The metaverse concept has garnered substantial attention in recent times, owing to technological advancements and the increasing fusion of virtual and VR within our daily routines. The metaverse, characterized as a unified virtual communal realm arising from the intersection of physical and VR, encompasses a range of interconnected digital domains, including AR and VR platforms (Barbera, 2023; Humayun et al., 2020). Neal Stephenson originally coined the term “metaverse” in his 1992 science fiction novel “Snow Crash,” wherein it denoted a VR-oriented successor to the internet. However, this notion has undergone notable evolution since its inception. As technological progress unfolded, the metaverse began crystallizing in the shape of online multiplayer games and virtual realms (Yilmaz et al., 2023; Almusaylim et al., 2018). The 2000s witnessed the emergence of platforms like Second Life, affording users the ability to craft avatars, engage with fellow users, and participate in diverse undertakings. These nascent endeavors to construct a metaverse laid the foundational framework for subsequent advancements.
In recent times, the metaverse's advancement has been fueled by remarkable technological strides. The fusion of VR and VR technologies has emerged as a pivotal force, engendering more captivating and participatory virtual realms. Industry giants such as Facebook (now Meta), Microsoft, and Apple have made substantial investments in the development of AR and VR hardware and software, thereby further obfuscating the demarcation between the tangible and digital domains (Parcu et al., 2023). The widespread proliferation of smartphones and cost-effective VR headsets has democratized access to these encounters (Pizzo, 2023). The maturation of the metaverse carries profound implications across multifarious sectors. In the realm of entertainment, the metaverse has orchestrated a paradigm shift in our interaction with media and content. Virtual concerts, art galleries, and interactive narrative experiences are gaining prevalence (Rejeb et al., 2023; Chatrati et al., 2022). Furthermore, the metaverse possesses the potential to overhaul the landscape of education. Virtual classrooms and immersive pedagogical encounters have the capacity to render education more engrossing and attainable for students across the globe (Soni & Kaur, 2023).
The metaverse's impact extends beyond cultural and social dimensions, encompassing economic prospects as well. A thriving digital economy has taken root within the metaverse, characterized by the trade of virtual commodities and services facilitated by digital currencies such as cryptocurrencies (Şanlisoy & Çiloğlu, 2023). This phenomenon has catalyzed the emergence of the “creator economy,” enabling individuals to monetize their digital innovations and proficiencies. Concurrently, businesses are delving into metaverse-centric marketing approaches, introducing novel methods to connect with consumers (Arya et al., 2023). Figure 1 shows the timeline evolution of metaverse.
Figure 1. Source: Glen (2023)