Abstract
The metaverse is a shared, virtual space where users can interact with each other and digital objects in real time. It has the potential to revolutionize the way we do business by providing a new platform for conducting transactions, collaborating on projects, and connecting with customers. Metaverse can benefit businesses by providing a new platform for virtual events. The metaverse also has the potential to revolutionize the way businesses collaborate and work with each other. Overall, the metaverse has the potential to be a powerful tool for businesses, providing a new platform for conducting transactions, collaborating on projects, and connecting with customers. More research is needed to provide reliable data for decision-making by managers, so based on these research gaps, this study aims to assess the challenges and opportunities, thus building a benchmark on how the metaverse can leverage the business world.
TopMethodological Approach
A systematic bibliometric literature review (LRSB) was conducted to identify and synthesize data on how the metaverse can leverage the business world. This comprehensive and rigorous methodology allows the researcher to identify the key trends, patterns, and knowledge gaps in the literature related to the study topic. With the exponential expansion of academic knowledge, thousands of journal articles and reports are published daily. This has negatively affected the quality of research and information published. For instance, Linnenluecke et al. (2022) indicated that the number of published journal articles surpassed 50 million in 2009 due to increased predatory journals publishing high volumes of low-quality research. This situation reflects the importance of using the systematic review of the bibliometric literature methodology since it depends on rigorous scientific methods and transparent reporting.
Key Terms in this Chapter
Metaverse: Constitutes a computer-mediated environment where people engage in social activities through avatars in 360-degree virtual worlds. It is an interactive, immersive, and collaborative virtual 3D world inhabited by avatars of real people. This social dimension in a three-dimensional virtual world allows companies to create interactive experiences such as virtual events and product demonstrations, improving customer experience which are critical in marketing.
Mixed Reality (MR): Mixed reality is the technology that combines features of virtual reality with augmented reality, revealing natural and intuitive 3D human, computational and environmental interactions. This inserts virtual objects into the real world and allows the user to interact with the objects, producing new environments in which physical and virtual items coexist and interact in real time. These new realities allow for new opportunities in the marketing, communication, and advertising of brands, not only in entertainment situations but also in interaction with consumers in online stores.
Augmented Reality: Augmented reality (AR), different from virtual reality, is a technology that, when applied, allows us to superimpose virtual elements on our view of reality. This integration of virtual information to real-world visualizations can be simulated and generated by a computer of a three-dimensional image or environment that can be interacted with in an apparently real or physical way by a person wearing special electronic equipment.
Business Platforms: They facilitate business-related activities such as virtual meetings and remote work and, in this scenario, enterprises will provide better engagement, collaboration and connection to their employees through immersive workspaces in virtual offices. These professional business activities are conducted using virtual tools such as whiteboards, document sharing, and video conferencing. It also allows them to engage their employees, suppliers, and other stakeholders, thus streamlining business activities and communication.
Virtual Reality: Virtual reality (VR) is an interface technology between a user and an operating system through 3D graphics resources or 360º images whose objective is to create the sensation of presence in an environment created by computational techniques in real time. This interaction is carried out through equipment that increases the feeling of presence of the individual in the virtual environment, designated as immersion.
Social Platforms: Social platforms are metaverse platforms designed to facilitate socializing and networking. They allow users to interact with each other in a virtual environment and engage in activities such as gaming, socializing, and attending events. Traditional social media is mainly focused on posting, liking, and sharing content, whereas Metaverse-based social media will take it to the next level by allowing users to interact with each other and the digital environment in a more immersive way. It will enhance the social experience and allow for new forms of communication and expression.