Potential and Challenges of the Metaverse on Future Businesses

Potential and Challenges of the Metaverse on Future Businesses

Dk Farhanah Izzati Pg Mohd Japar, Muhammad Anshari
Copyright: © 2023 |Pages: 18
DOI: 10.4018/978-1-6684-6097-9.ch007
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Abstract

The term metaverse refers to a virtual environment that exists beyond the physical world we live in but, at the same time, is similar to the real world. This chapter intends to investigate the impact of the metaverse for future business scenarios and whether there are other uses for the metaverse besides for business and entertainment purposes. The research for this chapter explains the potential and challenges of the metaverse, ways to create and maintain a strategic information systems, and the role of big data analytics in Industry 4.0. The significant findings indicate that the metaverse creates business opportunities for both consumers and sellers due to the growth of digital commerce since shopping can become more immersive with the option to buy physical or digital goods. However, digital footprints may be tracked from the metaverse to disclose the real-world identity of the user and other private information, which can be an invasion of privacy.
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Introduction

Definition of the Metaverse

The metaverse is a virtual environment that consists of groups of people interacting with one another while managing virtual versions of themselves, also known as avatars. It combines virtual reality and the Internet (Kensinger, 2021). It also creates an economic system built on blockchain technology that closely combines the virtual world and real worlds into the economic, social, and identity systems, enabling every user to create content and alter reality (Dionsio, Burns & Gilbert, 2013). As far as we know, the metaverse is still a concept and does not fully exist yet; however, several platforms have metaverse-like features. For example, video games such as Minecraft and Fortnite.

Objective of this Chapter

This report aims to investigate the impact of the metaverse on future businesses as well as determining its potentials and challenges. The three main questions that are going to be explored are:

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    What are the potentials of the metaverse for the future of business?

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    What are the challenges of the metaverse for the future of business?

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    Are there other uses for the metaverse besides for business and entertainment purposes?

To provide context for considering the impact of the metaverse, the report begins by presenting the potential and reasons why the metaverse matters for businesses.

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