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Review

Business Model Evolution in the Age of NFTs and the Metaverse

by
Mitra Madanchian
1,* and
Hamed Taherdoost
1,2
1
Department of Arts, Communications and Social Sciences, University Canada West, Vancouver, BC V6Z 0E5, Canada
2
GUS Institute, Global University Systems, London EC1N 2LX, UK
*
Author to whom correspondence should be addressed.
Information 2024, 15(7), 378; https://doi.org/10.3390/info15070378
Submission received: 15 May 2024 / Revised: 4 June 2024 / Accepted: 26 June 2024 / Published: 28 June 2024
(This article belongs to the Special Issue Feature Papers in Information in 2024–2025)
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Abstract

:
The dynamic progression of technology has induced a profound metamorphosis within the realm of commerce, ushering in novel prospects and trials for enterprises spanning diverse sectors. In contemporary times, the rise in non-fungible tokens (NFTs) and the conception of the Metaverse have ensnared the focus of corporate entities and visionary proprietors alike. This article explores the transformation of business frameworks during the era of NFTs and the Metaverse. It delves into traditional paradigms, clarifies the unique characteristics of NFTs, and examines their potential impacts on commerce. This article investigates the convergence of virtual reality (VR), augmented reality (AR), and blockchain technology within the Metaverse. To investigate these transformations, this study undertakes a comprehensive literature evaluation. The findings highlight how NFTs and the Metaverse have introduced new avenues for generating revenue and creating value. These advancements are achieved through the utilization of smart contracts and adaptable strategies that cater to evolving consumer behaviors. This article also addresses significant challenges in this landscape and provides a forward-looking perspective on the anticipated trajectory.

1. Introduction

The emergence of non-fungible tokens (NFTs) and the idea of the Metaverse have recently transformed the digital world, posing previously unheard-of opportunities and difficulties for companies in many sectors. Due to their potential to tokenize and validate many types of digital information, such as artwork, collectibles, and virtual real estate, NFTs, and unique digital assets verified and secured by blockchain technology, have drawn a lot of attention [1,2]. The Metaverse, a virtual world where users can interact with each other and digital items in immersive settings, has simultaneously caught the attention of both individuals and companies [3,4].
NFTs are distinctive digital assets that are indivisible and verifiably rare [5]. They are created using blockchain technology, frequently using the blockchain of Ethereum, and are protected by smart contracts [6]. NFTs are used to prove ownership of a particular digital asset or piece of content [7], such as artwork, music, films, virtual real estate, or even in-game items [8], in contrast to fungible cryptocurrencies like Bitcoin or Ethereum that may be swapped one-to-one [8,9]. Due to its capacity to offer digital ownership and provenance, NFTs have attracted considerable attention and popularity. By removing the need for middlemen and enabling a more direct and open market, they enable creators and artists to tokenize and sell their digital works directly to collectors. A level of authenticity and scarcity that was previously difficult to obtain in the digital sphere is now provided by NFTs by enabling the tracking and recording of ownership history and transactions [10].
The Metaverse, on the other hand, is a collective virtual realm where people can interact with one another and digital items in real-time [11]. It is frequently portrayed as a network of immersive, interconnected virtual worlds, augmented reality (AR), and virtual reality (VR) experiences. Users can create avatars, explore virtual environments, interact socially, take part in virtual economies, and access a variety of digital activities in the Metaverse. The idea of the Metaverse has been more widely accepted thanks to media including books, movies, and video games. A fully developed digital world where people can live, work, play, and transact business is what it depicts. By providing new opportunities for interaction, trade, and innovation, the Metaverse has the potential to revolutionize several industries, including gaming, entertainment, education, retail, and social networking [12].
The potential to completely transform the ownership and commercialization of digital assets is one of the major prospects offered by NFTs and the Metaverse [13]. By tokenizing hitherto immaterial and readily duplicable digital items as unique assets, NFTs enable the creation of scarcity and exclusivity in the digital sphere. Through brand partnerships, licensing, and secondary market sales, they allow developers, artists, and other content producers to directly monetize their work. This change opens the door to a thriving digital economy. NFTs and the Metaverse need to be integrated into conventional business models in fundamentally new ways. To reap the benefits and keep their competitive advantage in a market that is changing swiftly, businesses need to navigate this new paradigm [14]. The objective of this essay is to investigate how business models have evolved in the era of NFTs and the Metaverse, identifying opportunities, issues, and potential solutions that businesses should consider.
Through its thorough investigation of business model evolution in the era of NFTs and the Metaverse, this study significantly advances the field. It attempts to educate readers by providing a thorough grasp of NFTs and the Metaverse, as well as by elucidating their principles and business ramifications. This review examines the development of business models methodically. It starts by looking at conventional business models and how they change over time. A transparent study technique is delineated to ensure openness in the evaluation procedure. The effects of the Metaverse and non-fungible tokens (NFTs) on business models are the subjects of the following discussion. A more thorough examination of the changing business environment that takes into account both NFTs and the Metaverse results from the synthesis of these ideas. The analysis wraps up with discussing issues and providing an outlook on how these technology developments will affect the corporate landscape going forward.
More precisely, this study is guided by the following research questions: (1) What are the effects of NFTs and the Metaverse on conventional business models? (2) What are the potential advantages and obstacles that these technologies may pose for diverse sectors? (3) In what ways can organizations utilize NFTs and the Metaverse to develop novel value propositions? This paper contributes to the body of knowledge by conducting an in-depth examination of the ways in which NFTs and the Metaverse are altering conventional business models. It fills gaps in the literature by examining how these technologies interact with traditional business strategies and their potential for value creation and competitive advantage.
The structure of this paper is as follows: An overview of classic business models and their development is given in Section 2. The research methodology used in this study is described in Section 3. The results about how NFTs and the Metaverse affect business models are shown in Section 4 and Section 5. Research implications are combined in Section 6, limits and future directions to the area are discussed in Section 7, and the conclusion is covered in Section 8.

