Why Should Businesses Care About the Metaverse

The New Business Environment of Multiple Spaces

We are currently witnessing the co-development of an electronic space that interacts with the physical space and place of our physical world thanks to several developments, including the telephone, computer networks, the Internet, and mobile phones (Li et al., 2001). These developments have had a significant impact on the business and social environment. The rapid advancement of e-commerce and e-business, as well as changes in how people live, work, interact, study, and play, are all signs of the emergence of these interconnected “two spaces” - the physical and the electronic space (Li, 2007). A new generation of organization and management theory has emerged due to the proliferation of activities associated with e-commerce, e-business, e-government, and e-learning that the expansion of the electronic environment has brought about. The ‘e’ prefix was used to distinguish the business activity in the electronic space from that carried out in the physical world. Metaverses are virtual worlds that add dimensions and domains for various purposes, thus expanding the existing physical universe (Papagiannidis et al., in press). Since they result from human activity, these are frequently called synthetic worlds (Malaby, in press). Combining the real world, the digital world, and various virtual environments creates a new environment.

Metaverse is more than just marketing speak and a lot more than just a platform for consumer interaction; it's a fusion of technologies that will change and have important business ramifications, affecting the operational details and cross-functional tasks essential to company performance. Even if some businesses have already made sizable expenditures, it's still not too late for others to begin their path.