How the Metaverse Will Reshape Business and Sustainability

Although the term “metaverse” has gained popularity in modern literature, it is often disregarded by many businesspeople. The metaverse offers a vast array of alternatives, but its limitless nature can also be confusing for business owners. While navigating the maze of terms such as NFT, blockchain, avatar, and web 3.0 may be difficult for some, entrepreneurs should keep in mind that the metaverse is considered the next generation of the Internet and will bring new opportunities for their businesses. The pandemic has accelerated digitalization and new technology, adding a new dimension to the metaverse. This study aims to evaluate the increasingly problematic use of metaverse services in many business sectors and provide realistic strategic scenarios for effective planning and implementation of commercial metaverse services. The article focuses on how the metaverse service can be used as a business model, with particular emphasis on its role in marketing, healthcare, and financial services. To this end, the relevant literature on metaverse services is evaluated from multiple angles.

The Metaverse is a new platform for producing and selling goods and services. Businesses can use the Metaverse as an extension of their current business model to their advantage. This study examines the Metaverse and how it can be used as a tool for business interactions. It explores the utilization of the Metaverse to give workers a more productive and effective workplace. Additionally, it looks at how companies can use virtual reality technology to their advantage regularly. Using virtual reality (VR) technology is crucial for companies to succeed in today's market. Companies are using VR-based products such as avatars and 3D environments to attract customers who desire more than just an online shopping experience. Although the concept of the Metaverse has been around for decades Anshari (2022), it's only recently that companies have started to take advantage of its potential.

The term “Metaverse” resonates greatly in recent literature, yet many entrepreneurs overlook its potential. Although the Metaverse offers numerous opportunities for present and future businesses, its limitlessness also creates confusion for entrepreneurs. In the future world of the Internet, entrepreneurs must realize that the Metaverse will play a major role in business and other fields. Terms such as NFTs, blockchain, avatars, and Web 3.0 may not be familiar to the present world, but they will shape the future of business. This paper aims to understand the future perspectives, opportunities, and advantages of the Metaverse. As the Metaverse affects the lives and work of common people, they are being involuntarily or voluntarily impacted, limiting the ability to transfer findings from previous scenarios to the top.

The advancements in technology have led to the emergence of the metaverse, as a landscape where people interact virtually as avatars, especially in the realm of academic achievement in areas such as entertainment, academic practice, instructional design, and more. According to tech experts, this year could distinguish intelligentsia from laborers, and the advanced methods developed in the last few years will make the first moves last year in creating the virtual world a reality. The properties of the metaverse are explained in-depth, along with a clear definition of the metaverse in education and a comprehensive framework for it. Further potential uses of the metaverse in education are also discussed, along with their justifications and use cases, such as online and blended learning, language learning, competency-based education, and inclusive practice. The challenges of using the metaverse for academic purposes are also discussed. According to academics, one of the most significant applications of the metaverse is education, which has a promising future. We believe that the existence of the metaverse can serve as a new learning environment, and the use of the metaverse in training can be viewed as an educational setting enhanced by technologies related to the metaverse that combine elements of virtual and actual learning environments. It allows students to access the educational environment through wearable technology without being restricted by time or location, and it can lead to improved outcomes, create employment opportunities, and enhance global competitiveness.

The education sector has undergone momentous changes in the past few decades, focusing on integrating immersive technologies into academic settings to ensure that learning is fun and engaging. Educators are continuously striving towards adopting improved teaching methods that match the rapidly evolving technology. This view of educators has enabled a transition in teaching methodology from the traditional methods of using a whiteboard and blackboard to digital and smart classes. After the pandemic, blended learning and online learning have become mainstream, challenging immersive and engaged learning. Metaverse is one such focus for educationalists across the globe that allows for student involvement and participation in fun activities, ensuring learning with fun and entertainment. The present paper aims to understand students’ opinions on awareness of virtual learning, its benefits, the level of adoption of learners, and the challenges faced by them in virtual learning. A combination of qualitative and quantitative research methods was adopted. A sample of 214 respondents from different colleges was chosen for the study. The study found that students were aware of a metaverse in learning but were not experienced in metaverse learning, and most of them were interested in metaverse learning.

This chapter highlights the importance of XR and Metaverse in the educational sector. The theoretical background and real-life cases in the educational sector indicate that XR and metaverse can give students an experience closest to experiential learning without leaving the classroom. It also reveals that both metaverse and XR deliver an immersive experience that can create meaningful situations relevant to learners and their lives.

