Andreea-Gabriela Gradinaru
Silvia Avasilcai
Abstract:
Digital technologies are changing the business world in an incremental or disruptive way. The metaverse is a combination of multiple technologies, combined to create virtual worlds. Within them, people can create an avatar, a virtual identity for themselves, and use it to perform various actions: play games, test physical products in their digital form, attend digital events, interact with others, etc. Thus, the metaverse creates multiple opportunities for businesses. To tackle them, business model innovation is needed. Businesses will need to develop their own metaverse or participate in an existing one. They can create virtual products fulfilling new customer needs, for example, having a personalized virtual identity or purchasing virtual products. The payments might be made using cryptocurrencies. The virtual world will require new forms of customer interaction and engagement. This article aims to improve the understanding of business model innovation in the context of the metaverse. Using literature review as a research method, the paper analyzes the opportunities brought by the metaverse and how businesses could take advantage of them. The required business model innovation is clustered using the key components of a business model.
Tenth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research - LIMEN 2024 - International Scientific-Business Conference – LIMEN 2024: Vol 10. Conference Proceedings , December 5, 2024
Conference Proceedings published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia
ISBN: 9788680194929 , ISSN: 26836149 , DOI: 10.31410/LIMEN.2024
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
