How the Metaverse Will Reshape Business and Sustainability (Contributions to Environmental Sciences & Innovative Business Technology) 9819951259, 9789819951253

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Contributions to Environmental Sciences & Innovative Business Technology

Rim El Khoury Bahaaeddin Alareeni   Editors

How the Metaverse Will Reshape Business and Sustainability

Contributions to Environmental Sciences & Innovative Business Technology Editorial Boards Allam Hamdan, Ahlia University, Manama, Bahrain Wesam Al Madhoun, Air Resources Research Laboratory, MJIIT, UTM, Kuala Lumpur, Malaysia Mohammed Baalousha, Department of EHS, Arnold School of Public Health, University of South Carolina, Columbia, SC, USA Islam Elgedawy, AlAlamein International University, Alexandria, Egypt Khaled Hussainey, Faculty of Business and Law, University of Portsmouth, Portsmouth, UK Derar Eleyan, Palestine Technical University—Kadoori, Tulkarm, Palestine, State of Reem Hamdan

, University College of Bahrain, Manama, Bahrain

Mohammed Salem, University College of Applied Sciences, Gaza, Palestine, State of Rim Jallouli

, University of Manouba, Manouba, Tunisia

Abdelouahid Assaidi, Laurentian University, Sudbury, ON, Canada Noorshella Binti Che Nawi, Universiti Malaysia Kelantan, Kota Bharu, Kelantan, Malaysia Kholoud AL-Kayid, University of Wollongong, Leppington, NSW, Australia Martin Wolf, Center for Environmental Law and Policy, Yale University, New Haven, CT, USA Rim El Khoury, Accounting and Finance, Notre Dame University, Loauize, Lebanon Editor-in-Chief Bahaaeddin Alareeni, Middle East Technical University, Northern Cyprus Campus, Kalkanlı, KKTC, Türkiye

Contributions to Environmental Sciences & Innovative Business Technology (CESIBT) is an interdisciplinary series of peer-reviewed books dedicated to addressing emerging research trends relevant to the interplay between Environmental Sciences, Innovation, and Business Technology in their broadest sense. This series constitutes a comprehensive up-to-date interdisciplinary reference that develops integrated concepts for sustainability and discusses the emerging trends and practices that will define the future of these disciplines. This series publishes the latest developments and research in the various areas of Environmental Sciences, Innovation, and Business Technology, combined with scientific quality and timeliness. It encompasses the theoretical, practical, and methodological aspects of all branches of these scientific disciplines embedded in the fields of Environmental Sciences, Innovation, and Business Technology. The series also draws on the best research papers from EuroMid Academy of Business and Technology (EMABT) and other international conferences to foster the creation and development of sustainable solutions for local and international organizations worldwide. By including interdisciplinary contributions, this series introduces innovative tools that can best support and shape both the economical and sustainability agenda for the welfare of all countries, through better use of data, a more effective organization, and global, local, and individual work. The series can also present new case studies in real-world settings offering solid examples of recent innovations and business technology with special consideration for resolving environmental issues in different regions of the world. The series can be beneficial to researchers, instructors, practitioners, consultants, and industrial experts, in addition to governments from around the world. Published in collaboration with EMABT, the Springer CESIBT series will bring together the latest research that addresses key challenges and issues in the domain of Environmental Sciences & Innovative Business Technology for sustainable development.

Rim El Khoury · Bahaaeddin Alareeni Editors

How the Metaverse Will Reshape Business and Sustainability

Editors Rim El Khoury Adnan Kassar School of Business Lebanese American University Byblos, Lebanon

Bahaaeddin Alareeni Business Administration Program Middle East Technical University, Northern Cyprus Campus Güzelyurt, Türkiye

ISSN 2731-8303 ISSN 2731-8311 (electronic) Contributions to Environmental Sciences & Innovative Business Technology ISBN 978-981-99-5125-3 ISBN 978-981-99-5126-0 (eBook) https://doi.org/10.1007/978-981-99-5126-0 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore

Preface

The subject of virtual reality has captured the interest of people for many years. The capacity to create a new and thrilling realm where the impossible becomes possible has sparked a lot of interest. The realization of the possibilities of the Metaverse is now in progress, and its consequences are monumental. While the Metaverse’s concept has been around for a while, it has recently caught the attention of many, particularly in the business arena. Metaverse can be delineated as a virtual universe where individuals can intermingle with each other and digital objects in a three-dimensional space. It presents an unbroken assimilation of the material and digital worlds, and it has the capability of transforming the way we interact, conduct business, education, and even confront some of the most pressing global challenges. The Metaverse represents a groundbreaking method of engaging with digital objects, individuals, and data, and its influence on different trades cannot be overlooked. The book How the Metaverse will Reshape Business and Sustainability is the outcome of the collective effort of experts from different fields who have provided their skillfulness and knowledge to furnish insights into the potential of Metaverse and the challenges that come with it. The volume is composed of 18 chapters, each analyzing a distinct aspect of Metaverse and its usage in various disciplines. These studies’ authors offer a theoretical analysis of the topic and insightful elucidations of how the Metaverse contributes to sustainable development, learning, tourism, and the fourth industrial revolution. The book’s initial few chapters provide a theoretical investigation of Metaverse, unveiling its technicalities and discussing its potential applications in the business world. The following chapters offer a critical evaluation of the prospects of the Metaverse, scrutinizing its effect on learning, sustainable development, and climate change. The authors have gone the extra mile in presenting the latest research on Metaverse, and their standpoints and insights will be an invaluable resource for scholars, students, researchers, and professionals alike. One of the most intriguing aspects of this book is its examination of the Metaverse’s potential in the tourism industry, presenting a theoretical proposal for how Metaverse can transform the tourism experience. Moreover, the volume examines the potential of Metaverse in the field of accounting, examining how Metaverse can help reveal sustainable development activities in the education and training sector. v

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Furthermore, the book tackles some of the quandaries that come with the Metaverse, including its impact on climate change, the ethical issues that arise with its usage, and the underlying snags of implementing it in the twenty-first century. In conclusion, How the Metaverse will Reshape Business and Sustainability is a significant contribution to the field, offering a comprehensive and multidimensional outlook of the potential of Metaverse and the challenges that must be addressed to reach its full potential. The researchers behind these studies should be extolled for their insightful work, and it is hoped that this book will stimulate additional investigation into the Metaverse and its implementation in various disciplines. The studies in this book provide a comprehensive and multidimensional view of Metaverse’s potential and the obstacles that must be surmounted to realize it. I am confident that this book will serve as a valuable resource for scholars, researchers, professionals, and students who are intrigued by the potential of Metaverse and its influence on the world we live in. I am honored to have contributed to this project and believe that this book will inspire further research and development, and implementation of Metaverse in various sectors. Byblos, Lebanon

Rim El Khoury

Contents

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Demystifying Metaverse in Business: A Conceptual Study . . . . . . . . . . Theresa Benny

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Relativity of Metaverse in Business Model: A Conceptual Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Akanksha Cibi

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An Analysis of Future Prospects of Metaverse . . . . . . . . . . . . . . . . . . . . . . Boffin Sunny

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Is Metaverse in Education Blessing in Disguise? . . . . . . . . . . . . . . . . . . . . V. Keerthana

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Are You Ready to Take Avatar in Virtual Classroom—Metaverse in Education from Student’s Perspective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C. Nagadeepa, A. Pushpa, and K. P. Jaheer Mukthar

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XR and the Metaverse: New Opportunities in Education . . . . . . . . . . . Ibtihaj El Dandachi, Sam El Nemar, and Hani El-Chaarani

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The Role of Accounting Disclosure of Sustainable Development Activities Using Metaverse in the Field of Education and Training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mohamed Hassanein Taha, Safaa Abd Elhamid Eldalash, and Hesham Zakaria Mohamed

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An Analysis of the Impact of Metaverse on Climate Change . . . . . . . . Ashley P. John

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An Exploratory Study on Metaverse and SDGs . . . . . . . . . . . . . . . . . . . . . Ashly Joseph

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10 Opportunities and Risks of the “Metaverse” for Environmental Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ardra Shaju

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Contents

11 Metaverse as a Tool for the Achievement of SGDs: Challenges, Opportunities, and Applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 Mohd Naved and Aditya Kumar Gupta 12 Metaverse and Tourism Industry: A Conceptual Proposition . . . . . . . 131 Prashant Thapa 13 The Price Determinants of NFTs: The Case of Metaverse . . . . . . . . . . 139 Zeliha Can Ergun and Busra Kutlu Karabıyık 14 Role of Metaverse in the Fourth Industrial Revolution for Providing Customer Experiences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 T. G. Vasista and Ahmad M. A. Zamil 15 Metaverse and Skill Set: A Conceptual Investigation . . . . . . . . . . . . . . . 171 Srishti Kaushik 16 Metaverse Beyond the Hype: Possibilities and Challenges . . . . . . . . . . 179 M. C. Lalrotluanga 17 Application of Metaverse and Its Underlying Challenges in the 21st Century . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 Sonia Mukherjee

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Demystifying Metaverse in Business: A Conceptual Study Theresa Benny

Abstract

Although the term “metaverse” has gained popularity in modern literature, it is often disregarded by many businesspeople. The metaverse offers a vast array of alternatives, but its limitless nature can also be confusing for business owners. While navigating the maze of terms such as NFT, blockchain, avatar, and web 3.0 may be difficult for some, entrepreneurs should keep in mind that the metaverse is considered the next generation of the Internet and will bring new opportunities for their businesses. The pandemic has accelerated digitalization and new technology, adding a new dimension to the metaverse. This study aims to evaluate the increasingly problematic use of metaverse services in many business sectors and provide realistic strategic scenarios for effective planning and implementation of commercial metaverse services. The article focuses on how the metaverse service can be used as a business model, with particular emphasis on its role in marketing, healthcare, and financial services. To this end, the relevant literature on metaverse services is evaluated from multiple angles. Keywords

Metaverse . Augmented reality . Banking . Health . Marketing

T. Benny (B) Kristu Jayanti College, Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_1

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T. Benny

Introduction

The COVID-19 pandemic and the ongoing Industrial Revolution 4.0 have given rise to a new digital civilization, where the term “metaverse” connects the business environment to new technological innovations. As traditional face-to-face businesses have been converted to online setups, zero-contact business models have been established across most industries. Significantly, extensive research has been conducted to define the term “metaverse”, making it easier for potential stakeholders to understand its key features and possibilities. Notably, global corporations have taken an interest in this concept, as demonstrated by Facebook’s recent name change to “Meta” in support of the metaverse. This move has increased the popularity and global attention given to the metaverse, making it a critical part of the new era. The term “metaverse” can be defined as “a massively scaled and interoperable network of the real-time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited member of users with an individual sense of presence and with continuity of data, such as identity, history, entitlements, objects, communications, and payments” (Bauerová 2022).