2. Background

2.1. Traditional Business Models

Traditional business models cover a variety of strategies, such as brick-and-mortar retail where goods are sold directly in physical stores [15], e-commerce models that use online platforms for sales [16,17], subscription-based models that provide recurring access to goods or services [18], advertising-based models that rely on revenue from advertisements [19], franchise models that grant rights to run branded businesses [20], manufacturing models that are concerned with the production of tangible goods [21], and more. These models differ in the ways that they generate income, such as through sales, fees, commissions, or royalties, and they need to adapt to new technologies like NFTs and the Metaverse. For generations, conventional business structures have served as the cornerstone of commerce. These models frequently center on the creation, supply, and sale of tangible items or the rendering of services.
Conventional business models generally denote conventional methods of value creation and capture, which frequently center on transactional customer relationships and linear value chains. One-time transactions involving the sale of physical goods or services constitute the primary focus [22]. Value is generated via a methodical progression encompassing design, manufacturing, promotion, and distribution [23]. The majority of consumer interactions are transactional in nature, with minimal post-sale engagement [24]. The primary means by which revenue is generated is through the transfer of product or service ownership to customers [25]. The organization retains authority over the majority of the value generation procedure, with minimal participation from external collaborators or clients [26].
Businesses that adhere to conventional business models frequently concentrate narrowly on a particular industry or market niche in an effort to maximize revenues through large-scale production and distribution-based economies of scale [27]. But given the quickly altering business world of today, which is influenced by issues like digitalization, sustainability concerns, and changing customer expectations, these classic models confront formidable obstacles. The rise in digital technology has caused a disruption in conventional business models by opening up new avenues for value creation, delivery, and capture [28].
Table 1 presents an overview of traditional business models and their associated challenges and opportunities in the context of the rise in NFTs and the Metaverse. When it comes to adjusting to the rise in NFTs and the Metaverse, traditional business models are constrained in several ways. The direct ownership of digital assets, which is essential to NFTs, is hampered by these models’ reliance on centralized systems of ownership and control. Traditional models find it difficult to adapt to this new paradigm in the Metaverse, where decentralized ownership and transfer of virtual assets are crucial. Whereas NFTs and the Metaverse provide fresh monetization alternatives like fractional ownership, licensing, and marketplace fees, traditional business models generally rely on direct sales, subscriptions, or advertising for income creation. Traditional models may struggle to adjust to these new revenue streams, perhaps missing out on chances to earn more money and create value.
Traditional models frequently function inside predetermined boundaries and lack the flexibility and interoperability needed for the Metaverse [29]. NFTs and the Metaverse thrive on the easy movement of assets between various virtual worlds, which traditional models find challenging. Furthermore, traditional business strategies frequently provide little chance for client interaction after the point of sale. NFTs and the Metaverse, in comparison, offer immersive and interactive experiences that encourage greater user interaction and community formation. In the changing digital landscape, traditional models might find it difficult to create and maintain these customer ties, which could influence customer loyalty and long-term performance.

2.2. Business Model Evolution

In business models, the convergence of NFTs and the Metaverse has prompted a paradigm shift. As non-fungible tokens (NFTs) tokenize and digitize assets, conventional commerce, which was founded on tangible products and physical assets, is being redefined at an accelerated rate, creating global market opportunities [30]. Parallel to the cryptocurrency market, the NFT market is a novel trading innovation built on the blockchain [31]. Artistic endeavors are expanding their reach to encompass a worldwide audience, and even real estate investments are penetrating the digital domain. The Metaverse presents businesses with innovative avenues to generate income, such as brand presence in virtual spaces and virtual real estate transactions [32]. This forces organizations to re-evaluate their traditional approaches to generating revenue. The dynamic business environment can be influenced by various factors, including paid virtual experiences, advertising integrated into virtual environments, and subscription models.
Ecosystems led by the community are at the vanguard of this evolution. Organizations are collaborating with NFT holders, involving international communities in world-building and permitting users to influence the development of in-game assets [33]. This practice not only harnesses the ingenuity of users but also fosters a feeling of possession and engagement in the digital environments they traverse. Gamification is fundamental to this paradigm shift, as it facilitates the formation of virtual economies through the gamification of NFT procurement, exchange, and utilization.
A new theoretical framework, including the “Rule of Law”, “Rule of Virtual-Reality Integration”, and “Rule of Technological Association”, was introduced by Song et al. [34] in their study to explain the Metaverse. The present approach provides an all-encompassing viewpoint for examining the principal attributes of the Metaverse, such as integrated innovation, asset digitalization, industry universality, and application scenario-based economics. A blockchain-based method that integrates NFTs and the Proof-of-Stake (PoS) consensus algorithm for authentication, integrity, and scalability in Metaverse applications was presented in another work by Manzoor et al. [35]. This method enables high transaction throughput and outstanding scalability by combining NFTs for user authentication and PoS for data integrity. As a result, it may be applied to a variety of Metaverse applications.
Independent standards, lone platforms, and unresolved communications issues across the Metaverse have made interoperability a major issue that limits Metaverse growth [36]. Zaman et al. [36] underlined the necessity of smooth communication between multiple NFT platforms and the Metaverse in order to facilitate the transfer and recognition of digital assets and identities in a variety of settings. NFT integration depends on this framework’s assurance of trust and safe information exchange. Chi et al. [37] stressed the significance of digital asset interoperability, which makes it possible for users to be identified and for their assets to be liquid in a variety of Metaverse situations. This involves streamlining user experiences and preserving security and privacy through the use of common domain names, such as NFTs. Hashem et al. [38] found a strong link between Metaverse interoperability and personalized interactions, both of which are essential for boosting social connections and Metaverse commerce. These advancements need rethinking corporate strategies to capitalize on digital scarcity and virtual surroundings. Gaining a comprehensive understanding of the efficient integration of these technologies into established models is critical for sustaining a competitive edge and nurturing innovation in a market dominated by digital advancements.

