The Transformative Impact of the Metaverse on Sustainability and Innovative Business Models

Dear Colleagues,

With the potential to add 1.5 trillion dollars to the global economy by 2030, extended reality (XR) technologies such as virtual reality (VR), augmented reality (AR), and mixed reality (MR) based in the metaverse will massively change how the global economy and the future of work will function. The metaverse is an expansive digital world blending AR, VR, and the internet to create a fully immersive user experience where users interact with each other and their environment.

The potential impact of the metaverse on the way we conduct business, interact with brands and others, and develop shared experiences will likely be transformational to every aspect of daily life. However, although the technology and infrastructure do not yet exist to allow for the development of new immersive virtual worlds at a large scale, one that our avatars could transcend across platforms, researchers are increasingly examining the transformative impact of the metaverse. Impacted sectors include marketing, education, tourism, healthcare, environment, and climate policy agendas, and the parallel social interaction factors include widespread adoption, and issues relating to trust, privacy, bias, disinformation, and application of law.

Among the various business aspects that characterize the metaverse, firms and institutions must be ready to address an important question: How will the coming metaverse impact the three pillars of sustainability across industries: economic viability, environmental protection, and social equity? By creating innovative models for business and sustainability, the metaverse may help us to move towards a more equitable and just society—or push the needle in the opposite direction.

This Special Issue of Administrative Sciences aims to refine focus on how the transformative metaverse will impact how businesses, policymakers, and academics work together to create a more sustainable and equitable future for all, across developed and developing economies.

Dr. Daphne Halkias
Dr. Jordi Diaz
Guest Editors

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• metaverse
• three pillars of sustainability
• innovative business models