1.1.1

Framework for Metaverse

While the vision of a fully functional metaverse may take decades to achieve due to the need for more advanced technology, progress is being made in eight key categories. These categories include hardware devices, computing ability, network infrastructure, virtual platforms, tools and standards, digital payments, and content creation. . Hardware devices—This includes PC devices, tablets, and VR devices that are used in developing the metaverse. Hardware devices not only encompass an individual’s VR headsets or mobile phones but also a company’s entire technical infrastructure. . Computing ability—The metaverse requires processing capacity for various complex tasks before it can be activated and supported. These tasks include physical calculation, rendering data synchronization, artificial intelligence, projection, and translation of motion. . Network—Refers to stable connections with high bandwidth that have decentralized data transmission provided by exchange centers and other networks running between them. They aid in managing and accessing consumer data. Cloud technology is of particular importance as it greatly supports processing, storage, extended reality, and captivating interfaces. . Virtual platforms—An attractive metaverse should also involve digital stimulations using three-dimensional environments and worlds in virtual platforms. These platforms help users and entrepreneurs explore, create and socialize in

1 Demystifying Metaverse in Business: A Conceptual Study

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various experiences that can be either for entertainment or business-related issues. Tools and standards—New tools refer to the necessary services and protocols for developing the metaverse, while standards are for creating and improving the metaverse. Standardization is an important category that supports AI, importing and exporting data, and more. Payments—Digital payments, which can even include cryptocurrencies and other blockchain technologies, are necessary to support digital currency exchange processes and operations. Content—To develop content, which can be any type of digital asset, one must link to the user’s data and identity in the metaverse. Content is also vital for the production, sale, management, storage, and secure protection of all digital assets. User behavior—This refers to the behavioral changes that occur in consumers and businesses, such as investment, decision-making, spending, and more. All these changes can be associated with the metaverse, as it requires this information to reflect the user’s principles and philosophy.

1.1.2

What Metaverse Means for Business

The significance of a digital world such as the one in Metaverse for businesses can be immense, offering both major benefits and risks. The utility of metaverse in business is enormous and includes: . . . . .

Improving consumer experience. Introducing virtual goods that are available only in metaverse. Collecting data on users and clients. Marketing tangible and digital goods and services. Facilitating digital payments.

One industry that stands to gain the most from exploring the economic potential of the metaverse is the retail industry. E-commerce companies could benefit greatly from the metaverse’s potential to provide engaging shopping experiences for customers and gather valuable information on consumer behavior.

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Overview of Studies in Selected Areas

This section provides an overview of review studies in selected areas and highlights potential research questions on metaverse. The discussion begins with the potential applications of a metaverse in the healthcare industry. It also focuses on

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the emerging category of Metaverse Marketing within Metaverse Retailing. Furthermore, the potential benefits of using Metaverse in the banking industry are also explored.

1.2.1

Metaverse in Healthcare Industry

Metaverse technologies, particularly XR and VR-based technology, offer significant advantages to the healthcare industry. As a result, XR-based metaverse goods and services are being investigated. The global market for immersive technologyrelated healthcare is projected to reach $5.1 billion by 2025, and the AR and VR market will be worth approximately $815 billion globally (Sutherland et al. 2019; Ficarra 2020). The healthcare sector is expected to be the primary area where XR is used. From educating and training healthcare workers to surgical procedures and patient care, XR technology is used in a variety of contexts. XR technology is commonly used in medical education and therapeutic rehabilitation to enhance the therapeutic benefit. For example, XR virtualizes a patient’s situation to identify the precise surgical site for treatment (Chang 2022). VR is also used in patient treatment for mental illness, psychotherapy, and rehabilitation to encourage patients to participate in training. AR can be used to create an operation aid system, research patient information and medical histories, and increase the effectiveness of patient health management (Dibble and Molina 2021). Using VR simulation, healthcare professionals can virtually train for tasks such as diagnosis, therapy, and surgery in the same environment as the actual field of healthcare. AR technology can also be used in the operating theatre to monitor additional surgical information on the afflicted area, improving surgical accuracy and focus. Advanced hand gesture input technology and voice control will enable the active use of XR technology in telemedicine, surgery, and healthcare education in the future. By replicating a specific healthcare environment and providing a high level of immersion beyond the limitations of the real treatment environment, XR can significantly enhance the treatment effect while reducing training costs and increasing surgical accuracy and safety. XR innovation in the healthcare sector can maximize the therapeutic benefit for patients. Surgical Mind provides medical training services using human body models and VR technologies instead of actual patients. Their training services include cosmetic plastic surgery and cataract surgery. The aesthetic plastic surgery training service, which uses a virtual engine, allows doctors and medical students to learn about injecting precise anatomical knowledge of the face, determining the syringe tip’s exact location within a 0.5 mm error range (Chang 2022). Rehaveware by Techno Village is a fully immersive VR rehabilitation solution for patients who have lost their ability to move due to brain illnesses such as Parkinson’s disease, stroke, or brain surgery. This service is particularly beneficial in treating hemiplegic diseases in patients. By connecting to the Internet of Things (IoT), such as smart globes and smart balls, the patient’s motivation to exercise can be increased, leading to an enhanced therapeutic effect. There are plans for

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future expansion and application of this service to psychological treatment items for dementia patients, children and adolescents experiencing family abuse, and people with significant illnesses. These examples show the significant impact that the metaverse can have in the healthcare industry. In order to be of universal benefit as a new civilization in the healthcare sector, metaverse services must establish themselves in an open innovation ecosystem for more research and development and economic growth. Non-face-to-face care services have become more widespread as a result of COVID-19, making it more comfortable to converse and provide care in a virtual environment.

1.2.2

Metaverse in Marketing

The word “digital marketing” refers to the focused, quantifiable, and interactive marketing of goods and services to attract, convert, and retain customers using digital channels such as email, websites, social media platforms, search engines, etc. (Desai 2019). A recent development in digital marketing is known as “metaverse marketing.“ The visual component is one of the most important aspects of selling when employing metaverse marketing. Maintaining the user’s interest in the metaverse virtual world requires immersion. The sales of physical and digital goods in the metaverse will benefit from the visual appeal. One such instance is the luxury label Gucci, which is creating its own metaverse in the virtual world known as “the vault“ (Moore 2022). SEO, or search engine optimization, is a digital marketing tactic that takes into account a search engine’s functionality, computer algorithms, user search behavior, the terms they enter, and their preferred search engines. As a result, more people visit their website and subsequently make more sales because it shows up first in the search results. Businesses that rely on customers’ physical experiences can benefit from SEOs in the metaverse. As a trend, an increasing number of businesses involved in the fashion industry will use the metaverse. The 2D engine must become a 3D engine in the metaverse, one that is built on spatial-ware UX/ UI 3D interfaces rather than flatware UX/UI 2D interfaces (). It will be necessary to construct spatial layers to proceed toward the metaverse search engine. The algorithms developed to analyze multichannel brain signals are a step towards incorporating thought-based searching into the metaverse when braincomputer interface devices become commercially available in the future. Developers will need to research, include, and improve numerous algorithms based on the multiple streams of data inserted by human senses, refining them to be used and sold to manufacturers in a mutually beneficial way. In the real world of advertising, material banners are installed and strategically placed in areas where people are likely to pass by. Online, display ads are placed on the top, bottom, and margins of a website. They can also be animated and take the form of banners, pop-ups, and in-stream video commercials. In the metaverse, running display ads will change to appear on virtual billboards from the point of

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view of users. The pauses between virtual performances and events are perfect locations for ads in the metaverse, as ad placements can be established virtually anywhere. Contextual AI will scan the real-world environment to serve ads that are relevant to the user’s experience, placed in a comfortable environment to avoid annoyance. Affiliate marketing is another powerful method for increasing sales. It is widely used and accounts for 80% of all firms in the US and Canada, generating 16% of all e-commerce revenues. Affiliate marketing will be a key aspect influencing the sales graph in the metaverse. VR and AR technologies in the metaverse will provide artists and potential customers with a new dimension to participate in, making the environment more vibrant and accessible for affiliate and partnership marketing. The quality of a company’s customer service can make or break it in the ruthless corporate world of today. Offering first-rate customer service demonstrates a company’s value for its clients and willingness to go above and beyond for them. Positive customer experiences are reflected in feedback that attracts new clients. In the metaverse, businesses and client entities will continue to play their roles but adopting avatars in addition to traditional techniques like email, phone calls, and in-person visits will give businesses a new dimension for building better relationships with their customers.

1.2.3

Metaverse in Banking Sector

The use of the Metaverse for banking applications is becoming more popular, as it provides banks and financial organizations with a number of advantages, such as improved client communication, simplified transactions, lower costs, and more security. One important benefit of the Metaverse is that it makes it simple to store, manage, and access information about consumer accounts. This can assist banks in better understanding the needs and preferences of their clients, which can result in better services and more specialized products (Seth et al. 2022). The Metaverse also makes it simple for banks to interact with other financial systems and applications, which lowers costs and boosts efficiency. Customer communication is greatly aided by the Metaverse. Businesses must design a virtual environment that promotes interaction and engagement if they are to successfully connect with their customers. Social media sites, online communities, and other technological tools that let users communicate and exchange information can be used for this (Golf-Papez et al. 2022). Including the Metaverse in consumer communication tactics has several advantages. One benefit is that it enables companies to get important information about the preferences and usage patterns of their customers. By understanding what motivates them, companies can more successfully adjust their messaging and marketing strategies to match the needs of their target audience.

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The banking sector is gradually implementing new technologies to boost the effectiveness of its operations and enhance customer service. Web 3.0 and Metaverse are two of these technologies that make it simple for banks to transmit their monthly statements through internet portals or virtual reality platforms. Customers may conveniently access and view their statements online, whenever and wherever they want. Customers who frequently travel or have hectic schedules that prevent them from routinely visiting brick-and-mortar branches may find this to be very helpful (Dubey et al. 2022). By enabling consumers to download or print digital copies of their banking statements rather than taking physical copies, this technology also contributes to the reduction of paper waste. Through its all-inclusive digital identity verification for clients by incorporating a trusted identification mechanism, Metaverse provides shared ledger solutions for banks and other utility firms. As a result, each organization has a smaller carbon footprint because less time and money are spent on a manual KYC procedure. Since all parties have a clear record of ownership and previous transactions, this also provides for better openness in transactions between various parties and reduces fraud. Through an engaging experience, branchless banking supported by Metaverse is digital with a human touch. Therefore, no actual land purchase for structures, furniture, energy, a new set of office supplies, etc., may increase global trash. The use of debit and credit cards for everyday transactions has become standard. However, there are also serious drawbacks to using debit and credit cards, such as the inconvenience of having to carry them around and the danger of losing them. Users now have a new and more practical means to conduct digital transactions, thanks to the introduction of Metaverse digital identities, cryptocurrencies, and transactions. Users can create a secure digital identity on the Metaverse blockchain network using the secure digital identity system provided by Metaverse. They can then use this ID to conduct decentralized bitcoin or other asset transactions using the Metaverse blockchain network. Thus the need for debit and credit cards is eliminated, along with the associated security risks. Banks can benefit greatly from NFTs. It provides them with more flexibility when conducting financial transactions and opens up new channels for communication with their customers. They can install specialty NFTs that are advantageous to the user for everything from bank accounts to credit cards and mortgages. Credit cards are one instance where NFTs for banks could be used. To make it simpler for users to manage their financial transactions, banks might develop branded NFTs that are linked to a certain card or line of credit (Belk et al. 2022). This could involve limiting how much you spend on certain goods, establishing payment reminders, or monitoring your spending patterns over time. There are many different scenarios that could play out for the Metaverse in the banking sector. Increased cooperation between banks and technology firms, new laws that support innovation, and a rise in adoption from sectors outside of the financial sector are among the trends anticipated from 2023 to 2028. Therefore, numerous Metaverse uses in the financial industry are possible.

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Conclusion

According to these findings, it is likely that the metaverse will take the form of a virtual world where users can move around as 3D avatars and perform everyday tasks such as shopping, working, traveling, attending school, and having fun (Syed and Rehan 2023). The metaverse provides businesses with a space where brand management, product development, and innovation can be streamlined and made more effective. The success of metaverse business opportunities depends largely on how well these companies can adapt to an open environment and utilize the metaverse’s virtual, open, accessible, and persistent environment. Therefore, the efficient application of the metaverse has the potential to transform all sectors.