3. Research Methodology on NFTs and Metaverse

In their investigations, several authors have emphasized NFTs and the Metaverse. The parts that follow will look at the volume of the literature in this field to assess the value of NFTs and the Metaverse in business models. The findings are based on the “Scopus” database as of June 2023, and are derived through the use of various keywords (Table 2).
Inclusion Criteria:
  • Relevance: Articles directly addressing the research topic.
  • Language: English.
  • Publication Type: Peer-reviewed.
Exclusion Criteria:
  • Non-Pertinence: Irrelevant to the research topic.
  • Duplicate Publications: Eliminates duplicates.
  • Insufficient Information: Titles and abstracts must convey relevance.
Duplicate documents were eliminated to select the most pertinent articles. After that, titles and abstracts were evaluated in light of the final documents’ English. By looking through pertinent references in a few chosen publications, additional sources were discovered. From a total of 107 publications, 48 were ultimately picked (Figure 1).
Figure 2 comprises various documents, including 27 Conference Papers that present cutting-edge research, 17 articles offering insightful analyses on various topics, 2 book chapters delving into specific subjects, 1 comprehensive book providing a deep exploration of a field, and 1 critical review evaluating scholarly work. From conference proceedings to articles, book chapters, complete books, and critical reviews, this diverse collection offers a wealth of scholarly content for readers seeking a broad range of perspectives and knowledge.
Figure 3 provides information on the number of documents included per year from 2010 to 2023. The dataset indicates that in 2010, there was 1 document included, followed by no documents included in the subsequent years until 2018, where 1 document was included. In 2019, another document was included, and the number increased to 4 in 2021. The dataset shows a significant increase in the number of included documents in 2022, with 24 documents, followed by a slight decrease to 17 documents in 2023.
The following sections will present and discuss the findings derived from the analysis. Based on the 48 included papers, the analysis is subdivided into four main parts: (1) the impact of NFTs on ownership models, (2) the integration of the Metaverse in business operations, (3) implications, and (4) challenges and potential future developments and trends in this field:

4. NFTs and Their Impact on Business Models

NFTs have arisen as a transformative force in business models, enabling innovation and the creation of value across various industries. Numerous studies and implementations have shown how NFTs affect business models. Studies by Li and Chen [39] and Chen et al. [40] show how NFTs enable businesses to explore new prospects for ownership, monetization, and participation. These results show how NFTs might use blockchain technology to change conventional financial models and make credit rating systems easier. Documents by Agrawal et al. [41] and Tharun et al. [42] make the potential of NFTs in the music sector clear. According to these investigations, web-3 music players and specialized applications for the music industry could be made using NFTs and blockchain. Businesses can redefine ownership rights, revenue streams, and music distribution by utilizing NFTs, which will have an impact on conventional music business models.
In addition, NFTs broaden their impact to modify more general ideas like social media and marketing. Manchi Sarapu et al. [43] draw attention to the possibilities of NFTs in decentralized social media platforms, rewarding content producers and protecting user privacy. A study by Treiblmaier [44] also highlights how crucial it is to comprehend NFTs and tokens in the context of the internet of value. These studies underscore the importance of understanding how NFTs affect company models in the rapidly changing digital ecosystem for marketing researchers. Luxury fashion is likewise affected by NFTs, as demonstrated by the article by Alexander and Bellandi [45]. This investigation demonstrates how NFTs can rethink value creation in the high-end fashion sector. The introduction of scarcity, uniqueness, and verifiable authenticity into luxury fashion firms’ business strategies can disrupt their traditional value propositions and improve client engagement.

4.1. Explanation of NFTs and Their Features

NFTs are not divisible, unlike cryptocurrencies, and cannot be traded one for one. Instead, they provide several tools that enable enterprises and creators to reinvent their business models and open up new revenue opportunities. NFTs have drawn attention in the music industry because they make it possible to develop decentralized music players and applications. Artists can tokenize their music and give fans exclusive ownership or access rights by utilizing blockchain technology [41]. This direct link between producers and customers makes it easier to distribute the money fairly and alters the established economic models for music.
NFTs have also been used in the development of art and content, particularly on social media platforms. Platforms like Metacart have emerged as decentralized marketplaces that reward producers and safeguard the privacy of user data. NFTs enable creators to maintain ownership of their digital works and receive payment directly from their audience. This strategy offers new opportunities for monetization and engagement while upending the conventional paradigm of content generation and dissemination [43]. The promise of NFTs also goes beyond how they are technically implemented on the blockchain. They signify a shift towards the “internet of value”, which makes it possible to tokenize physical goods [44]. As a result of this upheaval, several industries, including luxury fashion, are being reimagined. Luxury goods gain value and appeal by being tokenized by NFTs, which also offer ownership and authenticity confirmation [45].
NFTs present possibilities for decentralized and adaptable games in the gaming sector. NFTs give players the ability to own, trade, and evolve their virtual possessions by simulating in-game objects or people. Within gaming ecosystems, new opportunities for peer-to-peer interactions and financial transactions are made possible by this safe and open environment [46]. Finally, a multidisciplinary approach is necessary for the investigation and comprehension of NFTs. Stakeholders, such as artists, collectors, platforms, and investors, are essential to the NFT ecosystem. The value and dynamics of the NFT market are influenced by these many parties. Researchers have been examining how NFTs will affect numerous industries, including enterprise comparisons [47], business process modeling [48], and credit rating systems [40]. The possibilities and difficulties of NFTs are thoroughly explored thanks to this multifaceted understanding.
NFTs, in summary, are distinctive digital assets with capabilities that support business model innovation across industries. They make it easier for artists and consumers to interact directly, encourage the creation of content, protect user privacy, and open up new opportunities for value creation. NFTs enable the tokenization of real-world assets by utilizing blockchain technology, opening up revolutionary possibilities in the fields of music, art, gaming, luxury fashion, and more (Figure 4). For one to fully appreciate NFT ecosystems’ potential and ensure their responsible and creative implementation, one needs to be aware of their multidisciplinary character.

