverse—and What Does It Mean for Business?. https://www.mckinsey. com/capabilities/mckinsey-digital/our-insights/what-is-the-metaverse-and-what-does-it-mean-for-business.
67. Hagiu, A., & Wright, J. (2015). Marketplace or Reseller?. Manag. Sci., 61, 184 203.
68. Wirtz, J., & Zeithaml, V. (2018). Cost-effective service excellenge. J. of the Acad. Mark. Sci, 46, 59-80. Doi:10.1007/s11747-017-0560-7
69. Dwivedi, Y. K., Hughes, L., Baabdullah, A. M., Ribeiro‐Navarrete, S., Giannakis, M., Al‐Debei, M. M., & Wamba, S. F. (2022). Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 66, 102542. https://doi.org/10.1016/j.ijinfomgt.2022.102542
70. Dick, E. (2021). Public Policy for the Metaverse: Key Takeaways from the 2021 AR/VR Policy Conference. Information Technology and Innovation Foundation.
71. Richardson, J. (2008). The business model: an integrative framework for strategy execution. Strat. Change, 17, 133e144. https://doi.org/10.1002/jsc.821
72. Ibarra, D., Ganzarain, J., & Igartua, J. I. (2018). Business model innovation through Industry 4.0: A review. Procedia manufacturing, 22, 4-10.
73. Wirtz, B. W., Pistoia, A., Ullrich, S., & Göttel, V. (2016). Business models: origin, development and future research perspectives. Long. Range Plan. 49, 36e54.
74. Diogo, J. & Veiga, P. M. (2022). Implementing Automation Initiatives in Companies to Create Better- Connected Experiences. In J. Remondes & S. Teixeira (Eds.), in Metaverse Applications in Business: A Systematic Literature Review and Integrative Framework (pp.110-136). IGI-Global.
75. Belk, R., Humayun, M., & Brouard, M. (2022). Money, possessions, and ownership in the Metaverse: NFTSs, cryptocurrencies, Web3 and Wild Market. Journal of Business Research, 153, 198-205. https://doi.org/10.1016/j.jbusres.2022.08.031
76. Ning, H., Wang, H., Lin, Y., Wang, W., Dhelim, S., Farha, F., Ding, J., & Daneshmand, M. A. (2021). A Survey on Metaverse: the State-of-the-art, Technologies, Applications, and Challenges. ArXiv 2111.09673.
77. Bohns, V. (2017). A Face-to-Face Request Is 34 Times More Successful Than an Email Harvard Business Review. https://hbr.org/2017/04/a-face-to-face-request-is-34-times-more-successful-than-an-email
78. Yemenci, A. D. (2022). Entrepreneurship in the world of metaverse: virtual or real?. Journal of Metaverse, 2(2), 71-82.
79. De Felice, F., Petrillo, A., Iovine, G., Salzano, C., & Baffo, I. (2023). How Does the Metaverse Shape Education? A Systematic Literature Review. Applied Sciences, 13(9), 5682.
80. Johnson, S. (2022). How the Metaverse Could Transform the B2B Enterprise BusinessNews. https://biz.crast.net/how-the-metaverse-could-transform-the-b2b-enterprise/.
81. Winter, P. (2022). How The Metaverse Will Transform The Future of B2B Marketing NewsRoom. https://blog.tomorrow-people.com/metaverse-b2b-marketing.