References Bauerová R, Mikšík O, Vavrušková L, Gavendová K, Haladejová V, Vavruška P (2022) The opportunities of using the metaverse from a business perspective. In: Working Papers 0072, Silesian University, School of Business Administration Belk R, Humayun M, Brouard M (2022) Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets. J Bus Res 153:198–205 Chang WL (2022) Application of metaverse service to healthcare industry: a strategic perspective. IJERPH 19(20):1–14 Desai DMV (2019) Digital marketing: a review. Int J Trend Sci Res Develop, Fostering Innovation Integr Inclusion Interdisciplinary Practices Manage Dibble CF, Molina CA (2021) Device profile of the XVision-spine (XVS) augmented-reality surgical navigation system: overview of its safety and efficacy. Expert Rev Med Devices 18:1–8 Dubey V, Mokashi A, Pradhan R, Gupta P, Walimbe R (2022). Metaverse and banking industry— 2023 the year of metaverse adoption. Techn Roman J Appl Sci Technol 4:62–73. https://doi. org/10.47577/technium.v4i10.7774 Ficarra B (2020) Virtual reality, augmented reality, and mixed reality. In: Emerging technologies for nurses: implications for practice. Springer Publishing Company, New York, NY, USA, pp 95–126 Golf-Papez M, Heller J, Hilken T, Chylinski M, de Ruyter K, Keeling DI, Mahr D (2022) Embracing falsity through the metaverse: the case of synthetic customer experiences. Bus Horiz Moore K (2022) Gucci vault opens in the sandbox, bringing luxury fashion into the metaverse. Forbes. https://www.forbes.com/sites/kaleighmoore/2022/10/28/gucci-vault-opens-in-the-san dbox-bringing-luxuryfashion-into-the-metaverse Seth D, Gupta M, Singh BJ (2022) A study to analyse the impact of using the metaverse in the banking industry to augment performance in a competitive environment. In: Applying metalytics to measure customer experience in the metaverse. IGI Global, pp 9–16 Sutherland J, Belec J, Sheikh A, Chepelev L, Althobaity W, Chow BJ, La Russa DJ (2019) Applying modern virtual and augmented reality technologies to medical images and models. J Digit Imaging 32:38–53 Syed AA, Rehan K (2023) Metaverse marketing vs digital marketing. Int J Innov Sci Res Technol 8(1)

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Relativity of Metaverse in Business Model: A Conceptual Analysis Akanksha Cibi

Abstract

The Metaverse is a new platform for producing and selling goods and services. Businesses can use the Metaverse as an extension of their current business model to their advantage. This study examines the Metaverse and how it can be used as a tool for business interactions. It explores the utilization of the Metaverse to give workers a more productive and effective workplace. Additionally, it looks at how companies can use virtual reality technology to their advantage regularly. Using virtual reality (VR) technology is crucial for companies to succeed in today’s market. Companies are using VR-based products such as avatars and 3D environments to attract customers who desire more than just an online shopping experience. Although the concept of the Metaverse has been around for decades Anshari (2022), it’s only recently that companies have started to take advantage of its potential. Keywords

Metaverse . Business . Virtual reality . e-commerce

2.1

Introduction

The concept of business has evolved significantly in the twenty-first century. While it once required the physical presence of both the buyer and seller (Maria Cristina ENACHE 2022), it has now become virtual, often taking the form of avatars or digitalized transactions. Over the past 2 years, the term “metaverse” has gained incredible popularity. These virtual worlds have given rise to numerous initiatives A. Cibi (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_2

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and businesses, each with its unique perspective. However, the definition of what constitutes a “metaverse” tends to vary depending on who you ask due to the numerous distinct perspectives. Originally introduced in the literature, the concept of the “metaverse” described a persistent environment, an online environment, and a feature of combining several virtual places into one. It offers economic opportunities and is highly appealing to consumers, becoming the next generation of the Internet. A metaverse is now a place where people may connect socially, play, work, and meet. The metaverse is the next step in virtual reality. We will be able to live, work, and play in this new world, changing everything we know about business and marketing. The concept of the metaverse relates to a simulated environment where users may interact with each other and actual objects. Although the idea of the metaverse has been around for a while, it has only recently gained more attention as more businesses create virtual worlds for their clients. This technology can be used by businesses to create immersive environments where customers can feel like they are actually there. Customers can also use it to explore new places or learn about new products without leaving home.

2.2

Framework of Metaverse and Business

In the metaverse, people can connect, share data, and even generate income. The term “metaverse” was coined by Neal Stephenson in his book Snow Crash (1992), where he defined it as “a virtual world where people can interact with one another in 3D.” (Maria Cristina ENACHE 2022) Today, many companies have embraced this concept, and some of them are already making money from it. Companies can utilize the metaverse to interact with their consumers while potentially making money off of them through advertising or other methods like changing how they sell items. A metaverse is a place where everything is possible, and there is a virtual realm in cyberspace where we may go and do anything we want. This is particularly true for businesses, which frequently need to communicate in real time with clients and other providers. Before you can offer your audience anything, you need to understand who they are and what they want to be successful. How can you offer people what they want if you don’t know what they want? How can they find out what they want if they don’t know what they want themselves? The easy solution is to use the metaverse. By producing content that speaks to your audience’s requirements, you may develop a following of devoted followers who will keep visiting your site for more material. We propose to study the metaverse and business relationships. Having a clear knowledge of what “the metaverse” actually is, is the first step in understanding this subject. In his 1992 book Snow Crash, Neal Stephenson introduced the concept of the “metaverse,” which he defines as a shared environment in which individuals from all over the world are connected by utilizing technology. One version of cyberspace exists in Stephenson’s book for each resident, and

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each of these cyberspaces has its own set of rules and guidelines that regulate interactions there. Virtual reality (VR), augmented reality (AR), or mixed reality (MR) can all be used for these interactions. . Virtual Reality (VR): The technology known as virtual reality (VR) produces three-dimensional experiences with aspects of sound, touch, and sight. In contrast to the metaverse, where people control the shared virtual world, it is a restricted technology where consumers can only enjoy the virtual experiences provided by their VR provider. . Augmented Reality (AR): The foundation of any metaverse endeavor is AR and VR. Three fundamental elements—the actual and virtual worlds, real-time interaction, and accurate 3D object visualization—underlie how augmented reality systems work. . Mixed Reality (MR): Combining the physical and digital realms allows for more natural and intuitive 3D interactions between people, machines, and their surroundings. The development of computer vision, graphics processing, display technologies, input methods, and cloud computing has led to this new reality. The metaverse has the potential to revolutionize the corporate world. It gives businesses a fresh method to connect with their clients, and it may also help them better comprehend their demands. For instance, if you own a garment-related business, your company could be interested in knowing how many people are purchasing your items online. But how exactly do you do that? Well, until now, modern technology hasn’t made it simple to track down this data. Businesses may build virtual environments in the metaverse where they can monitor the performance of their products. They will gain invaluable knowledge from this on what appeals to and what repels online shoppers. Because it offers an immersive environment where everything feels genuine and hence more relatable than attempting to contact someone through email or text messages alone, the metaverse also enables more personal interactions between customers and businesses. A computer, phone, or other devices can be used to access the Metaverse, a virtual world. Other names for it include Facebook Spaces, Oculus Dreamcast, and Second Life. Both companies and consumers would benefit greatly from the metaverse. In the metaverse, it would be feasible, for instance, to set up a virtual store for your company and sell goods online. Additionally, you may simultaneously converse with other staff and consumers through the metaverse. The valuable feature of using the metaverse is that it enables the communication between individuals without requiring them to go outdoors or use a phone line. The Metaverse is one of the most up-to-date virtual reality concepts: it is a shared three-dimensional virtual platform, which creates a mirror image of the real world based on digital twin and related technologies (Zhang 2022). As a result, people can communicate more

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quickly than they would otherwise be able to since there is no buffer between talking and typing on their gadgets. As an outcome, companies will be able to respond to client requests much more quickly than ever before since they will be able to interact in real time without any interruptions or issues. The digital universe known as the “metaverse” is made up of every planet we have ever seen combined into one. The metaverse is a space where individuals may communicate with each other and where businesses can develop. It could be applied for professional reasons like training or meeting spaces. The metaverse could be implemented as a virtual storefront or as a salesman who can assist consumers in discovering what they need to sell goods and services. There are many different virtual worlds in the cloud-based metaverse, which is a digital universe. The metaverse has been described as a “virtual space” that can be used by anyone. Businesses use it to expand their consumer market and develop new revenue streams. In addition, a business may use the metaverse to advertise its goods or services, or it might apply it for online training or customer service. Businesses may communicate with their customers more effectively than ever before according to the metaverse. Moreover, it offers access to high-quality data that can be utilized for analysis. As a result, companies will have more knowledge than ever before about the demands of their clients and will be able to offer better services. The metaverse is a digital environment that exists in cyberspace and can be accessed by any computer or device. It includes all the information and experiences of our current world, as well as all possible future versions of those things. Companies may be able to produce goods and services that aren’t currently possible in reality but could be with the metaverse in mind. For example, imagine if McDonald’s could create new menus based on customer demand, using a digital menu board where customers could place orders using their smartphones. This would speed up and simplify the ordering process. The metaverse is a digital space where people, objects, and experiences can be shared and interacted with. It has the potential to change business and marketing by enabling businesses to reach their customers more effectively and providing access to the same tools as them. Although the metaverse has been around for years, corporations have only recently started considering it as an option A structured literature review was selected as the study’s design to get a better understanding of the issue (Anshari 2022). Businesses need to understand how this technology can help them reach their customers and drive sales. The metaverse can be used to create new businesses based on virtual reality (VR) or blockchain technology. For instance, Bit-Shares, which was established in 2011 by Daniel Larimer and Gautam Gupta under the name EOS and is currently known as BTS, uses the metaverse and blockchain to enable people to exchange money without relying on banks or other centralized institutions. Users can create their virtual worlds and interact with others in the metaverse, which allows individuals to connect in ways that are not possible in the physical world. This concept links everything from your home to the internet into one

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cohesive whole, giving companies access to an enormous amount of information about their customers. This information can help businesses make more informed decisions about what products and services to offer. Accessing this information is crucial for businesses because it allows them to understand how their customers interact with each other on social media platforms like Facebook, Twitter, and Instagram. This knowledge can also help businesses tailor their marketing campaigns more effectively by knowing what types of posts are most likely to generate sales or increase engagement with consumers. The metaverse could provide companies with new opportunities for crossplatform marketing campaigns. For example, companies might offer discounts or coupons to customers wearing VR headsets like the Oculus Rift at specific times of the day if there was a method for them to communicate with other users directly through these devices (e.g., at lunchtime). The business implications of the metaverse are huge because it allows people to create their own businesses and run them from anywhere on the planet. This makes it easier for people who live far away from each other to work together online. It also opens up new markets for companies and organizations that want to sell products or services online without having to physically present themselves at an event or location where they can meet. In the business world, the metaverse could help companies increase customer loyalty by allowing them to connect with customers on an individual level while also providing them with access to information about their products and services. For example, if a company has a loyalty program that allows customers to earn points toward free products or discounts on future purchases, they could use those points within the metaverse so that customers feel like they are earning something tangible for being loyal customers (e.g., an extra special gift). This would help build trust between businesses and their customers, which is important when trying to attract new customers into your company’s ecosystem potential customers faceto-face. The metaverse could also be used by businesses that want to create more engaging experiences for their customers by offering them more opportunities for interaction within their own spaces within the metaverse itself (e.g., virtual office space). These spaces could include conference rooms where employees could meet up. It is designed to work with existing business models, which means it can be used by companies of all sizes, from small start-ups to large enterprises. The metaverse is designed to provide individuals with a new, more convenient way to communicate with one another and with their products and services than they would be able to through more conventional internet channels. For example, if you want to buy something online but don’t have an account with Amazon or Flipkart, you could use your Metaverse account instead. The metaverse is a fully immersive, 3D virtual world. It has been described as “the next step” in the evolution of computing, and it is predicted that it will become a major part of our daily lives. Businesses are already beginning to take advantage of this new technology by creating virtual reality (VR) experiences for customers who want to feel like