The chapter discusses the significance of administrative sciences concerning sustainable development. It highlights the connection between sustainable development and accounting and business management sciences. The chapter emphasizes the importance of sustainable development according to the Egyptian Vision 2030 and the global vision for sustainable development. Additionally, the chapter delves into the technological and technical business environment, particularly in the field of education, learning, and training. Metaverse technology is identified as one of the most significant aspects that are expected to transform education and training institutions into virtual entities. This transformation will have an impact on revenue, cost, decision-making, future performance evaluation, and management. The chapter also explores the regular and irregular risks in educational and training institutions worldwide.

The metaverse is the next evolution of the Internet, merging the physical and digital worlds into a multiuser environment (Jauhiainen et al. in Sustainability 15(1):346, 2023). It enables interaction with digital objects, virtual environments, and people in 3D settings in real-time using multiple senses. The metaverse is expected to affect various aspects of society, including work and leisure. However, discussions about the metaverse mainly revolve around speculation about its emergence, potential impacts, and effects on climate change and the environment. This paper aims to examine the impacts of the metaverse on climate change in detail, including how it may assist in combating climate change and its potential negative effects. Additionally, this paper also explores how new technologies like the metaverse may contribute to carbon emissions, and whether they may increase or decrease emissions and their impact on climate change.

The new concept around technology is called the “Metaverse.“ It is described as the inevitable evolution of the internet in modern times. It is a vision shared by many in the computer industry who believe that the Metaverse is the next iteration of the internet—a single, immersive, shared 3D virtual space where human life experiences are not limited to the physical world. The Metaverse must provide a persistent, 3D virtual atmosphere in which any user can engage in everything (Dalgarno and Lee in Br J Educ Technol 41(1):10–3, 2010). Metaverse technology can be used as a resource to develop projects for Sustainable Development Goals (SDGs), which can help to formulate solutions to the world's current problems. The use of modern technology in the future will help achieve the successful completion of the United Nations’ Sustainable Development Goals (SDGs). The SDGs are a collection of 17 interlinked objectives designed to serve as a “shared blueprint for peace and prosperity for people and the planet now and into the future” (https://​sdgs.​un.​org/​). The Metaverse, one of the most prominent concepts of recent times, is one of the tools used to accomplish the SDGs, which are essential goals that affect our planet and humanity. People have been attempting to increase awareness by employing various technologies and concepts in several industries every day. The research aims to analyze how the concept of the Metaverse can be utilized in the achievement of Sustainable Development Goals.

The Metaverse is a shared digital space that has the potential to revolutionize the development of the internet. It combines the physical and virtual worlds into one, allowing people to engage and explore the virtual environment together. Moreover, the use of Metaverse technology can aid in environmental preservation by helping us recognize the shortcomings of our current model and the impact it has on the environment. This study examines how the Metaverse can contribute to environmental protection and sustainability, as well as its potential negative impacts. Finally, it explores the role that the Metaverse is likely to play in the future.

The Metaverse is a new virtual reality with the potential to act as a catalyst for achieving the Sustainable Development Goals (SDGs). It involves immersive and interactive technologies that can promote education, healthcare, and other services while supporting the inclusion and empowerment of all people. However, the Metaverse also raises several ethical and social implications that require careful consideration and addressing, such as privacy, security, consent, fairness, inclusivity, diversity, accessibility, and social cohesion. In this chapter, we explore the impact of the Metaverse on SDG implementation and how it can support them. We also discuss the ethical and social implications of the Metaverse, presenting case studies and examples that demonstrate these implications in action. Finally, we provide recommendations for ensuring that the Metaverse is used ethically, socially responsible, and aligned with the SDGs.

The physical universe has a very limited range of possibilities. To access a virtual world with new opportunities for interactions and living, we must develop a brand-new gateway. The idea of a virtual world where individuals can communicate with each other without leaving the actual world is essentially what the metaverse is. Future versions of the metaverse will be built on blockchain technology and provide everyone with equal opportunities to participate. The tourism sector has greatly benefited from the opportunities generated by the metaverse. By engaging in a brand-new, more immersive type of virtual travel, customers can enjoy the advantages of metaverse tourism. Additionally, hotels and other hospitality businesses can leverage the metaverse to improve operational efficiency, including event planners. The metaverse offers an excellent platform for enhancing the marketing efforts of travel and hospitality companies.

Non-Fungible Tokens (NFTs) were first introduced in 2013, and they reached their peak in 2021. Since then, investors and scholars have shown much greater interest in the NFT market. NFTs are Blockchain-based cryptographic assets that can be identified from one another due to specific metadata and identification codes. They are divided into categories such as collectibles, gaming, art, utilities, and the metaverse. Since the market is in its infancy, there is scarce research on NFTs. In this study, the price determinants of the Metaverse segment of NFTs are investigated using the Adaptive Network-Based Fuzzy Inference System (ANFIS) technique. The results of all groups are compared, and it is found that the Bitcoin and Ethereum prices make the best input variables for forecasting NFT prices.

