In this developing digital age, the basis of this study would be the digital and virtual worlds. The maturity of technologies including extended reality, human-computer interaction, artificial intelligence, blockchain, computer vision, edge and cloud computing, and mobile networks are providing opportunities for various entrepreneurs to contribute innovatively. This research presents a multidisciplinary analysis of the Metaverse and the opportunities which it can provide to entrepreneurs through changing technologies. The study would explore a mapping of the existing research for business transformation and explore opportunities for entrepreneurs with updated technology. According to the studies, the Metaverse has the potential to have great effects on the business world and social life standards in the future, making this research more interesting. This study would provide a framework for all the major considerations to be done by entrepreneurs or the limitations they would be facing in future.
TopIntroduction
In current and recent studies, there has been a talk on Metaverse or the descriptors like “it would be revolutionizing internet” or “it would be advance internet”. Ideally, Metaverse is much more than what people are talking about lately.
With the recent literature, it has been identified that the significant development in cyberspace and Internet of things, a connection has been created between things, objects and humans. Different human activities like shopping, work, social relationships, entertainment has grown to online platforms. Now a-days, people try to spend more time on internet or virtual space. With this, different commercial industries and firms are figuring out innovative ways for various product categories like automobiles, shopping, fashion, entertainment, games etc.
Providing more opportunities to customers in daily life through internet is how Metaverse is thriving. It has become talk of the town now a days and providing great opportunities in all kinds of industries and academia.
Enterpreneurs are trying to identify Metaverse opportunities through real and virtual platforms. Some enterpreneurs are finding out opportunities in virtual world through tractions, experiences and artifacts, for example, clubbing, dating and gaming (McMorrow et al., 2022; Yoon, 2022) while some enterpreneurs are trying to find out opportunies by connecting Metaverse with their physical world like fashion, experiences (Adidas, 2022; The New York Times, 2022), virtual jewelry (Youde, 2022), or capturing activities with virtual and haptic feedback (Teslasuit, 2022).
Recent researchers have identified the changes in entrepreneurship with latest technologies like artificial Intelligence, blockchain, digital devices and NFTs (Chalmers et al., 2020, von Briel et al., 2018, Chalmers et al., 2021, Chandra, 2022). However, still there is a lack in understanding to identify the changes in entrepreneurship when taking Metaverse into consideration.
With emerging Metaverse world, companies are coming up with innovative products and services to explore computing platform, digital platforms, security, recruitments, authentications, advertising and many more similar concerns. The opportunities which are explored importantly are creativity, environment, finances, experiences, virtual reality etc. Blockchain technology, decentralization, and the development and rise of new industries within the Metaverse can effectively drive economic growth (H. Ning vd, 2021). Marketing Strategies are being transformed by companies’ from buying ads online to existing in a shared, virtual economy. Companies are also encouraged to conduct market research to identify the potential buyers in Metaverse. The behaviour of the potential buyers would be studied thoroughly according to the preferences in the real and virtual world.
Many renowned brands today have invested in the new technology Metaverse. Facebook also collaborated with various software companies to accelerate the process and also acquired the company which works in virtual reality devices. Other companies have also invested in gaming organisation after significant research and development activities (L. Lee vd.,).
The Metaverse is considered to be an attractive world for the people now adays. Digital currencies would also be functional in Metaverse at one point of time in future resulting its impact on small, medium and large scale organisations in long run. Most of the businesses, people, organisations are finding Metaverse lucrative to invest creating opportunities for entrepreneurship. Some examples like The Republican District of New York, CanadianToken.com, Decentraland etc have considered Metaverse digital platforms to invest to be a part in future.