4.2. Potential Applications of NFTs in Business

A collection of 17 documents demonstrates the great potential that NFTs possess for a variety of business applications. First, by enabling new revenue sources and providing distinctive digital assets, NFTs enable business model innovation. They can act as catalysts to rethink established company models and open up new prospects for expansion and differentiation. Due to NFTs’ adaptability across industries, this breakthrough goes beyond a single industry [49]. The combination of NFTs and blockchain technology offers a wide range of opportunities. Web-3 music players [41] and NFT applications for the music industry [42] are examples of how NFTs can revolutionize ownership, licensing, and royalty distribution in the sector. These solutions improve transparency, simplify rights management, and guarantee fair compensation for artists by utilizing blockchain smart contracts. The broad influence of NFTs in empowering content creators and improving user experiences is further demonstrated by decentralized social media marketplaces, which reward creators while prioritizing user data privacy.
NFTs have an impact on financial markets and marketing strategies in addition to their technical foundations. As tokens, NFTs transform how companies exchange value and create cutting-edge marketing strategies. This is known as the internet of value [44]. Additionally, research into NFTs’ impact on financial markets has been stimulated by their rising popularity, with a focus on volatility spillovers and their potential as investment assets [50]. The advent of NFT ecosystems encompassing a variety of stakeholders emphasizes their potential for transformation and value creation in numerous fields.
The use of NFTs goes beyond the fields of finance and music. For instance, luxury clothes can profit from NFTs by utilizing their distinctive qualities, such as verifiable authenticity, rarity, and the ability to create immersive experiences. To strengthen brand value, engage consumers with limited editions, and develop new revenue sources, the luxury fashion sector can investigate NFTs [45]. The gaming sector can also use NFTs to offer decentralized, evolving games with player-owned distinctive in-game assets. These assets have the potential to develop and be traded, resulting in rich, player-driven economies and immersive game experiences [46,51]. An overview of the business applications for NFTs and their function in each application is given in Table 3.
NFTs are applied in a variety of business scenarios, each of which is described, linked to a particular job, and backed up by pertinent research. Examples include enabling ownership tracking, licensing, and royalty distribution in the music industry; establishing a foundation for transparent credit ratings in a blockchain credit rating system; and leveraging NFTs for business model innovation to empower innovation and income streams. Because they guarantee privacy protection and provide incentives to creators, NFTs also contribute to the decentralization of social media. NFTs are investigated in the field of marketing to activate the internet of value and test novel tactics.

4.3. Transformation of Ownership and Monetization in the Digital Era

The development of NFTs and blockchain technology has significantly altered how ownership and monetization have changed in the digital age. By offering a distinctive means to represent ownership and authenticity of digital assets, NFTs have enabled business model innovation. According to the works by Li and Chen [39] and Tharun et al. [42], NFTs have found use in several industries, including music, where artists can tokenize their work and sell it directly to fans, eschewing conventional middlemen. The adoption of NFTs has completely changed how digital goods, like music, are owned. NFTs have made it possible for artists working in the music industry to keep ownership of their work and get paid directly for it. In the study by Agrawal et al. [41], which examines the application of NFTs in the music industry and how they enable musicians to monetize their songs directly using blockchain-based platforms, this trend is underlined. As mentioned in a work by Manchi Sarapu et al. [43], the arrival of decentralized social media marketplaces has also significantly changed ownership and monetization in the digital era. By enabling them to sell their digital material directly to users while simultaneously assuring privacy and data protection, these platforms encourage creators.
The transition of ownership and monetization has been made easier by the use of smart contracts and blockchain technology. A study on the adoption of NFTs in the digital music industry [42] and research on the AHP-based credit rating system on a blockchain application [40] both highlight the need of using smart contracts to create transparent and reliable systems for transactions and credit ratings. The gaming industry has also investigated NFTs, as shown in the studies by Karapapas et al. [46,51]. These studies cover how NFTs can facilitate in-game asset ownership, enabling players to exchange and earn money from their virtual belongings. According to the study by Treiblmaier [44], the potential of NFTs goes beyond certain industries. The internet of value, which enables the smooth exchange, monetization, and transfer of digital assets across several platforms and ecosystems, can be launched by tokens, including NFTs. But the shift to digital monetization and ownership is not without its difficulties. Wang [50] emphasizes the NFTs’ inherent volatility and potential financial market effects.
Along with the ownership and monetization changes already mentioned, stakeholders’ roles and the value they offer to the NFT ecosystem are now the focus of a multidisciplinary study. This topic is explored in depth by Baytaş et al. [52] by examining the wide variety of participants active in the NFT space and their contributions to the value-generation process as a whole. The study emphasizes the significance of taking into account the viewpoints of various stakeholders, such as artists, collectors, platforms, and communities, to comprehend the dynamics of the NFT ecosystem. Additionally, the tokenization of business process models through the use of smart contracts and blockchain technology has drawn interest as a potential route for changing ownership and monetization. A study by Kopp and Orlovskyi [48] sheds light on how this strategy might improve various business processes’ effectiveness by streamlining and facilitating secure, open-source transactions.
The comparison of blockchain-based apps using enterprise modeling has become a topic of interest as the usage of NFTs keeps expanding. Curty et al. [47] focus on evaluating the usefulness and suitability of various blockchain-based approaches, including those leveraging NFTs, within the framework of enterprise systems. The purpose of this study is to offer useful insights into the possible advantages and difficulties of using NFTs across diverse sectors. Furthermore, new opportunities for ownership and monetization have been created by the combination of developing technologies like 5G/6G networks with blockchain and NFTs. The notion of a network slice broker and the marketplace is presented in the study by Bandara et al. [53]. In a 5G/6G network context, this integration may be able to support seamless connectivity, improved security, and the effective administration of NFTs.
The placement strategy of NFT content data in peer-to-peer (P2P) storage networks is a crucial factor to take into account in the digital era’s transformation of ownership and monetization. Li et al. [55] look at how NFT content can be effectively distributed and stored in P2P networks, ensuring accessibility, data integrity, and privacy for users taking part in permissioned blockchain systems. ElMessiry et al. [56] introduce the idea of a dual-token blockchain economy framework. This framework looks at the possibility of employing two tokens—one fungible and one non-fungible—to build a robust ecosystem with efficient management of ownership, monetization, and value exchange. The garment use case demonstrates the potential for changing ownership and monetization patterns within particular sectors and how this framework might be used in the fashion industry.

