Research Article

The Metaverse Virtual Economy: A Comprehensive Overview

Volume: 13 Number: 4 October 15, 2024
TR EN

The Metaverse Virtual Economy: A Comprehensive Overview

Abstract

The concept of the metaverse, where digital and physical realities merge, has garnered significant attention, particularly with advancements in virtual and augmented reality. This study scrutinizes the Metaverse Virtual Economy (MVE), an innovative convergence of real and virtual experiences. By synthesizing insights from prior research on the metaverse, the article explores transformational factors leading from the real world to the meta-universe, considering economic implications, both microeconomic and macroeconomic. Described as an expansive, closed-loop, perfectly competitive market, the MVE minimizes transaction costs and intermediaries. At a macroeconomic level, the MVE may foster sustainable economic growth; however, this growth might be uneven, reflecting the digital divide. As the integration of the metaverse into daily life continues, and the frictions between the two universes diminish, there arises a need to investigate the impact on economic policymaking including the potential applications of virtual currencies. The findings of his study suggest that the MVE poses both opportunities and challenges for businesses and consumers alike. It also emphasizes the necessity for careful exploration, regulation, and understanding of the complex dynamics to leverage the metaverse as a vital component of the future economy.

Keywords

Ethical Statement

During the writing process of the study “The Metaverse Virtual Economy: A Comprehensive Overview” scientific rules, ethical and citation rules were followed. No falsification was made on the collected data and this study was not sent to any other academic publication medium for evaluation.

References

  1. Athey, S., & Stern, S. (2022). The metaverse and economic theory. American Economic Review, 112(3), 1105-1112.
  2. Bellavitis, C., Fisch, C., Wiklund, J. (2021). A comprehensive review of the global development of initial coin offerings (ICOs) and their regulation. Journal of Business Venturing Insights, 15. https://doi.org/10.1016/j.jbvi.2020.e00213
  3. Chalmers, D., Fisch, C., Matthews, R., Quinn, W., and Recker, J. (2022). Beyond the bubble: Will NFTs and digital proof of ownership empower creative industry entrepreneurs? Journal of Business Venturing Insights, 17. https://doi.org/10.1016/j.jbvi.2022.e00309
  4. Chang, L., Zhang, Z., Li, P., Xi, S., Guo, W., Shen, Y., ... and Wu, Y. (2022). 6G-enabled Edge AI for Metaverse: Challenges, Methods, and Future Research Directions. arXiv preprint arXiv:2204.06192. Retrieved from: https://arxiv.org/abs/2204.06192
  5. Chen, Y., Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13. https://doi.org/10.1016/j.jbvi.2019.e00151.
  6. Chohan, U.W., Metaverse or Metacurse? (February 19, 2022). Retrieved from: https://ssrn.com/abstract=4038770 or http://dx.doi.org/10.2139/ssrn.4038770.
  7. Dionisio J. D.N., Burns I. I.I.W.G., Gilbert R. (2013). 3D virtual worlds and the Metaverse: Current status and future possibilities. ACM Comput. Surv. 45(3), Article 34, 38 pages. DOI: http://dx.doi.org/10.1145/2480741.2480751
  8. Fisch, C. (2019). Initial coin offerings (ICOs) to finance new ventures. Journal of Business Venturing, 34(1), 1-22. https://doi.org/10.1016/j.jbusvent.2018.09.007

Details

Primary Language

English

Subjects

Growth

Journal Section

Research Article

Publication Date

October 15, 2024

Submission Date

August 25, 2023

Acceptance Date

May 27, 2024

Published in Issue

Year 2024 Volume: 13 Number: 4

APA
Türkmen, N. C., & Sürmeli, D. (2024). The Metaverse Virtual Economy: A Comprehensive Overview. MANAS Sosyal Araştırmalar Dergisi, 13(4), 1320-1335. https://doi.org/10.33206/mjss.1350087
AMA
1.Türkmen NC, Sürmeli D. The Metaverse Virtual Economy: A Comprehensive Overview. MJSS. 2024;13(4):1320-1335. doi:10.33206/mjss.1350087
Chicago
Türkmen, N. Ceren, and Dilek Sürmeli. 2024. “The Metaverse Virtual Economy: A Comprehensive Overview”. MANAS Sosyal Araştırmalar Dergisi 13 (4): 1320-35. https://doi.org/10.33206/mjss.1350087.
EndNote
Türkmen NC, Sürmeli D (October 1, 2024) The Metaverse Virtual Economy: A Comprehensive Overview. MANAS Sosyal Araştırmalar Dergisi 13 4 1320–1335.
IEEE
[1]N. C. Türkmen and D. Sürmeli, “The Metaverse Virtual Economy: A Comprehensive Overview”, MJSS, vol. 13, no. 4, pp. 1320–1335, Oct. 2024, doi: 10.33206/mjss.1350087.
ISNAD
Türkmen, N. Ceren - Sürmeli, Dilek. “The Metaverse Virtual Economy: A Comprehensive Overview”. MANAS Sosyal Araştırmalar Dergisi 13/4 (October 1, 2024): 1320-1335. https://doi.org/10.33206/mjss.1350087.
JAMA
1.Türkmen NC, Sürmeli D. The Metaverse Virtual Economy: A Comprehensive Overview. MJSS. 2024;13:1320–1335.
MLA
Türkmen, N. Ceren, and Dilek Sürmeli. “The Metaverse Virtual Economy: A Comprehensive Overview”. MANAS Sosyal Araştırmalar Dergisi, vol. 13, no. 4, Oct. 2024, pp. 1320-35, doi:10.33206/mjss.1350087.
Vancouver
1.N. Ceren Türkmen, Dilek Sürmeli. The Metaverse Virtual Economy: A Comprehensive Overview. MJSS. 2024 Oct. 1;13(4):1320-35. doi:10.33206/mjss.1350087

Cited By

MANAS Journal of Social Studies
 

Published issues, issue files, and article files are licensed under the Creative Commons CC-BY-NC-ND 4.0 license.

The content on our website is licensed under the Creative Commons CC-BY-NC 4.0 license.