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they’re actually in their stores or offices. Governments worldwide have established policy measures facilitating digital transformation, and major companies worldwide are leading digital transformation in global industries (Shim 2022). This can help them make better decisions about where to put their money and how much effort to put into marketing campaigns. It is also possible that some businesses will use VR technology for training purposes, allowing employees to experience what it’s like to work at certain locations before they go there for real. In this way, companies can save on costs associated with sending people out into the field for training sessions where they may not have much valuable data available from their own employees or other sources around them. In addition, many businesses are investing in new technologies like augmented reality (AR) so that they can increase customer engagement through interactions with digital objects within the environment, rather than just observing them passively over time. A digital environment termed a “metaverse” enables people to communicate with one another and discover their special versions of reality, referred to as cyberspace. Users can also create virtual worlds where they can create objects, write stories, play games, create art, or even live out their dreams. The idea behind the metaverse is that it could be used to create alternative realities for users who have trouble living in reality or who want to escape from their everyday lives by creating new worlds where they can act freely without being judged by others. The possibilities are endless when it comes to us humans creating something new. The metaverse could impact businesses in many different ways. It allows businesses to communicate with customers in real time, meaning they can respond quickly if someone needs help or advice. Second, it allows businesses to interact with their customers as if they were face-to-face, instead of just typing text messages back and forth or emailing them one at a time. Third, it allows businesses to create customized experiences for each customer by allowing them access. The impact of this technology on business is huge because it allows companies to create new products and services that would not have been possible before due to its power as an advertising platform. It also gives users access to more information than ever before, which could help them make better decisions when purchasing products online or elsewhere. Modeling the future of e-commerce by the accelerated digital transformation, as well as technological trends, e-commerce, and metaverse (Purcarea 2022). The biggest benefit for consumers is that they will be able to see things from different perspectives, which may lead them down different paths, thus leading to increased profits for businesses that sell these products online. The metaverse is already being used by businesses as an opportunity to better engage with customers and increase brand awareness. The metaverse also provides an opportunity for companies to distribute content more efficiently than traditional media outlets such as television or digital newspapers. For example, companies can use virtual reality technology to create interactive experiences like video games or music videos that can be shared with audiences across multiple platforms without having to spend money on traditional advertising campaigns each time someone

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clicks on one of these pieces of content. This could be helpful, especially for smaller businesses that do not have access. The metaverse offers many advantages for businesses, including: . Low transaction costs: The cost of using the metaverse is significantly lower than using traditional methods such as email, social media, or even face-to-face communication. This makes it possible for companies to offer their products at lower prices without sacrificing quality or service standards. . Reduced risk of fraud: Users can use their personal information only once when they create an account on a new platform; therefore, they are less likely than other users to commit fraud or identity theft. . Improved customer experience: Users will feel more comfortable interacting with brands because they know that everything they do will be private–they don’t have any reason not to trust the platform. Overall, the metaverse is a powerful tool for businesses to connect with customers and improve their overall operations. As technology continues to evolve, we can expect to see even more innovative uses of the metaverse in the future.

2.3

Conclusion

In conclusion, the development of the Metaverse has had a significant influence on the industry lately. The Metaverse provides various options for organizations, including the opportunity to expand into new markets and enhance client interaction. To better comprehend the implications of the Metaverse, academics should continue researching its potential and the benefits it offers to businesses. The Metaverse has had a significant impact on businesses, presenting new opportunities for collaboration, communication, and consumer engagement. With the appropriate strategies, organizations can leverage the metaverse to increase their competitiveness and profitability. By utilizing its potential, businesses have been able to expand their reach, improve their flexibility, and seize new possibilities. The metaverse is still evolving.

References Anshari M, Syafrudin M, Fitriyani NL, Razzaq A (2022) Ethical Responsibility and Sustainability (ERS) development in a metaverse business model. Sustainability 14(23):1–14 Maria Cristina ENACHE (2022) Metaverse Opportunities for Businesses,” Economics and Applied Informatics, “Dunarea de Jos. University of Galati, Faculty of Economics and Business Administration, issue 1, pp 67–71 Purcarea IM (2022) The digital transformation and e-commerce. Holistic Mark Manag J 12(2):40– 67

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Shim WJ, Kim J (2022) The digital transformation of Korean industries today and implications for policy. Research Papers 22/4, Korea Institute for Industrial Economics and Trade Zhang H, Lee S, Lu Y, Yu X, Lu H (2022) A survey on big data technologies and their applications to the metaverse: past, current and future. Mathematics 11(1):1–28

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An Analysis of Future Prospects of Metaverse Boffin Sunny

Abstract

The term “Metaverse” resonates greatly in recent literature, yet many entrepreneurs overlook its potential. Although the Metaverse offers numerous opportunities for present and future businesses, its limitlessness also creates confusion for entrepreneurs. In the future world of the Internet, entrepreneurs must realize that the Metaverse will play a major role in business and other fields. Terms such as NFTs, blockchain, avatars, and Web 3.0 may not be familiar to the present world, but they will shape the future of business. This paper aims to understand the future perspectives, opportunities, and advantages of the Metaverse. As the Metaverse affects the lives and work of common people, they are being involuntarily or voluntarily impacted, limiting the ability to transfer findings from previous scenarios to the top. Keywords

Metaverse • Business • Avatar • Artificial intelligence • Augmented reality

3.1

Introduction

“Today’s Net, Tomorrow’s Meta” is a phrase coined by American novelist Neal Stephenson, the father of the Metaverse concept. It is a simulated digital environment that combines augmented reality (AR), virtual reality (VR), blockchain, and social media principles to create areas for rich user interaction that imitate the real world (Laeeq 2022). The Metaverse envisions a future where humans exist as software avatars that communicate with each other in a fully immersive virtual world B. Sunny (B) Kristu Jayanti College, Autonomous, Bangalore, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_3

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for socializing, playing, and working. Recently, Facebook has rebranded itself to Meta, emphasizing the company’s commitment to exploring and developing the concept of the Metaverse. Metaverse is being seriously discussed in 2022 as a new form of infrastructure, making captivating, personalized experiences possible (Enache 2022). The Metaverse is an emerging online environment that combines different visual elements from various sources, making it more appealing to people’s curiosity. Video game developers were the first to explore this technology, but it has since expanded to other fields. The Metaverse aims to create a parallel business space with virtual goods, virtual services, and virtual currencies, which could be a gamechanger for the business world. This paper’s objectives are to examine the Metaverse’s prospects in business and other fields, analyze its potential benefits, observe current developments, scrutinize potential negative impacts on people’s lives, and explore fields where the Metaverse has further scope. The Metaverse is an exciting and rapidly developing concept that offers significant opportunities for businesses of all sizes. Although there are potential negative impacts, such as reduced face-to-face interaction and potential privacy concerns, the benefits of the Metaverse are significant and worth exploring.

3.2

Metaverse, Its Applications, Benefits, and Future

3.2.1

Metaverse and Second Life

“Second Life” is an online multimedia platform provided by Metaverse, where users can create their own avatars. The advantage of this avatar is that it allows users to connect with other customers and their virtual avatars, creating a virtual life that is named “Second Life”. Linden Lab in San Francisco created Second Life on June 23, 2003. It became popular quickly and had 1 million regular users in 2017, and now has around 800,000 to 900,000 regular users. People who use Second Life are called “Residents”, and the places on this platform are called “Grid”. Residents can engage in different activities individually and in groups. They can create virtual properties on this platform and even sell them. One of the main advantages of Second Life is that users can produce 3D objects. Second Life has its virtual currency called “Linden Dollar”, which can be exchanged with normal currencies. Philip Rosedale is the founder of Second Life.

3.2.2

Metaverse in Business

Metaverse has a very wide scope in future business operations. It can be used to enhance customer experience, offer goods that are exclusively available in the Meta world, collect and store customer data, market digital as well as physical goods and services, and provide hardware and platforms for Metaverse tasks. Despite the

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fact that it may be difficult for some to navigate the tangle of terms such as NFT, blockchain, avatar, and Web 3.0, entrepreneurs should keep in mind that the Metaverse is envisioned as the future evolution of the Internet, which will bring new opportunities for their businesses (Bauerová et al. 2022). The retail sector is one of the sectors that can benefit the most from exploring Metaverse-related business opportunities. E-commerce businesses can take advantage of the Metaverse to create a good shopping experience for users and to capture data on buyer behavior. Recommendations used by companies like Amazon can have a better natural presentation that is easy for users to accept. Metaverse can also be used as a platform for showcasing new and complex products, and purchasing can become a common process for regular customers with online shopping. Alibaba and Amazon are some of the companies that have started experimenting with Metaverse.

3.2.3

Making Improbable Experiences Possible Improbable

Few people dare to ascend the Himalayas, surf the biggest waves, or travel to the far reaches of space. The Metaverse is expected to offer realistic and immersive experiences that were previously out of reach for many people due to barriers such as cost, location, or physical limitations. According to Daniel Mintz, Chair of the IT department at the University of Maryland Global Campus, immersive experiences using VR headsets allow people to have experiences they otherwise wouldn’t be able to. The Metaverse can act as an equalizer by opening up new possibilities to everyone. Sachin Mittal, Executive Director at Singapore-based DBS Bank, believes that the Metaverse will enable people to “live the life they wish to live”. For example, a ride over the Grand Canyon may not be feasible for everyone due to the cost and time involved, but it could become possible through the Metaverse.

3.2.4

Possibilities for Online Events

It’s not novel to plan a conference or live event that can be viewed online and in person. Many people are unable to travel to attend a professional conference or lecture, but that is still no excuse for not expanding their knowledge. In contrast to a straightforward Zoom or Google Meet stream, a conference in the Metaverse can be a full-fledged VR experience with appropriate networking and participation opportunities, rather than just another video in a small window with comments underneath it. A favorite artist’s live performance might not be as spectacular when streamed online. This experience can be made more immersive and give viewers a better sense of presence with the use of virtual reality and the Metaverse. Museums and galleries can also move to the Metaverse. For instance, Sotheby’s has launched a proposal for an NFT avatar show that is only accessible through the gallery’s Metaverse. In a single day, 300 unique avatar things were all gone.

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B. Sunny

Metaverse in Learning and Education

As fascinating as the Metaverse’s various applications are its potential for education and learning. Because of VR and the effects of the Metaverse, learning has improved to a new level. Students can now use improved and superior information resources while viewing live experiments. Students are depicted studying astronomy in a virtual spaceship rather than a classroom in a recent New York video. The beginning of a new age in education has just occurred. The Metaverse also breaks down language barriers by allowing students from different countries to learn in the same digital space without running into social or linguistic barriers. Another example of the Metaverse is Microsoft’s Mesh, a mixed reality platform where teachers, staff, and students could communicate with their 3D avatars. The mesh may be controlled by Microsoft Hololens, a wearable AI, to take part in live sessions and video conferences.

