Abstract
This study aims to identify the main applications of metaverse in business based on scientific publications. More specifically, the chapter aims to identify conceptual frameworks used in the literature. The authors conducted a systematic review based on the Web of Science and Scopus databases to achieve the objectives. This study followed a systematic literature review methodology consisting of protocol development, identified inclusion, and exclusion criteria for relevant publications; data extraction; and synthesis. The research resulted in 26 articles, which were identified and classified according to applications to the business environment, concluding that the main implications and applications of the metaverse in the business environment focus on an integrative framework that includes ethical issues, innovation management, marketing management, and knowledge management. This research has put down the foundation for establishing metaverse as a research topic in business research. With this study, the contribution lies both at the theoretical and practical levels.
TopLiterature Review
Since this first appearance, the metaverse as a computer-generated universe has been defined through vast, diverse concepts such as lifelogging, collective space in virtuality, embedded internet/space internet, a mirror world, an omniverse: a place of simulation and collaboration - Figure 1 (Lee et al., 2021). The Metaverse proposes a new way of relating to and understanding life through technology.
Key Terms in this Chapter
Ethics: Standards of conduct regarding what is acceptable behavior and unacceptable behavior in business.
Metaverse: Digital technology that allows for a shared immersive experience where participants can have diverse experiences that take place in the real world such as socializing, shopping, teaching and training, or even having cultural experiences.
Innovation Management: Process related to decisions, activities and practices that transform ideas into new opportunities to generate business value.
Marketing Management: Process related to formulating, pricing, promoting and distributing goods and services to achieve business goals.
Knowledge Management: Process related to creation, discovery, acquisition, transfer, sharing, and diffusion of knowledge in an organization.