The metaverse, a new frontier for innovative business models

Abstract

The next revolutionary technology that will have an impact on society in the coming decades is called metaverse, which allows immersive encounters in both virtual and real-world environments. Metaverse, while still in the concept stage, merges the digital and physical realms, allowing users to move easily between them. How does metaverse influence sustainable development, organizational competitiveness and business innovation? This is the question from which this research started. In addition to identifying future obstacles, the paper proposes research options to help organisations fully exploit the opportunities and capabilities of metaverse. Investigating the current limitations and expansion potential of metaverse, including the impact on different industries and economic sectors, is the main focus of this research. The data collection tool was the questionnaire that we distributed to groups in different companies in Romania, being completed by employees from both executive and management departments. In this study, we developed a conceptual model to investigate the factors that could positively influence the evolution of innovative business models in Romania. We opted for structural equation modelling using SmartPLS4 software. The present research also contributes to identifying and addressing the challenges and risks associated with metaversion. The analysis indicates that although the adoption of digital business models and innovative management practices is significant, their immediate impact on the long-term success of companies in the metaverse is somewhat limited. The metaverse represents both a risk and an excellent opportunity for entrepreneurs to leverage digital services for growth. We believe this research is necessary to uncover new innovative business opportunities, as understanding rapid technological change allows companies to remain competitive and adopt new technologies effectively.