Strategic Management of the Metaverse Ecosystem in the Context of Web 3.0: Theory, Framework and Tools
https://doi.org/10.26794/2308-944X-2024-12-4-29-41
Abstract
This study explores the strategic management of metaverse ecosystems grounded in Web 3.0, emphasizing the theoretical foundations, conceptual framework, and practical tools required for their advancement.
The subject of this study is the development of decentralized, user-owned virtual worlds within metaverse ecosystems, bridging digital and physical realities.
The purpose of this study is to analyze the evolution from Web 1.0 to Web 3.0 and to highlight the transformative impact of these ecosystems within the context of Industry 5.0.
The relevance lies in the strategic significance of the metaverse as a driving force in future economic and technological development, reshaping industries, work environments, and digital economies.
The scientific novelty of the research lies in its introduction of a six-domain conceptual framework for managing the digital potential of complex systems in the metaverse, focusing on the blockchain-based democratization of digital assets and user-centric governance.
The findings reveal significant distinctions between the Web 2.0 and Web 3.0 metaverse ecosystems and demonstrate their transformative potential across various sectors.
The study concludes that metaverse ecosystems will play a pivotal role in shaping Industry 5.0, necessitating innovative management strategies to fully harness their digital and economic capabilities.
About the Authors
Yu. Vertakova
Russian State Humanitarian University
Russian Federation
Russian Federation
Yulia Vertakova — Doctor of Economics, Professor, Department of Marketing
Moscow
E. Shkarupeta
Voronezh State Technical University
Russian Federation
Russian Federation
Elena Shkarupeta — Doctor of Economics, Professor, Department of Digital and Sectoral Economics
Voronezh
References
1. Grider D., Maximo M. The Metaverse: Web 3.0 virtual cloud economies. Grayscale Research. 2021;1:18. URL: https://digitalcapitalmanagement.com.au/wp-content/uploads/2022/02/Grayscale_Metaverse_Report_Nov2021.pdf (assessed on 10.12.2024)
2. Wang Y., et al. A survey on metaverse: Fundamentals, security, and privacy. IEEE Communications Surveys and Tutorials. 2022;25(1);319–352. URL: https://doi.org/10.1109/COMST.2022.3202047
3. Wang H., et al. A survey on the metaverse: The state-of-the-art, technologies, applications, and challenges. IEEE Internet of Things Journal. 2023;10(16):14671–14688. URL: http://doi.org/10.1109/JIOT.2023.3278329
4. Shkarupeta E. V., Kolesnikova V. B., Belyantseva O. M. The Metaverse as a Spatial Digital Twin in Industry 5.0. In: Ecosystems in the Digital Economy: Drivers of Sustainable Development. St. Petersburg: Polytech-Press; 2021:96–116. URL: http://doi.org/10.18720/IEP/2021.4/5
5. Ma C. Metaverse and machine readable standards: Basic concepts, key technologies, and application scenarios. Metaverse. 2024;5(2):2756. URL: https://doi.org/10.54517/m.v5i2.2756
6. Shkarupeta E. V., Dudareva O. V., Mosienko A. V. Metasystems as New Objects of Industry 5.0. Digital and Sectoral Economy. 2021;4(25):6–11.