3.2.6

Metaverse and Virtual Gaming Environment

According to a study by Ernst & Young, 48% of executives believe that the Metaverse may change business models for virtual gaming businesses, drive revenue, and offer new opportunities for brands to engage with their target audiences. and 97% of executives believe that the video game industry is essential to the development of the Metaverse. Customers from all around the world come together in the shared online community known as the Metaverse to engage and socialize. Businesses interested in investing in the Metaverse for gaming can take advantage of modern technology to develop cutting-edge Metaverse gaming apps, including 3D reconstruction, augmented reality, Internet of Things, artificial intelligence, and blockchain. The Metaverse has the power to charm individuals by giving users the sense and setting that they are genuinely in the real world they have visited. They have access to a 3D environment or setting where they can engage in intricate interactions with their surroundings. Additionally, the Metaverse provides an immersive and extraordinary experience where users can study, interact socially, work, earn money, and now even virtually attend a meeting and shows using NFT trading and live game broadcasting. The Metaverse’s vast gaming environment is growing in popularity as it helps people realize their desire for authentic experiences. Applications of the Metaverse are changing how individuals communicate online, who owns what, and even the way money is exchanged in the real world. Cens World is one example of a 3D virtual gaming platform that allows users to create their storylines and give their characters individuality. Cens World was introduced as the “Future Metaverse Open-World Game of the Century”. This is a live illustration of how modern technology is being used to create unavoidable gaming experiences.

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Creative Advertising Methods

The Metaverse is expected to utilize innovative approaches to brand storytelling and advertising. Storytelling is one of the most effective ways to enhance brand recognition and affinity as it provides deeper insight into a company’s values and philosophy. Imagine how captivating and engaging a brand narrative can be with the use of VR and other Metaverse technologies. Storytelling is gradually evolving into “story living”, where users are no longer passive listeners but active players or even characters who decide what happens and how.

3.2.8

E-Wallets and Bitcoin Transactions

The Metaverse and cryptocurrencies go hand in hand. It will be difficult to enjoy the advantages of the virtual environment without a cryptocurrency wallet, even during this early implementation stage. While this concept may be overwhelming for some business people, blockchain technology and cryptocurrencies have more benefits than drawbacks. Digital currency is essential in the world of technology, just like special “Disney cash” is required in theme parks. Users and businesses can perform any transaction online more easily with cryptocurrency. Payments can be made with just a few clicks, and all transactions are transparent, so there is no need to connect your bank account to virtual worlds. You would want to have proof of every virtual purchase you make because Metaverses of various corporations interact, making the latter even more crucial.

3.2.9

Health Care and Metaverse

The Metaverse has opened up new possibilities for delivering medications with better outcomes at more affordable prices in health care. The opportunities for Metaverse services in the healthcare industry have potential but are complex and conflicting since the opportunities are different in each sub-industry. It is very difficult to properly balance the current Metaverse service requirements of a business model and its relevant technology without a systematic approach to evaluate potential business opportunity development (Lee 2022). Patients and physicians can communicate in virtual 3D clinics under the rubric of telemedicine and telehealth, a concept popularized by the Metaverse following the pandemic. Patients can also use the Metaverse as a virtual refuge to escape for therapy during times of stress and worry. New Metaverse applications are also helping the audience to get healthier by providing them with digital workouts and exercises. Digital Twin technology, powered by the Metaverse, allows for the development of a patient’s digital model for testing treatments and pharmaceuticals.

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B. Sunny

Metaverse: Finance and Banking

Customers can experience virtual banking through the fifth stage of progression in the banking and fintech sectors, represented by the Metaverse. In a way, the Metaverse enables personalized banking to return with the aid of virtual or augmented reality (VR/AR). It is widely anticipated that by the end of this decade, 50% of banks worldwide will embrace AR and VR as substitute channels for client transactions and employee engagement. For example, BNP Paribas has released an app that enables clients to make banking transactions using VR, while Bank of America has introduced a VR training program for its workers that simulates real-life customer interactions. Users may choose to use the Metaverse for their banking activities as it can add a fun element to what may have become routine or dull. With their avatars in the Metaverse, users can monitor their balance, pay monthly bills, and transfer money. They can also engage directly with the avatars of bank personnel. This makes it possible for consumers, such as very senior folks with limited physical mobility, who may find it physically tiring or nearly impossible to perform transactions in a physical bank, to bank online. Many young people may have never seen the inside of a banking institution in their lives.

3.2.11

Metaverse and Future

It is estimated that by the year 2030, there will be a community of 1 billion connected with the Metaverse, and it will be worth around $800 billion by the year 2024. According to Nvidia’s CEO, “The next step in the company’s Metaverse development strategy has a market potential of $10 billion over the next five years”. CEO of Microsoft, Bill Gates, projected that “Virtual meetings will migrate to the Metaverse within three years, and that people would increasingly rely on VR headsets and avatars at work. People will build avatars in the Metaverse that are likely to be identical to them in real life”. There are platforms to connect with live virtual comedy events or even music concerts which will create a community-based experience in the Metaverse. There are malls in the Metaverse, like AltpaceVR, which will facilitate shopping in the virtual world, and people will spend money to beautify their avatars with unique apparel or other utensils to upgrade them. The Metaverse may utilize augmented reality in the future at some point in time, and here we will be able to see so-called “holograms” of the Metaverse, where we will be able to see the background of the real world with AR glasses. Shortly, the Metaverse will be interconnected, which facilitates the movement of our avatars from one to another platform. The companies may pay developers to create “physical” outlets in the Metaverse, and in some high-traffic areas—the “real estate” dealings will be surely expensive.

3 An Analysis of Future Prospects of Metaverse

3.2.12

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Cocooning in Metaverse

Faith Popcorn, a futurist, first used the term “cocooning” in 1981 to describe the act of sheltering from an ostensibly hostile physical and social environment by remaining within one’s own house. In 2012, psychiatrist Tamaki Saito defined the condition as “a state that has become a problem by the late twenties, that involves cooping oneself up in one’s own home and not participating in society for 6 months or longer, but that does not seem to have another psychological problem as its primary source”. This condition became known in Japanese as “Hikikomori”. In 2019, around 36.5 million populations in the United States were living alone. This is less an indication of loneliness than it is a conscious choice influenced by culture and socialization, as people value their time alone. Different types of “cocooning”, such as “armored” and “wandering”, were identified by Popcorn. First, the house is interpreted as a castle, and, second, as a base for many “expeditions”. These single homes, even if they were self-selected, may become susceptible in the future due to factors like climate change and rising prices. If the dwelling is expensive, the “wandering” may shift from the real world to the virtual one. In Roblox, many musicians gave live performances. Being active in the Metaverse comes with a price, not only the required investment into hardware but also virtual goods and entrances have a cost. If the user’s overall budget (money, but also time) is limited, it may lead to the consequence that experiences in the physical world must be partly substituted with comparables in the Metaverse (Henz 2022). We can envision the next step as the lines between physical and virtual realities become increasingly hazy: a concert might take place simultaneously in both realms. Attending life or only in the Metaverse will mostly depend on the individual’s money, similar to the many zones at the performance hall today. Age limitations or geographic constraints are two more potential limiting factors. The same is true for digital nomads who work from home on a laptop and may relocate to more affordable areas, such as those that are farther from their place of employment. The cost of participating in the Metaverse includes not only the necessary hardware investment but also the cost of virtual products and admittance. A user’s entire budget, which includes both money and time, may be constrained, forcing them to partially replace their physical world experiences with Metaverse equivalents. In the traditional cocooning strategy, the person scales back their social interactions. Users may reestablish social connections or swap out human interaction in the real world for interaction with Virtual Beings or other users in the Metaverse if cocooning is combined with time spent there (VBs), even when being physically alone might not automatically result in a feeling of loneliness because sophisticated algorithms can produce high-quality experiences.

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B. Sunny

Conclusion

Aside from Roblox, which follows in the footsteps of well-established multiplayer games, no virtual reality platform has been able to demonstrate a sufficient number of active users up to this point. Although many analysts anticipate that this will change, even larger corporations have so far had difficulty luring people to be active on their specific Metaverse platforms. People can expect that the gaming industry will lead the way in terms of advancement, as newer games may place less emphasis on the gameplay itself and more on “social hangouts”. The potential for organizations to adapt their business models and operational capacity to function on the Metaverse is significant, with transformational impacts on marketing, tourism, leisure and hospitality citizen-government interaction, health, education, and social networks (Dwivedi et al. 2022). Parallel to this, new virtual reality platforms from the business world will emerge to support instruction in schools, universities, and corporations. According to one of the definitions, the Metaverse is a network of several virtual reality platforms, necessitating interoperability between the avatar or virtual body. This is akin to an actor who performs entirely different parts while maintaining a consistent perception and using the same motions. The Metaverse will only materialize on a big scale, increasing the allure of the virtual world as a destination and place to stay. When humans enter the Metaverse, they will be in the “natural habitat” of the AI, which can present opportunities but also raises the possibility that the algorithm, as well as the companies and people responsible for the technology, could take advantage of human weaknesses, particularly if they wish to use virtual reality as an escape from the real world. Legal frameworks must function just as well in virtual reality as they do in the real world. Additionally, it is advised to set up an efficient supervisory board to examine and evaluate how technology affects human psychology as we continue to speak about uncharted virtual worlds. Since the Metaverse is a recent creation, we can anticipate effects, but we also need to regularly and ideally in real time investigate the effects on the human mind. Regarding this, the post should be viewed as a prediction and a request to start a conversation about how to cultivate opportunities and minimize risks. If the circumstances are right, it stands to reason that children who spend enough time with avatars and virtual beings (VBs) in the Metaverse will come to recognize these aspects of themselves, which will result in a newfound sense of self.