5. The Metaverse and Its Influence on Business Models

Recent years have seen a major increase in interest in the idea of the Metaverse, with numerous studies looking into how it might affect business structures. We can learn more about how the Metaverse affects business models by examining the 26 documents offered and finding recurring themes and viewpoints. First of all, documents highlight how the Metaverse supports innovation and growth in a variety of businesses. To improve industrial processes, for instance, the integration of blockchain technology with the Metaverse is investigated by Mourtzis et al. [57]. The healthcare industry [58], the fintech industry [59], and even e-commerce platforms [60] are all regarded as having a future thanks to the Metaverse. These headings imply that the Metaverse can alter established business practices and open up fresh prospects for development.
The Metaverse is also considered for its potential as a digital transformation and marketing innovation accelerator. Alshurideh et al. [61] make the argument that the Metaverse, in conjunction with marketing tactics, may accelerate digital transformation. A strategic approach by Sahay et al. [62] for improving patient experiences and treatment is also visible in the deployment of Metaverse services in the healthcare sector. This suggests that the Metaverse can help companies adopt creative strategies and interact with customers in fresh ways, resulting in better results. Documents also emphasize the idea of the Metaverse as a dynamic ecology. The exploration of complementor enterprises’ dynamic sensing abilities within evolving technological ecosystems leads to the conclusion that the Metaverse offers a basis for businesses to perceive and react to market dynamics. A “smart organization” is also defined, establishing the Metaverse as a breakthrough in the development of learning organizations [49]. These viewpoints by Kalra et al. [49] suggest that the Metaverse can support firms’ agility and competitiveness by enabling them to adapt and prosper in a fast-changing environment.
In the context of the Metaverse business model, ethical responsibility and sustainability (ERS) development is also taken into consideration. This implies that the Metaverse has ramifications for moral questions and the requirement for environmentally friendly practices. Businesses need to address ethical issues and make sure their activities follow sustainable standards as they navigate the Metaverse [63]. Customer engagement and behavior are used to further analyze how the Metaverse affects business models. According to the studies by Moro-Visconti [64] and Jeong and Kim [65], the Metaverse may affect consumer attitudes, preferences, and engagement patterns, which may affect company strategies and decision-making processes.

5.1. Potential Business Opportunities within the Metaverse

The examination of the included documents indicates a wide range of prospective business options within the Metaverse. These possibilities cover a range of fields and commercial activities. Technological advancement offers one set of possibilities. Blockchain technology integration in the Metaverse offers enormous economic possibilities by boosting transaction security, openness, and trust [29,57]. Furthermore, the Metaverse and financial technology (Fintech) can be combined to create new financial services and goods [59]. Within the Metaverse, businesses can investigate virtual currencies, decentralized finance (DeFi), and other fintech options. Additionally, utilizing the Internet of Things (IoT) within the Metaverse presents prospects for building intelligent surroundings and interconnected virtual experiences [66].
Leveraging the Metaverse for marketing innovation and digital transformation presents a different set of prospects. Customers may be engaged, brand loyalty can be increased, and distinctive value propositions can be created through immersive and interactive experiences in the Metaverse [67]. Businesses can gain from creating a strong and profitable Metaverse business strategy that is especially suited for this online environment. This contains structures that support the development of value, income, and enduring growth inside the Metaverse ecosystem [68]. Additionally, there are opportunities to construct immersive simulations, virtual training courses, and collaborative platforms within the Metaverse to promote ongoing learning and knowledge sharing as a result of the Metaverse’s potential to improve organizational learning and growth.
Opportunities for numerous industries exist in the Metaverse. The delivery of healthcare services can change thanks to virtual healthcare consultations, telemedicine, and medical training simulations in the Metaverse [58,69]. Urban landscapes that are immersive and networked thanks to smart city integration in the Metaverse can provide services like infrastructure management, public participation, and urban planning [70]. With the addition of virtual shops, immersive product presentations, and customized purchasing experiences, the Metaverse also expands the potential of e-commerce [60]. The development of virtual supply chain networks, delivery systems, and inventory management programs can simplify logistics within the Metaverse.
Another possibility in the Metaverse is to address issues of moral responsibility, sustainability, and user experience. Businesses may foster inclusion, protect the environment, and solve any potential ethical issues in the Metaverse [63]. It is also crucial to provide identification and authentication systems that enable safe and seamless interactions with the virtual world [71]. Businesses need to concentrate on creating trustworthy and user-friendly experiences since trust is a key factor in the user acceptance and adoption of the Metaverse. The Metaverse offers fresh opportunities for entrepreneurship and creativity. It is essential to comprehend its economic and business effects to adjust to the changing environment. It is crucial to investigate how the Metaverse is changing business, employment, market dynamics [68], and consumer behavior [13]. Businesses may create new revenue sources, form alliances, and contribute to the growth of this new digital frontier by embracing the Metaverse.

