The Social Impact of Emerging Metaverse Business Models as Continuously Evolving and Innovative Environments

The metaverse is progressively being recognized as the next evolution of the mobile internet, offering the potential for major shifts in both markets and lifestyles. Its swift development calls for a deeper understanding of how it can drive innovation in business models. Business model innovation, essential for sustaining competitive advantage, is shaped by various external factors, such as technological disruptions. Although much of the research has focused on these external influences, there is an increasing interest in how emerging technologies like the metaverse are fueling business model innovation. However, specific studies on the metaverse’s direct impact are limited. Industry experts categorize metaverse businesses into four types: infrastructure development, physical goods production, customer experience transformation, and marketing/branding adaptation. These range from creating metaverse technology foundations to producing immersive devices and offering innovative marketing strategies. As the metaverse evolves, so will these business types, adapting to technology and user needs. It is important to explore metaverse business models, identifying patterns by merging market and innovation orientations with evolutionary and positioning views of business model innovation.