The ongoing digital revolution is poised to bring many changes to the culture, society, and economies of nations to elevate human standards by providing advanced digital products and services. The Metaverse is a vision shared by many industries based on the fourth industrial revolution, which predicts that the next stage of computer interaction will be on the internet in a single, shared, immersive, and persistent 3D virtual space where humans interact as avatars in real-time to perform experiential activities and develop mutual relationships. Metaverse activities could include watching movies, attending concerts, working in offices, conducting collaborative meetings in halls, shopping, traveling to tourist places, and undergoing advanced training by cognitively experimenting with risky driving, etc. All of this could be made possible by integrating different technologies such as Artificial Intelligence, Big Data Analytics, Blockchain Technology, Crypto-Currencies, Distributed Ledger Technology, Internet of Things, and Machine Learning, along with Augmented Reality and Virtual Reality to benefit Metaverse as a platform business model. However, while offering these innovative customer experiences, building the Metaverse has to address many challenges related to security, privacy, and legal issues. The objective of this paper is to explore the concepts of 4IR, Metaverse, and Digital Twin primarily as a part of the smart city development phenomenon so that governments can have command and control of the human universe while providing innovative user experiences in the Metaverse.

The metaverse is a virtual world where people can communicate, collaborate, and transact in a shared, immersive environment. It is an amalgamation of virtual reality, augmented reality, and artificial intelligence technologies and has the potential to revolutionize the way people work, play, and socialize. As the metaverse grows in popularity, it is becoming increasingly important to understand the skills needed to successfully navigate and utilize the new technology. The metaverse will require a variety of technical skills, including those related to computer programming, networking, and digital asset management. Additionally, individuals will need to understand how to use 3D modeling and animation software, as well as the various virtual reality and augmented reality tools. It is also important to be familiar with virtual and augmented reality platforms, such as Microsoft's HoloLens and Google's Daydream. In addition to technical skills, the metaverse will demand a variety of interpersonal skills. These include the ability to effectively communicate with others in the virtual world, as well as the ability to negotiate and resolve conflicts. Furthermore, individuals will need to be able to collaborate and create content in the metaverse, as well as demonstrate leadership and teamwork. Finally, individuals will need to possess business acumen and marketing expertise to be successful in the metaverse. This includes the ability to identify monetization opportunities and create strategies for generating revenue. Additionally, individuals will need to understand how to use social media and other online tools to promote their products and services. The metaverse is an exciting new technology that promises to revolutionize the way people interact and transact with one another. To be successful in the metaverse, individuals will need to possess both technical and interpersonal skills, as well as business acumen and marketing expertise. With the right combination of skills, they will be able to capitalize on the opportunities that the metaverse presents.

The Metaverse is a significant innovation in computer science that involves the participation of all fields of science. As a society, we have come a long way from traditional landline phones to mobile phones, LANs to the Internet. This tremendous improvement and growth in the technological world are due to the exceptional work of participating researchers and doers. Elon Musk, a famous entrepreneur and self-proclaimed scientist, has also mentioned that technology cannot improve by itself and requires a huge amount of effort to grow and develop. The Metaverse is not just any other software application; it includes a lot of contributions from big and renowned companies to make the secondary reality a mass success in the future. Every innovation has its pros and cons, and similarly, the Metaverse has its own. Logical and rational thoughts can identify these, and this paper aims to highlight a few of the most important pros and cons that can and are coming along with the Metaverse.

With the advancement of technology, the concept of the Metaverse has risen in the twenty-first century. Emerging technologies like artificial intelligence, blockchain technology, and others have made a significant impact, particularly after the onset of the COVID-19 pandemic. This study focuses on the various applications of the Metaverse in different fields. It is observed that the Metaverse is now being widely used in areas such as environmental sustainability, urban resource management, smart city planning, and legal frameworks. Many businesses are rapidly increasing their investment in the Metaverse. Notably, cities such as Singapore and South Korea have provided examples of leveraging digital technology after the pandemic in the provision of public services. The study acknowledges that, despite the benefits and advantages, the Metaverse presents some issues such as privacy concerns, an increase in greenhouse gas emissions, data storage concerns, and potential imitation of behavior at the virtual level. Therefore, it is crucial to address these issues and establish proper guidelines for the ethical and responsible use of the Metaverse technology.