Journal: International Journal of Information Management
Year: 2022
Citations: 1,893
DOI: 10.1016/j.ijinfomgt.2022.102542

Abstract

The metaverse has the potential to extend the physical world using augmented and virtual reality technologies allowing users to seamlessly interact within real and simulated environments using avatars and holograms. Virtual environments and immersive games (such as, Second Life, Fortnite, Roblox and VRChat) have been described as antecedents of the metaverse and offer some insight to the potential socio-economic impact of a fully functional persistent cross platform metaverse. Separating the hype and “meta…” rebranding from current reality is difficult, as “big tech” paints a picture of the transformative nature of the metaverse and how it will positively impact people in their work, leisure, and social interaction. The potential impact on the way we conduct business, interact with brands and others, and develop shared experiences is likely to be transformational as the distinct lines between physical and digital are likely to be somewhat blurred from current perceptions. However, although the technology and infrastructure does not yet exist to allow the development of new immersive virtual worlds at scale - one that our avatars could transcend across platforms, researchers are increasingly examining the transformative impact of the metaverse. Impacted sectors include marketing, education, healthcare as well as societal effects relating to social interaction factors from widespread adoption, and issues relating to trust, privacy, bias, disinformation, application of law as well as psychological aspects linked to addiction and impact on vulnerable people.

Summary

This comprehensive research paper examines the metaverse phenomenon beyond the marketing hype, providing a rigorous academic framework for understanding its implications across multiple sectors. The study systematically analyzes how virtual environments and immersive games like Second Life, Fortnite, Roblox, and VRChat serve as precursors to a fully realized metaverse, offering valuable insights into the socio-economic impacts of persistent, cross-platform virtual worlds. The research addresses the challenge of separating genuine technological potential from corporate marketing narratives while examining the transformative implications for business, social interaction, and shared experiences.

The paper adopts a multidisciplinary approach to examine impacts across marketing, education, healthcare, and social interaction, providing a holistic view of how the metaverse might transform various aspects of human experience. The research addresses critical concerns including trust, privacy, bias, disinformation, legal frameworks, and psychological effects, particularly regarding addiction and impacts on vulnerable populations. The study recognizes that while current technology and infrastructure limitations prevent truly immersive, cross-platform virtual worlds at scale, the trajectory toward such capabilities is clear and requires serious academic attention.

The research distinguishes itself through its balanced perspective on the metaverse’s transformative potential while acknowledging current technological constraints. The study provides valuable insights for researchers, policymakers, and industry leaders seeking to navigate the complex landscape of metaverse development and implementation. By examining both opportunities and challenges from sociotechnical and governance perspectives, the paper establishes a foundation for evidence-based decision-making in this rapidly evolving field.

Main Takeaways

• Rigorous Academic Framework: The research successfully separates genuine technological potential from marketing rhetoric, providing an evidence-based framework for understanding metaverse implications across multiple sectors.

• Comprehensive Impact Assessment: The study examines metaverse effects across marketing, education, healthcare, and social interaction, demonstrating the technology’s broad transformative potential while acknowledging current limitations.

• Critical Risk Evaluation: The research thoroughly addresses challenges including trust, privacy, bias, disinformation, legal frameworks, and psychological impacts, particularly concerning addiction and vulnerable populations.

• Technology Readiness Analysis: The paper provides realistic evaluation of current technological constraints while acknowledging the clear trajectory toward fully immersive, cross-platform virtual environments.

• Multidisciplinary Research Approach: The study integrates perspectives from diverse fields to provide holistic understanding of metaverse implications, moving beyond purely technical considerations to examine human and social factors.

• Policy and Governance Insights: The research establishes foundations for evidence-based policy development and governance frameworks for emerging metaverse technologies.