References Bauerová R et al (2022) The opportunities of using the metaverse from a business perspective. Working paper in interdisciplinary economics and business research no. 72. Silesian University in Opava, School of Business Administration in Karviná Enache MC (2022) Metaverse opportunities for businesses. Annals of “Dunarea de Jos” University of Galati Fascicle I Econ Appl Inf XXVIII(1). https://doi.org/10.35219/eai15840409246 Henz P (2022) The psychological impact of the metaverse. Discover Psychol. https://doi.org/10. 1007/s44202-022-00061-3

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Laeeq K (2022) Metaverse: why, how and what. https://www.researchgate.net/publication/358505 001_Metaverse_Why_How_and_What Lee CW (2022) Application of metaverse service to healthcare industry: a strategic perspective. Int J Environ Res Public Health 2022(19):13038. https://doi.org/10.3390/ijerph192013038 Yogesh KD et al (2022) Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. Int J Inf Manage 66. https://doi.org/10.1016/j.ijinfomgt.2022.102542

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Is Metaverse in Education Blessing in Disguise? V. Keerthana

Abstract

The advancements in technology have led to the emergence of the metaverse, as a landscape where people interact virtually as avatars, especially in the realm of academic achievement in areas such as entertainment, academic practice, instructional design, and more. According to tech experts, this year could distinguish intelligentsia from laborers, and the advanced methods developed in the last few years will make the first moves last year in creating the virtual world a reality. The properties of the metaverse are explained in-depth, along with a clear definition of the metaverse in education and a comprehensive framework for it. Further potential uses of the metaverse in education are also discussed, along with their justifications and use cases, such as online and blended learning, language learning, competency-based education, and inclusive practice. The challenges of using the metaverse for academic purposes are also discussed. According to academics, one of the most significant applications of the metaverse is education, which has a promising future. We believe that the existence of the metaverse can serve as a new learning environment, and the use of the metaverse in training can be viewed as an educational setting enhanced by technologies related to the metaverse that combine elements of virtual and actual learning environments. It allows students to access the educational environment through wearable technology without being restricted by time or location, and it can lead to improved outcomes, create employment opportunities, and enhance global competitiveness. Keywords

Metaverse • Virtual reality • Augmented reality • Ed-Tech V. Keerthana (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_4

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V. Keerthana

Introduction

The metaverse is not a new technology, although it is relatively recent. It can be defined as a virtual setting that enables customers to experience the best of life and encourages meaningful communication. The metaverse is connected by virtual reality, augmented reality, blockchain techniques, social media features, and avatars, which give an immersive real-world feeling. Hwang and Chien (2022) emphasized in their work that the metaverse is already one of the innovations with the best potential. However, the use of the metaverse for academic purposes has hardly been mentioned. Many schools and teachers may be completely ignorant of the functionalities of the metaverse, let alone the potential applications of these technological innovations. This paper introduces prospective application software and research problems of the metaverse in employable skills. In addition, the positions of AI in the metaverse as well as metaverse education are discussed. The advancement in Computer Vision (CV) has evolved drastically from image processing to object recognition, tracking video, restoration of images, threedimensional (3D) pose recognition, and emotion analysis (Iqbal and Sidhu 2022). The development of virtual reality technology in the entertainment industry has applied social network capability (Lee et al. 2019). The usage of virtual reality and augmented reality headsets makes it possible for the hypothetical Metaverse, which is an iteration of the internet as a single universal and immersive virtual world, to function. The Metaverse is a post-reality singularity, an incessant multi-user atmosphere that combines the material universe and the internet virtual world. A rapidly growing field of research, continually developing and looking for new technological solutions. Over the last several years, Virtual Reality (VR), which provides an interactive computer-generated environment, has moved from being the purview of the gaming to the professional development such as military, psychology, medicine and teaching applications (Kami´nska et al. 2019). It is based on the integration of techniques that enable somatosensory relations with immersive technologies, internet particles, and folks. Its first manifestation was a virtual environment site where profile pics could levitate. The teaching, studying, and development sectors are always trying to find ways to apply formats like the metaverse to modern studying propaganda techniques. Undeniably, the need for technology in education and training is increasing. Classrooms and the entire globe have more than just to enlighten, they purposefully influence teenagers for the long term. Since the late 1990s PC internet boom that gave birth to eLearning, the education sector has significantly advanced. The present era of mobile computing and social media introduces microlearning through shorter, video-based learning on demand. Industry watchers claim that the third computing era has now begun. Instead of flat, static pages on PCs and mobile devices, there will be a metaverse of digital 3D spaces where we interact as lifelike avatars. In the metaverse, an embodied internet, you’re never alone. Unlike a Zoom call, which is scheduled and stops when you’re finished, the metaverse is “always on” and allows for social interactions with peers. The way learning and skill development are affected by this transformation is profound.

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4.2

Opportunities in Education

4.2.1

Connectivity to Students

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Many metaverse education solutions focus on learning gamification to make learning more fun. This is because many students enjoy playing video games, using technology in creative ways, interacting with each other on social media, and engaging in other forms of modern digital entertainment. Most students are exceptionally tech-savvy, having grown up with digital media. Many who are considered strong academic consultants on the internet are often more tech-savvy than their students and caregivers. It is already argued that consistent exposure to technology since puberty makes it unlikely that a single educational resource or simple teacher-to-student presentations will engage them more than prior generations. While this remains a somewhat controversial area of inquiry, it is clear that inclass tournaments, eLearning, digital learning, and other innovative methods of instruction are gaining popularity, and this trend shows no sign of slowing down. Metaverse education is another subset of this trend, aiming to use a variety of learning materials to appeal to the same students and enable them to learn in an environment in which they feel comfortable. Using metaverse environments has the potential to accommodate all three types of student engagement: behavioral, emotional, and cognitive.

4.2.2

Merged with Mirror World for Immersive Learning

The ability to immerse students in the learning environment is one of the main advantages of the Metaverse as it provides an accessible path to the mirror world. The mirror world is exactly what the name suggests, a mirror of the real world. The concept of a mirror world, a one-to-one digital map that aims to replicate the real world as closely as possible, is ideal for creating a platform for interaction. Exploring these environments in the metaverse is highly beneficial for immersive learning efforts. In the future, it is expected that the mirror world will be so accurate that it will be almost indistinguishable from the real world. This also makes it easier to apply metaverse lessons to the real world. Students as avatars discussed the problem in Second Life using microphones (Kanematsu et al. 2013). There are mainly two important technologies for developing the metaverse. The first is Virtual Reality. Users can interact with a virtual world in a way that resembles reality as it is perceived by our senses by using a simulated 3D environment known as virtual reality. Today, most people access this simulated world by donning a VR headset, which fills their field of vision. More lifelike engagement with the virtual environment is made possible by haptics, which include gloves, vests, and even full-body tracking suits. The second one is augmented reality, which is less immersive compared to virtual reality. It uses some sort of lens to apply digital overlays over the real world. Users can still engage with their

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physical surroundings. An early application of AR is the game Pokémon Go. Consumer augmented reality products include Google Glass and heads-up displays for automobile windshields. Today, the use of metaverse for the development of immersive virtual worlds has been a staple of the online gaming industry for decades. And to the degree that a proto-metaverse has widespread use, the enormous audiences that swarm to sites like Roblox, Epic Games, and Decentral, albeit not simultaneously, imply that creating video games, virtual worlds, and real estate investing may be it. Businesses are testing metaverse programs at work that expand on the virtual programs they introduced to facilitate remote work during the pandemic. Workplace training is one of the first metaverse technologies to be used. According to TechTarget news reporter Esther Ajao, some hospitals are already employing VR and AR to teach staff members about routine medical operations. Medivis, an AR surgical system that enables surgeons to swiftly sync with a hospital’s digital imaging system, is one device that has just received FDA approval. There are numerous other metaverse-like uses that she discussed in her article, “Enterprise applications of the metaverse slow but coming.”

4.2.3

Metaverse and Education Meets

The most recent VR headset design serves as the entrance to the metaverse. VR headsets immerse the senses and offer a sensation of embodied presence that is unmatched. Users can move around freely in a 3D scene and interact with it using their hands much like they would in reality. The hype cycle for virtual reality (VR) technology has passed, and the technology is now sufficiently accessible and affordable to close global capacity gaps. There is no need for an internet connection for single-player sessions. VR improves muscle memory and engages the brain’s motor center. Although virtual reality (VR) has many applications, only few studies have investigated user acceptance of this type of immersive technology (Sagnier et al. 2020).In the same way that flight simulators prepare pilots for emergency landings, virtual reality (VR) can instruct anything, from agricultural techniques to firefighting. Spatial training is one ability that makes use of the special benefits of the metaverse, such as utilizing the hands and body to perform actions that are either too dangerous, expensive, inconvenient, or just impractical to practice in the real world. Other examples include developing and then practicing scenarios for regular and irregular operations, emergency response, challenging work settings, important procedures, and high-consequence events. There are several methods to connect metaverse and learning. The use of VR is promising in the field of education and requires investigation, but research on the use of VR in education is still limited (Özgen et al. 2021).

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4.2.3.1 Learning and Interacting in a Realistic Virtual Campus Before and during COVID-19, the trend toward more virtual and hybrid learning environments had already started to replace traditional classroom settings. Students can learn, explore, and socialize at a virtual campus or university while wearing virtual reality headsets thanks to the metaverse. For instance, students can explore various learning pods, go to libraries and breakout spaces, meet coaches and counselors, and socialize with other students in this online environment. These digital interactions can truly democratize education by working to integrate individuals from various socioeconomic groups and geographically dispersed regions to educate in a more effective, flexible, and rapid way. Using the planned Kenya-KAIST virtual campus as an example, which would be 60 km from Nairobi’s capital city, the institution will be able to increase its reach. 4.2.3.2 Improve Your Real-World Skills in Virtual and Hybrid Environments Through realistic events and high-stress settings where mistakes can be made without negative consequences, the metaverse offers an opportunity for experiential, embodied skill-building. When designed correctly, it combines VR with machine learning and structural features to boost student engagement, self-awareness, and application. Some advantages of metaverse training are as follows: Learning through experience: To teach life-saving lab procedures, a pharmaceutical company by the name of Novartis uses multiplayer, high-fidelity VR simulation. Students go to a virtual lab where they interact with teachers and practice labeling bags, removing bag tops, and welding tubes. Learning that is dependent on the state: At Providence Health, handling workplace microaggressions stresses out employees. A live actor recorded in three dimensions appears as a holographic in the space in front of you through the camera on your phone or tablet for training and retrieval to proceed under identical conditions. 4.2.3.3 Increase the Data Gathering on Learning Outcomes By developing engaging education opportunities in the metaverse, businesses may use previously unavailable data to gain insights into student behavior, measure progress, identify gaps, and continuously improve the learning experience. Examples of pertinent details on learner behavior include usage, performance, attentiveness and participation, sentiment, and predictive analysis. To figure out if these learning environments are effective, teachers can also play a more active part in data collection and lesson analysis. Pharma simulators like Pfizer, Novartis, and Bristol-Myers Squibb, for instance, track hand motions. Under the biosafety cabinet, if clients cross their arms or unnaturally hold them, the simulation quickly gives feedback and resets. Each digital footprint may be quantified, and only a telemetry dashboard can offer useful information for making improvements. The term “life” just after the computer is used to describe the

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metaverse. Among the first uses of this innovative approach to learning are gamified activities, 3-dimensional simulations, and virtual campus activities. There are countless potential uses for this technology to creatively reinvent and democratize learning, and this is just the beginning.

4.2.3.4 Make It Easier for People with Disabilities to Get Around People with impairments may have better access to social and educational opportunities thanks to the metaverse. Young adults with special needs, autism, and social interaction difficulties, for instance, can develop their social and occupational skills in an immersive environment by engaging in tasks like shopping at a mall or grocery store, stocking shelves at a store, or loading cargo into a truck. Through the use of VR apps, individuals may interact with others and hone their abilities in a safe environment without feeling overwhelmed or anxious. With advantages such as ease of use and low cost, desktop virtual reality (VR) technologies are increasingly being used in practical learning (Luo and Du 2022). People with mobility or psychological issues can also benefit from using VR to enhance their quality of life. The Starlight charity, for instance, employs virtual reality to let pediatric patients “escape” from the limitations of their hospital ward and enter a different world. They can use VR goggles to play soccer, hang out with friends, or travel to faraway places. 4.2.3.5 Improve Human Capacities in Social or Challenging Circumstances It can be challenging to obtain and assess soft skill training for employees in areas like leadership, empathy, communication, and listening. The metaverse enables this by engaging students in real-world scenarios and giving them the chance to practice skills and experience having sensitive or difficult conversations with colleagues or customers in a safe environment. When practicing safety procedures, Verizon employees may feel threatened and overwhelmed. For this complicated scenario, Verizon trained over 22,000 employees across 1,600 stores using virtual reality. According to the business, 97 percent of those trained felt ready to face such perilous circumstances. 4.2.3.6 Digital Campus Activities Students can engage in a variety of occasions and activities like contests, sports, educational groups, and much more, similar to attending courses with other students in a virtual setting. It gives the impression of being visible on campus and actively taking part in events.