5.2. Integration of VR, AR, and Blockchain Technologies

A key area of research and innovation in recent years has been the fusion of blockchain, AR, and VR technology. The possible impact and ramifications of this integration can be better understood by conducting a thorough examination of the 26 included documents. Numerous studies have investigated the Metaverse, which presents a breakthrough for businesses and sectors. Complementor companies can build dynamic sensing capabilities that will allow them to efficiently navigate emerging-technology ecosystems and make wise judgments by integrating VR, AR, and blockchain technologies [68]. Additionally, the combination of these technologies offers decentralized governance, immersive experiences, and safe transactions, which present a new economic model that may be strategically approached in the Metaverse [72]. The Metaverse’s adoption of blockchain technology has enormous potential. Blockchain technology can improve security, transparency, and trust inside industrial Metaverses by taking advantage of its decentralized nature [57]. Additionally, it makes it possible to value digital intangibles, helps with problems relating to identification and authentication, and promotes sustainability and moral responsibility in Metaverse business models [63,64,71].
The effects of the Metaverse can be seen in several industries, including marketing, banking, healthcare, and logistics. By enabling individualized experiences and reliable data analytics, the integration of VR, AR, and blockchain technologies can change marketing methods [61]. Through virtual banking, safe transactions, and decentralized finance, the Metaverse can enable innovation and development in the finance sector [59]. Medical training simulations, safe health data management, and remote healthcare delivery are all examples of healthcare applications found in the Metaverse [58]. In terms of logistics, integrating these technologies can improve last-mile delivery experiences and streamline supply chain operations [73]. The Metaverse also brings up issues of ownership and trust. Secure and verifiable transactions, privacy protection, and data integrity can all have an impact on users’ trust in the Metaverse [65]. Blockchain technology has allowed the idea of ownership in the virtual world, and this has ramifications for user innovation success over the long term and the trade of virtual assets [74]. Table 4 provides an overview of the integration of VR, AR, and blockchain technologies, along with their impact on various industries.
The observations made in Table 1 highlight the substantial prospects and obstacles that NFTs and the Metaverse present. The implications of these findings for a variety of industries are elaborated upon in the subsequent section.

6. Research Implications

Included studies cover a variety of topics related to how business models have changed in the era of NFTs and the Metaverse. These studies provide insight into the effects of taxes [75], changes in healthcare [76], alterations in purchasing habits [77], responses from Collective Management Organizations (CMOs) [78], and possibility of VR in social media marketing [79]. The rise in the Metaverse calls into question the necessity of new tax laws, raising the possibility that companies conducting business in this virtual environment may encounter special tax issues. Additionally, the Metaverse’s integration into the healthcare sector has the potential to transform patient care and medical research, altering the sector.
The Metaverse introduces a brand-new consumer economy that upends conventional business practices and forces companies to adopt cutting-edge methods of interacting with customers [80]. The responses of CMOs suggest that to remain relevant in a market that is fast-changing, marketing plans need to include blockchain, NFTs, and the Metaverse [78]. The possibility of VR in social media marketing also portends a change toward immersive advertising and new business methods for making money [79]. For businesses to succeed in the era of NFTs and the Metaverse, they will need to manage these complex shifts and adopt novel methods of taxation, healthcare, customer involvement, marketing, and advertising.

6.1. New Revenue Streams and Value Creation Opportunities

The idea of the Metaverse is opening up new prospects for value creation and revenue streams in numerous industries. The possibility of a third tax pillar, aimed at activities related to the Metaverse, is one of the points made in the paper by Simontacchi et al. [75]. This acknowledgment of the Metaverse’s economic importance and the tax authorities’ interest in raising revenue from it shows that the Metaverse is important economically. Such a tax pillar might give governments a new source of income while also possibly affecting the success of Metaverse businesses. The study by Thomason [76] suggests that the healthcare sector is another area where new revenue opportunities are envisaged. By providing virtual health consultations, remote patient monitoring, and immersive medical training, the Metaverse has the potential to revolutionize healthcare. Healthcare stakeholders and providers may benefit from these technologies’ potential to develop new business models and sources of income for the industry.
It is implied by Ruco [80] that a new economy is beginning to develop there. Virtual trade, exchanging of digital assets, and immersive experiences define this economy. As well as providing chances for consumers to create value, such economic activity in the Metaverse can create new revenue streams for enterprises operating there. The paper by Nevi and Dezi [78] emphasizes how CMOs are also paying attention to the Metaverse. Marketing professionals are aware of how blockchain, NFTs, and the Metaverse can increase revenue and create value. CMOs may create creative marketing campaigns, offer engaging customer experiences, and investigate new monetization models by utilizing these technologies, opening up new revenue streams, and promoting value creation. Additionally, as implied by Saboune [79], the incorporation of VR gives an intriguing route for revenue generating and value creation. Businesses can provide immersive and compelling advertising experiences through the integration of VR into social media platforms, which will enhance customer engagement, brand loyalty, and income. This combination of VR and social media is an innovative method of advertising and monetization that has a lot of potential to create new sources of income.

6.2. Role of Smart Contracts and Blockchain Technology in Business Models

Blockchain and smart contract technology are becoming more and more crucial to business models in the developing Metaverse. Smart contracts and blockchains enable transparent and automated transactions, providing proper tax computations and reporting in the context of the tax consequences covered in the study by Simontacchi et al. [75]. Thomason [76] examines how the use of blockchain technology and smart contracts has the potential to completely transform the healthcare sector. Health-related data may now be stored, shared, and accessed securely thanks to these technologies, and smart contracts enforce privacy and consent agreements while preserving data integrity and facilitating smooth interoperability.
According to the study by Ruco [80], the Metaverse is also fostering the development of a new economy of consumption. Here, smart contracts and blockchain technology make it easier to create and manage digital assets like NFTs, which can stand in for ownership or access rights to virtual goods or experiences. These digital assets are kept on the blockchain, which offers verified provenance and scarcity and facilitates safe and open transactions. Furthermore, smart contracts enable CMOs to forge direct connections with content creators, ensuring fair compensation and attribution through programmable royalties and licensing terms, as demonstrated by Nevi and Dezi [78]. This encourages the development of new Metaverse business models. In addition, Saboune [79] explores how VR and social media marketing are combined in the Metaverse. Advertisers and content producers may engage users in immersive VR experiences while preserving transparency and trust by utilizing blockchain technology and smart contracts. Smart contracts revolutionize advertising and monetization methods by governing ad placements, user data permissions, and payment methods.

