AN INSIGHT INTO METAVERSE IN TERMS OF BUSINESS AND EXPERIENCE ECONOMY

Abstract

Since Zuckerberg’s announced his project ‘Horizon’, the word ‘metaverse’ has been trending. Metaverse is a relatively new concept and hence, business literature currently lacks study on metaverse. This work plans to contribute to business literature through an analysis of metaverse business and what it offers.

The DNA of the metaverse is composed of XR, artificial intelligence, 5G, cryptocurrency and NFT. To provide a thorough perception of metaverse concept, its components are introduced in the conceptual framework following an introduction into metaverse’s history and the motivation behind the concept. This study will evaluate the metaverse industry in terms of innovation, diffusion, and Blue Ocean strategies.

Considering metaverse is an emerging business field, business literature will benefit from a study introducing the key players in the business as well as this potential industry’s strengths, weaknesses, opportunities, and threats in addition to potential marketing strategies and its role in experience economy.

Metaverse is here to transform the information age into virtual age with its value proposal. Therefore, this study will meet the demand on metaverse in literature and suggests a new marketing concept for metaverse ecosystem called neuro-experience marketing.