4.3

Future Impact of Metaverse on Education

In general, the metaverse will make it possible for lots of students to acquire knowledge in wholly immersive, multimedia settings that combine the real and virtual worlds. For instance, in a geometry lesson, pupils might learn geometric

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calculations by viewing and interacting with geometric forms in a virtual reality environment while also listening to a math expert provide context and help. Students might also be working together virtually to solve geometrical puzzles with peers halfway around the world. To further comprehend how mathematical principles are used in real-world applications, students may be engaged digitally in an architect’s or engineer’s office, looking at drawings of recently designed city skyscrapers. Students will sometimes work on different activities at different paces while working simultaneously individually and collaboratively. The teacher will occasionally engage in a conversation with the class in a completely physical setting to assess their progress, spark a debate, and look for indications of creative critical thinking. All in all, a rich metaverse active learning would combine the real and digital worlds and make use of multimedia to offer students a variety of educational possibilities in a collaborative context. The best way to include the metaverse into the curriculum will be a difficult task for educators and parents. There are countless educational opportunities available in the metaverse, but it is yet unclear what concerns there may be for kids. Students are inside their settings in highly engaging three-dimensional augmented and virtual reality worlds, and what is happening around them might not be immediately available or obvious to adults. Parents will probably be upset by this. In addition, how will kids feel as they encounter increasingly “realistic” three-dimensional virtual and augmented reality environments? What occurs to kids when they start to lose the ability to tell the difference between reality and fantasy? These are only a handful of the intricate problems involving kids in a metaverse setting. Virtual learning experiences will increasingly include game mechanics and game design elements, such as competition, points, and prizes. Users will be immersed in games and be taken beyond the confines of 2D animation screens in truly immersive 3-dimensional augmented and virtual reality environments. Gamified aspects are anticipated to gain popularity among kids and teenagers as they become quite immersive and interesting. The demand for gamified activities is anticipated to expand along with the need for virtual reality and artificial intelligence in education during the next five years, increasing the size of the worldwide game-based learning market by approximately 20%. This article discusses the potential impact of the metaverse in education, including its ability to offer immersive, multimedia learning experiences that combine the real and virtual worlds. However, it also raises concerns about the challenges of integrating the metaverse into the curriculum, especially for kids, and the potential for students to lose the ability to distinguish between reality and fantasy in increasingly “realistic” virtual and augmented reality environments. The article also predicts an increase in gamified learning experiences that utilize game mechanics and design elements, such as competition and points, in truly immersive 3D environments.

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Conclusion

Since Facebook changed its name to Meta, the term “metaverse” has gained a lot of attention, and leading companies and brands have already started investing in various metaverse projects. While the concept of the metaverse is gradually making its way into academia, its full potential in the field of education has not been fully realized yet. However, there is hope for the future as Meta is spending $150 million through Meta Integrated Learning to expand students’ access to education through technology. Additionally, other companies and well-known universities are researching the potential of metaverse education. With its numerous benefits, the metaverse is expected to transform education, accelerate learning, and transform the current system into one that is more advanced, innovative, and relevant. Metaverse education is one of the most fascinating advancements in virtual learning, and while there are still gaps in our understanding, it is already evident that this technology is poised to have a significant impact on both students and teachers. The use of virtual reality (VR) has become a viable alternative to conventional learning methods in various knowledge domains. Wearable head-mounted displays (HMDs) are devices that provide users with an immersive VR experience (Shen et al. 2019).The metaverse provides educational opportunities that reach prospective students wherever they are and allows them to learn in a comfortable and engaging environment. Moreover, the accessibility it provides is essential for schools trying to meet their DE&I requirements. These platforms also give users greater control over educational opportunities that meet the demands of the current age. Accessing classes through an online platform can be beneficial as it allows students to learn from professors and experts in their field who are not physically present in the same location as the class. We should expect to see global collaborations that enable children to develop solutions for the future, and many schools will likely use the metaverse to achieve greater equity in their classrooms. This study highlights that the use of the metaverse in learning is still in its early stages, so both advantages and disadvantages are likely to be present. The Metaverse gold rush is currently underway, similar to the rush for wealth in the wild frontier, which suggests that we should proceed with caution for various reasons. The metaverse has enormous potential, much like the uncovering of the American continent, which inspires many investors to colonize it, use it for financial gain, and create new societies where they can exploit them.

References Iqbal J, Sidhu MS (2022) Acceptance of dance training system based on augmented reality and technology acceptance model (TAM). Virtual Reality 26(1):33–54. https://doi.org/10.1007/s10 055-021-00529-y) Kami´nska D, Sapi´nski T, Wiak S, Tikk T, Haamer RE, Avots E, Helmi A, Ozcinar C, Anbarjafari G (2019) Virtual reality and its applications in education: survey. Information 10(10):318. https:// doi.org/10.3390/info10100318

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Kanematsu H, Kobayashi T, Ogawa N, Barry DM, Fukumura Y, Nagai H (2013) Eco car project for Japan students as a virtual PBL class. Proc Comput Sci 22:828–835. . In: 9th International proceedings on proceedings (2010), pp 1–2. https://doi.org/10.1016/j.procs.2013.09.165 Lee J, Kim J, Choi JY (2019) The adoption of virtual reality devices: the technology acceptance model integrating enjoyment, social interaction, and strength of the social ties. Telematics Inform 39:37–48. https://doi.org/10.1016/j.tele.2018.12.006 Luo Y, Du H (2022) Learning with desktop virtual reality: changes and interrelationship of selfefficacy, goal orientation, technology acceptance and learning behavior. Smart Learn Environ 9(1):1–22. https://doi.org/10.1186/s40561-022-00203-z Özgen DS, Afacan Y, Sürer E (2021) Usability of virtual reality for basic design education: a comparative study with paper-based design. Int J Technol Des Educ 31(2):357–377. https://doi.org/ 10.1007/s10798-019-09554-0 Sagnier C, Loup-Escande E, Lourdeaux D, Thouvenin I, Valléry G (2020) User acceptance of virtual reality: an extended technology acceptance model. Int J Human-Comput Interact 36(11):993–1007. https://doi.org/10.1080/10447318.2019.1708612 Shen C, Ho J, Ly PTM, Kuo T (2019) Behavioural intentions of using virtual reality in learning: perspectives of acceptance of information technology and learning style. Virtual Reality 23(3):313–324. https://doi.org/10.1007/s10055-018-0348-1

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Are You Ready to Take Avatar in Virtual Classroom—Metaverse in Education from Student’s Perspective C. Nagadeepa , A. Pushpa, and K. P. Jaheer Mukthar

Abstract

The education sector has undergone momentous changes in the past few decades, focusing on integrating immersive technologies into academic settings to ensure that learning is fun and engaging. Educators are continuously striving towards adopting improved teaching methods that match the rapidly evolving technology. This view of educators has enabled a transition in teaching methodology from the traditional methods of using a whiteboard and blackboard to digital and smart classes. After the pandemic, blended learning and online learning have become mainstream, challenging immersive and engaged learning. Metaverse is one such focus for educationalists across the globe that allows for student involvement and participation in fun activities, ensuring learning with fun and entertainment. The present paper aims to understand students’ opinions on awareness of virtual learning, its benefits, the level of adoption of learners, and the challenges faced by them in virtual learning. A combination of qualitative and quantitative research methods was adopted. A sample of 214 respondents from different colleges was chosen for the study. The study found that students were aware of a metaverse in learning but were not experienced in metaverse learning, and most of them were interested in metaverse learning. Keywords

Metaverse . Education . Virtual class room . Early adopters . Laggards

C. Nagadeepa · A. Pushpa · K. P. J. Mukthar (B) Kristu Jayanti College Autonomous Bengaluru, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_5

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C. Nagadeepa et al.

Introduction

Ever-evolving technology has brought about a lot of transformation in all spheres of existence. The pandemic has hastened the use of e-learning approaches, even though the first course was introduced in the 1990s. A benefit of the pandemic was that it made the educational community more receptive to implementing cuttingedge technologies. Only when instruction can keep students interested, it can be considered successful. Information learned is retained more effectively when there is greater interaction. Technology is undeniably essential for connecting with students and improving their engagement with the course material. In the field of education, metaverse enables students to participate in remotely accessible virtual classes that simulate aspects of a traditional classroom. Physical barriers are being removed while educational institutions and technology firms try to make them more immersive, engaging, and communicative. In the process of combating the pandemic, many activities in the physical world have inclined into the virtual world, including daily and routine activities like learning, shopping, banking, and working. All of these activities have had to break through the boundaries of the physical world, accelerating and triggering the yearning for a more progressive virtual world (Suzuki et al. 2020). The pandemic has forced educationalists to rethink how to teach and learn because successful education can only be attained through learner engagement, and enhanced learner engagement leads to the retention of learned information. Studies have shown that the use of technology plays a significant role in connecting and engaging students in addition to classroom teaching. The learning industry has come a long way, from internet learning to e-learning in the late 1990s, mobile computing, and social media that led to video-based learning on demand, and now the "Education industry meeting metaverse”—enabling learners to attend virtual classrooms remotely and experience a real classroom. Edtech, education technology, is working towards removing barriers in the process of making learners more immersive, communicative, and engaged (Zhang et al. 2022). The first year of the metaverse is 2021, and generally, metaverse presence is coupled with assorted new technologies (Kang 2021). Usage of the internet at 5G speed has given a great opportunity to realize the experience and applications of the metaverse platform (Lee et al. 2021).

5.2

Metaverse in Education

5.2.1

Advantages of Metaverse in Education

In continuing education, technology has been a lifesaver. The shift from webinars and virtual classrooms in the cloud to self-paced learning environments and microlearning, and now to immersive learning experiences made possible by AR and VR, has happened swiftly. Let’s focus on the metaverse and its main benefits for education.

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a. Flexible educational strategies and an interactive curriculum: Presenting a subject interactively in a virtual environment significantly aids understanding. For example, it’s easier to understand the basic idea of the solar system by virtually traveling through the galaxy and experiencing the positions and orbits of planets. It’s easier to comprehend the procedure of launching a rocket by experiencing it digitally from the space launch station. By virtually being present there through a 3D classroom setup, one can visually simulate the sequential launch into space, observe pre-launch preparations, final assembly, technological issues, and much more. When education and the metaverse come together, it becomes easy to practice the skills required for professions such as medicine and astrophysics. b. Making learning fun with gamification: People stay engaged when they are competitive. Using the metaverse to teach 3D technology (Lemos 2007) helps improve concentration. Learners are motivated and encouraged to maintain their focus to complete tasks when they are given badges and other types of recognition. Students can explore various geographic regions in the metaverse to comprehend the characteristics and surroundings of different locations. After creating avatars based on the culture of their preferred location, students can later design the place according to their preferences. c. Making teaching more interactive: Interactive learning makes education interesting and enhances instruction. It provides the teaching community with fresh options for experimentation and a wealth of opportunities. Teaching experts focus on any technology that can accelerate learning outcomes. Realistic social interaction improves problem-solving abilities and fosters collaborative work cultures. Making avatars makes it easy to illustrate the idea by using a role-playing strategy to enter real-world situations (Diaz 2020; Vaca Barahona et al. 2016). The metaverse can create several scenarios for real-world circumstances. d. Discovering Information Easily and Quickly: Internet-enabled tools make it easy to disseminate knowledge to a larger audience. Once established, courses can be used by numerous students, saving both time and money. Personalized learning paths will be offered in a way that is easy to understand thanks to personalized search results and improved socially collaborative technologies (Arcila 2014).

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C. Nagadeepa et al.