6.3. Adapting to Changing Consumer Behaviors and Expectations

A thorough awareness of the changing environment is necessary to address the complex task of adjusting to shifting consumer expectations and behaviors in the Metaverse. Recognizing the formation of a new economy of consumption is one component of this adaptation process. Customers’ buying and consuming habits are changing as they participate in more virtual encounters. Businesses need to recognize this transition and modify their strategies to meet the changing demands and tastes of consumers in the Metaverse [80].
The Metaverse has the potential to transform not only consumption habits but also healthcare, necessitating industry-wide adaption. This focuses on how the incorporation of the Metaverse into people’s life can alter how healthcare is delivered, how patients are engaged, and how they can obtain medical information. Healthcare providers need to use the possibilities of the Metaverse to offer tailored and immersive healthcare experiences that satisfy patients’ shifting needs to adapt to changing consumer behaviors and expectations in this setting [76]. Another important factor to take into account is how developing technologies like blockchain, NFTs, and the Metaverse may affect customer expectations and behavior. CMOs are realizing how important it is to use blockchain, NFTs, and the Metaverse to improve customer engagement and brand experiences. To effectively reach and engage customers in the Metaverse, businesses need to explore new marketing tactics and remain on top of the latest trends to adjust to shifting consumer preferences and behaviors [78].

7. Challenges and Future Outlook

The idea of the Metaverse has drawn a lot of interest since it has the potential to completely alter several sectors and business strategies. However, overcoming some obstacles is necessary for the Metaverse’s deployment and future development. One of these challenges is the incorporation of non-fungible tokens (NFTs), as noted in articles by Li and Chen [39] and Treiblmaier [44]. To ensure NFT ecosystems’ seamless integration into the Metaverse, it is crucial to ensure their scale, interoperability, and sustainability. Creating the necessary technology infrastructure is a big additional problem. Research documents by Mourtzis et al. [57] and Kuru [70] highlight the significance of strong blockchain integration and smart city digital twins. For widespread adoption and ideal performance within the Metaverse ecosystem, technical challenges including scalability, speed, and energy consumption need to be overcome.
The future of the Metaverse needs to take into account techniques for trust and authentication. While Jeong and Kim [65] emphasize the importance of trust in user behavior, Chen et al. [40] clarify the need for credit rating systems in the Metaverse. To establish a secure and trustworthy Metaverse, it is imperative to solve the issues of developing trustworthy credit rating systems and encouraging participant trust. The future of the Metaverse faces additional difficulties due to ethical and legal issues. Anshari et al. [63] underline the importance of ethical behavior, while Simontacchi et al. [75] examine probable legal ramifications. The long-term success and acceptance of the Metaverse depend on addressing issues with privacy, data protection, and digital rights, which calls for the creation of ethical standards and legal frameworks.
Technology advances and changing consumer expectations are causing a rapid upheaval in the business environment. Several new trends that are on the horizon could influence how business models develop in the future. Digital transformation will continue to be a major trend in a world that is becoming more and more digital. Artificial intelligence, machine learning, and big data analytics will all be used by businesses to increase operational efficiency and inform decision-making. Businesses will prioritize providing customized experiences and attending to specific demands, which will emphasize personalization and customer centricity. Organizations can improve their marketing tactics and increase client loyalty by utilizing cutting-edge technologies like VR and adopting customer-centric practices.
Future company models will include sustainability and social responsibility as essential elements. Businesses will focus on sustainability practices and make a positive contribution to social well-being as a result of increased environmental concerns and aware purchasing. To satisfy the needs and preferences of consumers who care about the environment, it will be crucial to include ethical responsibility and sustainability issues in business strategies. As companies realize the value of peer-to-peer interactions and co-creation, collaborative and platform-based models will flourish. Businesses and consumers will be empowered by decentralized marketplaces and platforms, which will also stimulate collaboration and take advantage of network effects. Industry disruption will continue as a result of blockchain technology’s improved security, transparency, and productivity. Future business models will investigate how to include blockchain technology for safe transactions, decentralized financing, and supply chain management. Businesses can open new doors and reinvent old procedures by utilizing blockchain and decentralized technologies.

8. Conclusions

Traditional business models have undergone considerable change as a result of NFTs and the Metaverse’s introduction. The concept of ownership and monetization in the digital age has been completely transformed by NFTs, allowing companies to investigate new revenue sources and value-creation potential. Businesses have improved transaction transparency, security, and efficiency by embracing the special features of NFTs, such as reflecting ownership of digital assets and implementing smart contracts on blockchain technology. As a result, trust has increased and decentralized ecosystems have expanded. Additionally, the Metaverse offers a wide range of possible commercial prospects due to its integration of blockchain, AR, and VR technology. Businesses can build immersive experiences, individualized goods, and services within this virtual world by adopting the Metaverse. Businesses need to adapt and take advantage of the Metaverse’s possibilities if they want to stay competitive as consumer expectations and behavior continue to change toward digital experiences.
Despite these assurances, there are still issues that need to be resolved. Among the challenges to be faced are scaling issues, technology developments, and regulatory frameworks. Important factors to take into account include achieving interoperability, setting up efficient governance, and guaranteeing inclusivity inside the Metaverse’s virtual worlds. To overcome these obstacles and shape the future of business models in the NFT and Metaverse era, collaboration between industry players, legislators, and technology developers will be crucial. The development of business models in this new environment has enormous promise in the future. Businesses can open up new growth opportunities, engage customers in creative ways, and influence the direction of commerce in the digital age by utilizing the power of NFTs, the Metaverse, and developing technologies.

