Companies are beginning to utilize the metaverse to broaden their service network and create new co-creation value for their clients. To better understand how the metaverse phenomena could impact corporate sustainability, investigative research should be conducted. In this chapter, the authors looked at the moral issues raised by businesses using metaverse to gain a competitive advantage. An exploratory evaluation of business ethics and a metaverse business model were used. Users, the general public, and consumers have a right to be fully informed of and understand that their data cannot be used by a third party for any reason in accordance with the consequentialist utilitarian principle and the notion of moral unity. Finally, those working in the disciplines of technology and public policy, including academics, entrepreneurs, and legislators, are expected to use the study.
TopIntroduction
New technologies like Metaverse are revolutionizing how businesses operate. According to 71% of respondents to an Accenture survey, the move to the Metaverse will have a positive business impact and be a breakthrough in the next years (Madeline Lewis, 2022). It has significant advantages to both individuals and businesses, such as cutting overhead expenses by doing away with the need for furniture and other upkeep. Metaverse will also be very strong because the platform can produce enormous volumes of data. Businesses will be able to gather enormous volumes of data in various types, including text, audio, video, object movement, 3D social media, and more, thanks to the existence and use of the Metaverse (Anshari et al., 2022).
While, historically, businesses have relied on data to guarantee their survival. Business organizations can obtain data from a variety of sources with the help of Metaverse. Big data can be produced by Metaverse as a digital platform, which helps organizations acquire, capture, and process both data sources into their databases for effective and efficient data analysis (Wu et al., 2014). The metaverse has emerged as a new location for monetizing massive amounts of data generation. Big data is often characterized as massive data sets with great volume, velocity, variety, variability, and value extracted for analysis (Katal et al., 2013). The organization would be able to gather insight and, more importantly, remain competitive in the market and outperform its rivals by implementing big data analytics from the Metaverse platform (Mayer-Schönberger & Cukier, 2013; Anshari et al., 2019).
In the Metaverse, big data is quickly gathered, created, and processed to produce new value co-creations for enterprises that will increase competition, productivity, innovation, and creativity (Anshari & Lim, 2017; Crane & Matten, 2016). There is, however, a moral issue concerning who owns the data on any digital network. It does not imply that firms can utilize data to generate profits without adhering to necessary ethical compliance just because it is available, particularly in Metaverse, one of the large data sources. The corporate ethics implications of the research domain have not received much attention because the metaverse is a relatively young field of study (Ahad et al., 2017; Razzaq et al., 2018)
Business ethics, as opposed to social right and wrong, is mainly the study of social situations, behaviors, and decisions that deal with morally right and wrong issues (Crane & Matten, 2016). It is just understanding what is good and wrong when pursuing society's goals, to put it simply (Hasmawati et al., 2020). The subject has gained prominence over the past ten years among a variety of community members, including public figures, lawmakers, corporate executives, shareholders, workers, clients, and researchers. If one chooses to be decent, learning about business ethics can show businesses how to conduct themselves, especially those in the customer service sector (Hooker, 2003). As a result, corporate ethics can influence behavior by educating organizations about the potential repercussions of their actions. This chapter looked into the potential for a data breach in Metaverse at a time when companies are embracing digital platforms swiftly to increase their position in the upcoming wave of Internet services.