7. Shkarupeta E. V. The Concept of Web 3.0 Metaverses in Strategic Management of Digital Potential: Theory, Tools, and Practical Applications. In: Digital Economy and Industry 5.0: Development in the New Reality. St. Petersburg: Polytech-Press; 2022:10–31. URL: https://doi.org/10.18720/iep/2022.3/1
8. Shkarupeta E. V. Web 3.0: Evolution and Practical Applications of Decentralized Management of Industrial Systems’ Digital Potential. Digital and Sectoral Economy. 2022;3–4(28):106–114
9. Murray A., Kim D., Combs J. The Promise of a Decentralized Internet: What is Web3 and How Can Firms Prepare? Business Horizons. 2023;66(2):191–202. URL: https://doi.org/10.1016/j.bushor.2022.06.002
10. Piccarozzi M., et al. Roadmap to Industry 5.0: Enabling Technologies, Challenges, and Opportunities Towards a Holistic Definition in Management Studies. Technological Forecasting and Social Change. 2024; 205:123467. URL: https://doi.org/10.1016/j.techfore.2024.123467
11. Dwivedi Y. K., et al. Metaverse Beyond the Hype: Multidisciplinary Perspectives on Emerging Challenges, Opportunities, and Agenda for Research, Practice and Policy. International Journal of Information Management. 2022;66:102542. URL: https://doi.org/10.1016/j.ijinfomgt.2022.102542
12. Filipova I. A. Creating the Metaverse: Implications for Economy, Society, and Law. Journal of Digital Technologies and Law. 2023;1(1):7–32. URL: https://doi.org/10.21202/jdtl.2023.1
13. Wang F. Y., et al. Metasocieties in Metaverse: Metaeconomics and Metamanagement for Metaenterprises and Metacities. IEEE Transactions on Computational Social Systems. 2022;9(1):2–7. URL: http://doi.org/10.1109/TCSS.2022.3145165
14. Huynh-The T., et al. Blockchain for the metaverse: A Review. Future Generation Computer Systems. 2023;143:401–419. URL: https://doi.org/10.1016/j.future.2023.02.008
15. Mozumder M. A.I., et al. Overview: Technology Roadmap of the Future Trend of Metaverse based on IoT, Blockchain, AI Technique, and Medical Domain Metaverse Activity. In: 2022 24th International Conference on Advanced Communication Technology (ICACT). IEEE, 2022:256–261. URL: http://doi.org/10.23919/ICACT53585.2022.9728808
16. Alabina T. A., Dzangieva K. S., Yushkovskaya A. A. The Metaverse as a Global Economic Trend. Ekonomika Professiya Biznes. 2022;1:5–12. URL: http://doi.org/10.14258/epb202201
17. Abramov V. I., Melnik A. D. Metaverses: Prospects and Opportunities for Business. Management in Social and Economic Systems. 2022;4(170):19–25. URL: http://doi.org/10.24158/tipor.2022.4.2
18. Ruiu P, et al. Metaverse and Human Digital Twin: Digital Identity, Biometrics, and Privacy in the Future Virtual Worlds. Multimodal Technologies and Interaction. 2024;8(6):48. URL: https://doi.org/10.3390/mti8060048
19. Stephenson N. Snow Crash: A Novel. Spectra, 2003.
20. Martínez-Gutiérrez A., et al. Towards industry 5.0 through metaverse. Robotics and Computer-Integrated Manufacturing. 2024;89:102764. URL: https://doi.org/10.1016/j.rcim.2024.102764
21. Mystakidis S. Metaverse. Encyclopedia. 2022;2(1):486–497. URL: https://doi.org/10.3390/encyclopedia2010031
22. Narin N. G. A content analysis of the metaverse articles. Journal of Metaverse. 2021;1(1):17–24. URL: https://dergipark.org.tr/en/download/article-file/2167699 (assessed on 10.12.2024)
23. Park S. M., Kim Y. G. A metaverse: Taxonomy, components, applications, and open challenges. IEEE Access. 2022;10:4209–4251. URL: http://doi.org/10.1109/ACCESS.2021.3140175
24. Ng D. T.K. What is the metaverse? Definitions, technologies and the community of inquiry. Australasian Journal of Educational Technology. 2022;38(4):190–205. URL: https://doi.org/10.14742/ajet.7945
25. Riva G., Wiederhold B. K. What the metaverse is (really) and why we need to know about it. Cyberpsychology, behavior, and social networking. 2022;25(6):355–359. URL: https://doi.org/10.1089/cyber.2022.0124
26. Say S., Dogan M. Relationship between metaverse cryptocurrencies (meta coins) and sustainability indices. Journal of Business Economics and Finance. 2023;12(4):142–149. URL: http://doi.org/10.17261/Pressacademia.2023.1841
27. Fedorov A. A., et al. Technology for Designing Neuro-Digital Ecosystems for Implementing the Industry 5.0 Concept. Scientific and Technical Bulletin of St. Petersburg State Polytechnical University. Economic Sciences. 2021;14(3):19–39. URL: https://doi.org/10.18721/JE.14302
Review
For citations:
Vertakova Yu., Shkarupeta E. Strategic Management of the Metaverse Ecosystem in the Context of Web 3.0: Theory, Framework and Tools. Review of Business and Economics Studies. 2024;12(4):29-41. https://doi.org/10.26794/2308-944X-2024-12-4-29-41
Email this article 