Author Contributions

Conceptualization, H.T.; methodology, H.T.; validation, M.M.; formal analysis, H.T. and M.M.; resources, H.T. and M.M.; data curation, M.M.; writing—original draft preparation, M.M.; writing—review and editing, M.M.; visualization, M.M.; supervision, H.T. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Data Availability Statement

Data sharing not applicable.

Conflicts of Interest

Authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

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Figure 1. Selection process.
Figure 1. Selection process.
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Figure 2. Document types.
Figure 2. Document types.
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Figure 3. The trend of publications over the years.
Figure 3. The trend of publications over the years.
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Figure 4. NFT applications and implications in various industries.
Figure 4. NFT applications and implications in various industries.
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Table 1. Traditional business models and their challenges and opportunities in the rise in NFTs and the Metaverse.
Table 1. Traditional business models and their challenges and opportunities in the rise in NFTs and the Metaverse.
Traditional Business ModelsChallengesOpportunities
Product-based Business ModelsDifficulty integrating NFTs and the Metaverse due to focus on physical assetsPotential to explore new revenue streams and incorporate digital assets in product offerings
Service-based Business ModelsNeed to adapt business models to leverage NFTs and the Metaverse for improved service delivery and customer engagementOpportunity to enhance customer experience through immersive and interactive experiences
Advertising-based Business ModelsOpportunity to experiment with cutting-edge advertising techniques in virtual settings with the growth of the MetaversePotential to use NFTs to increase brand engagement and create unique advertising opportunities
Subscription-based Business ModelsNeed to adjust to accommodate the integration of NFTs and the Metaverse, providing subscribers with more value and distinctive experiencesPossibility to leverage NFTs for exclusive content and fractional ownership models
Marketplace-based Business ModelsCan benefit from the incorporation of NFTs for trading distinctive digital assets within the MetaverseOpportunity to facilitate transactions and provide proof of ownership through NFTs
Table 2. Search keywords.
Table 2. Search keywords.
Search Query in Title, Abstract, or Keywords FieldResults
Non fungible token AND Business model26
NFT AND Business model25
Metaverse AND Business model56
Total107
Table 3. Potential applications of NFTs in business: a summary of articles.
Table 3. Potential applications of NFTs in business: a summary of articles.
Business ApplicationNFT RoleStudy
Business model innovationEmpowerment of innovation and revenue streams[39]
The credit rating system on a blockchain applicationFoundation for transparent and trustworthy credit ratings[40]
Music industry transformationOwnership tracking, licensing, and royalty distribution[41]
Music industry disruptionOwnership tracking, rights management, and royalty distribution[42]
The decentralized social media marketplaceIncentivization of creators, privacy protection[43]
Marketing innovationTriggering the internet of value, exploring new marketing strategies[44]
Financial market impactVolatility spillovers and investment potential[50]
Value creation and stakeholder engagementMultidisciplinary understanding and value creation opportunities[52]
Network slice brokering and marketplaceIntegration with 5G/6G network slice brokering and marketplace[53]
Digital music industry transformationAnalysis of NFT implementation and its impact on the digital music industry[54]
Luxury fashion value creationValue creation through NFTs for luxury fashion products[45]
Evolvable gamesOwnership and trading of unique in-game assets[46]
Business process model tokenizationTokenization of business process models using blockchain technology[48]
Decentralized trading games with evolvable charactersOwnership and evolution of in-game characters using NFTs[51]
Content data placement strategyNFT-based strategy for content data placement in P2P storage networks[55]
Comparison of blockchain-based applicationsEnterprise modeling for comparing blockchain-based applications[47]
Garment industry use caseDual-token blockchain economy framework for the garment industry[56]
Table 4. Integration of VR, AR, and blockchain technologies in various industries.
Table 4. Integration of VR, AR, and blockchain technologies in various industries.
IndustriesImpactDescriptionReference
MarketingIndividualized experiences and reliable data analyticsTransforming marketing methods[61]
BankingVirtual banking, safe transactions, decentralized financeDriving innovation and development in finance[59]
HealthcareMedical training simulations, safe health data management, remote healthcare deliveryRevolutionizing healthcare applications[58]
LogisticsImproved last-mile delivery experiences, streamlined supply chain operationsEnhancing logistics and supply chain efficiency[73]
Various industriesDecentralized governance, immersive experiences, safe transactionsEnabling new economic models and Metaverse strategies[72]
Various industriesImproved security, transparency, and trustEnhancing security and trust in industrial Metaverses[57]
Various industriesValuing digital intangibles, identification and authentication solutions, sustainability, and moral responsibilityAddressing key challenges and promoting responsible practices[63,64,71]
Various industriesSecure and verifiable transactions, privacy protection, data integrity, ownership in the virtual world, trade of virtual assetsFostering trust and facilitating transactions in the Metaverse[65,74]
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Madanchian, M.; Taherdoost, H. Business Model Evolution in the Age of NFTs and the Metaverse. Information 2024, 15, 378. https://doi.org/10.3390/info15070378

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Madanchian M, Taherdoost H. Business Model Evolution in the Age of NFTs and the Metaverse. Information. 2024; 15(7):378. https://doi.org/10.3390/info15070378

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Madanchian, Mitra, and Hamed Taherdoost. 2024. "Business Model Evolution in the Age of NFTs and the Metaverse" Information 15, no. 7: 378. https://doi.org/10.3390/info15070378

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Madanchian, M., & Taherdoost, H. (2024). Business Model Evolution in the Age of NFTs and the Metaverse. Information, 15(7), 378. https://doi.org/10.3390/info15070378

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