From hype to impact: How companies can leverage the metaverse technology for business models

Abstract

This study explores the impact of metaverse technology on business models (BMs). Despite increasing academic and practical interest, the adoption and seamless integration of this technology poses substantial challenges for businesses. This study adopts a grounded-theory approach to explore how firms can incorporate this technological innovation within their existing BMs. Drawing upon insights from 20 interviews, the data were structured using the Gioia methodology, uncovering 5 dimensions that elucidate how companies can leverage metaverse technology to augment value creation, capture, and delivery, both internally and externally, within their BMs. These dimensions serve as a roadmap for firms seeking to embrace the metaverse, offering insights into potential adaptations to their existing BMs. This study contributes to the theoretical discourse surrounding the metaverse by delineating specific components within BMs that can be tailored to accommodate metaverse integration. Furthermore, our findings offer invaluable guidance and recommendations to firms and ventures, highlighting the diverse areas within the value creation process where metaverse integration can be strategically applied. This research lays the foundation for a more comprehensive understanding of metaverse technology's role in shaping the business landscape.