Applications of Metaverse in Edtech

The metaverse has a vast array of educational applications, and the applications listed below stand to gain greatly from the shift of the educational industry from eLearning to the metaverse (Fig. 5.1). a. Virtual classrooms: eLearning has made education accessible anytime, anywhere. However, it lacks the advantages of traditional classrooms, which cannot be equaled or duplicated in a distance learning setting. A virtual 3D classroom, or metaverse, can fill this gap between real and virtual classrooms. Students can develop their virtual personas and take classes in a 3D virtual world alongside other students (Tlili et al. 2022). The metaverse opens up numerous opportunities for hands-on education, and students can participate in a variety of events and activities like competitions, sports, educational groups, and much more, similar to attending courses with other students in a virtual setting (Ko et al. 2022). It gives the impression of being physically present on campus and actively taking part in events. b. Virtual campus activities:: In the metaverse, students can take part in a wide range of occasions and activities, including competitions, sports, educational clubs, and much more, like attending classes with other students in a virtual environment. It gives the impression of actually being on campus and actively taking part in activities (Zhao et al. 2022; Wu et al. 2013). c. Practical Learning: Metaverse makes it possible to combine or exchange concepts from many fields to better understand them. For instance, physics concepts can be better supported by mathematical formulas, resulting in more comprehensive learning (Ko et al. 2022). Fig. 5.1 Advantages of metaverse education

Virtual Classrooms

Virtual Campus Activities

Practical Learning

Events with prominent Figures

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d. Events with Prominent Figures: Inviting notable individuals, such as scientists, doctors, and athletes, to engage with students and benefit from their expertise and experiences can be quite advantageous. In the metaverse, spaces can be created for online symposiums, conferences, and lectures (Myburgh 2022).

5.2.3

Features of a Metaverse in Education

Based on what was said, the metaverse is a third realm that provides real-world experiences. However, there will always be certain variations between online learning and traditional classroom environments. a. Time and location of the learner: In traditional learning, both the teacher and the student must be present at the same time and same place. The flexibility of learning from any location is made possible via remote learning or screen-based learning. Teachers and students cannot, however, have flexible schedules. With a smart wearable and strong internet connectivity, the Metaverse, on the other hand, offers complete flexibility in studying from anywhere, at any time. This enables educators to experiment with brand-new teaching techniques in both synchronous and asynchronous learning settings (Dionisio et al. 2013). b. Learner identity: Conventional classrooms with screens can only address the learners’ true identities. Regardless of race or creed, the Metaverse enables you to build your identities as avatars in a fun, imaginative, and immersive way (Park and Kim 2022). c. Interaction of Learners: The learners interact in person with teachers and peers in a traditional classroom setting. Due to its limitations, which cause differences, social difficulties, and other difficulties, screen-based learning makes this challenging. The limitations of both of the aforementioned teaching strategies are overcome by the Metaverse. The avatars of the students can communicate with those of the teachers and their peers (Palvia et al. 2018), allowing for real-time feedback, social interaction, professional assistance with concept learning, individualized support, and much more.

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d. Scenarios for learning: The traditional learning environment, which includes labs, roleplays, etc., serves to create a space with restrictions for practical learning. The fact that screen-based learning mostly supports theoretical learning techniques makes it drab and tedious. On the other hand, the Metaverse can produce realistic scenarios, enabling the students to take part in genuine circumstances and study in a useful but secure setting. e. Resources and activities for learning: In static situations, conventional and screen-based learning typically takes the shape of textbooks, images, videos, and other comparable learning materials. By giving individuals the resources they need to develop and learn through participation in activities, the Metaverse provides learners with realistic learning scenarios. f. Learning Assessment: Assessments can be done primarily in a summative fashion in traditional and screen-based learning in the form of tests and grades. Giving useful real-time input becomes difficult with these techniques. With the aid of learning analysis, the Metaverse supports both formative and summative assessments in the educational field, where thorough evaluation and prompt feedback promote improved student development (Parmaxi 2020).

5.3

Review of Literature

In his article, Zhou (2022) focuses on conceptually structuring the smart ecosystem with four ecological integrations—resource, interaction, space, and collaboration ecology—to accelerate the organic fusion of both metaverse and smart education. He also suggests new applications for future smart education. Zhou opines that the study in this area is still in its nascent stage, and there is a lot of scope for future research as Meta-based smart education is student-centric and delivers a vibrant teaching experience by edifying numerous education scenarios. Zhang et al. (2022) made an in-depth discussion and proposed a framework for metaverse in education, describing, with reasons and cases, four potential applications—blended and language learning, competence, and inclusive education in the field of education, and further proposed different topics of research. Tlili et al. (2022) conducted an SLR on metaverse in education using content and bibliometric exploration aiming at identifying the trends, focus, and gap in the area of research on metaverse and education. The findings provide a roadmap providing insights that the metaverse in education has evolved over generations and tagged Gen Z with artificial intelligence (AI) when compared to other generations.

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Mustafa et al. (2022) examined the usage of metaverse technology in the education sector, analyzed the transition in education over years, and investigated the conceptual background of a metaverse in education through a systematic literature review (SLR), also identified the gap for future research. Trunfio and Rossi (2022) aimed to build a thematic map of metaverse research through a systematic literature review (SLR) on metaverse in academics using bibliometric analysis and proposed different streams of research in the future, like metaverse area of application, metaverse technologies, consumer and market behavior, and sustainability. Gwo-Jen Hwang and Chien (2022) in his paper discussed conceptually the concept of the metaverse, issues about its potential application, and the role of AI in metaverse-based education. Alfaisal et al. (2022) evaluated research in metaverse education using an SLR on information system models used to measure the acceptance and adoption of metaverse systems. He identified that TAM was the most-used model forecasting users’ intention to use, PLS-SEM was used as an analytical tool, and also studies were students ready to adopt/accept technologies to support them.

5.3.1

Research GAP

Metaverse in education is not a new concept; there are several studies from educators and researchers discussing the implications of a metaverse in learning. Studies on metaverse include an investigation of Mixed Reality (MR) to deliver the experience of engaging learning, Siyaev and Jo (2021); testing students’ learning outcomes with metaverse using AR and mobile learning, Reyes (2020); a focus on a virtual environment for the dissemination of education through metaverse OpenSim, González Crespo et al. (2013); and articulated the world types of a metaverse in education, Park and Kim (2022). Tira et al. (2022) examined and summarized the literature review about metaverse in education and synthesized it into a coherent interpretation highlighting key issues. However, the review of the literature revealed insufficient studies that could provide insights into the area of a metaverse in education. As a result, there are several unanswered questions about the visualization of the metaverse, the education metaverse ecosystem, learning scenarios, evaluation methods, and more. Therefore, it has become an attractive topic that has captured the attention of both academics and business practitioners for further research. The present study aims to understand students’ opinions about the metaverse, the adoption stage of the metaverse, and the challenges they may face when navigating the metaverse’s virtual reality environment.

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Methodology of the Research

The current research employs a mixed-method approach, combining both qualitative and quantitative research methods to gain a better understanding of the research problem. The researcher developed a questionnaire as part of the quantitative analysis to understand students’ opinions about the metaverse’s potential in education. The study was conducted among various college students, and 214 respondents voluntarily participated, including students from the fields of engineering, arts, science, and medical institutions.

5.4.1

Respondent’s Survey Data Analysis and Discussion

The first part of the data collection is to know the demographic characteristics of the respondents who participated and showed their interest in this research. The demographical characteristics of the students are plotted in Table 5.1. A total of 214 respondents participated in the study. The study found that the majority of the participants were female (54%), with 22% being below 19 years old, 41% in the age group of 19 to 23 years, 25% falling under the age group 24 to 26, and 11% above 26. Most students were from medical (25%) and science (24%) backgrounds, followed by commerce (23%), arts (18%), and other fields of study (10%). In terms of education levels, most were doing their graduating (37%) in Table 5.1 Demographical information of the respondents Information

Type

F

%

Gender

Male

98

46

Female

116

54

Age

Less than 19

47

22

Field of Study

Level of Education

>18, < =23

88

41

>23, 26

24

11

Commerce and Management

49

23

Arts

39

18

Science

51

24

Medical

54

25

Others

21

10

Lower than Higher School

19

9

Higher School/Diploma

36

17

College/Graduation level

79

37

Post Graduate/Diploma or above

54

25

Others

26

12

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Table 5.2 Awareness about metaverse in education Respondent’s awareness of metaverse

Description of adopter type

F

%

I never heard about it

Unaware of the Technology

26

12

I heard the name but don’t know much about it

Partially aware of the technology

58

27

I am familiar with that but have not used it Aware of the technology

54

25

I am familiar with that and planning to use The positive decision toward the it in the future technology

51

24

I am familiar with it but planning not to use it in the future

The negative decision toward the technology

21

10

I am currently using it

Implementation of the technology

4

2

college/distance education, 25% were at the postgraduate level, 17% were pursuing a diploma/higher schooling, and 9% were below higher schooling.

5.4.2

Purpose of the Research

Students were asked about the metaverse to understand their awareness level. The following Table 5.2 shows their knowledge of the metaverse and virtual realitybased education. Virtual reality-based metaverse education is a new technology for students, with 12% of them not being aware of it. Students always look for changes and welcome innovations in learning. Of the respondents, 27% are aware of the word “Metaverse”, but they don’t have complete knowledge about it. 25% of them are aware of the new platform of learning, metaverse, and 24% of them have a positive attitude towards it and showed their interest in using the technology as soon as possible. A few of them (10%) are afraid to use the technology as they feel that it is difficult for them or may not be suitable. Only 2% of them are currently using it. Overall, the study found that people are aware of but have not experienced the role of the metaverse in education.

5.4.3

Adoption Status Among the Respondents

To know the respondents’ interest in the use of the metaverse in their education and learning process, respondents were asked to answer the question “are you interested in working in the metaverse?”. Based on their response, students were segregated as early adoption, early majority, later majority, and laggards. The following Table 5.3 shows the respondent’s type adoption based on their opinion about metaverse and virtual reality-based education. In terms of the adoption status among the respondents, to know their interest in using the metaverse in their education and learning process, they were asked

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Table 5.3 Type of respondents–early adopters to laggards Respondent’s interest in Metaverse-virtual environment

Type of adopter

F

%

Very likely & likely

Early adopter/early majority

90

42

Undecided

Late majority

83

39

Unlikely & very unlikely

Laggards

41

19

to answer the question “Are you interested in working in the metaverse?”. Based on their responses, the students were segregated into early adopters, early majority, later majority, and laggards. The following Table 5.3 shows the respondent’s type of adoption based on their opinions about metaverse and virtual reality-based education. Early adopters seek to adapt to new technology and use it to bring about revolutionary change to acquire competitive advantages. They are not price-sensitive and are drawn in by their high-tech innovation and technological quality. People in the early majority are pragmatic and seek out evolutionary change to increase output. They seek input from dependable sources (other pragmatists) before deciding whether or not to accept the new technology. Sometimes they don’t appreciate technology for their own reasons, preferring to look for societal pressure or college/university compulsion instead. They adhere to three criteria to minimize risk in the adoption of innovations: make a quick shift, look to the market leaders, and move as a group. In this study, it is found that 42% of the respondents are early adopters, and the early majority accept the metaverse in education. The bulk of people today are conservative, extremely risk-averse, tech-averse, and price-sensitive. They want preassembled, impenetrable, turn-key solutions. To stay competitive with their rivals or the majority, they are driven to adopt new advances. Furthermore, they frequently rely on a solitary, reliable source to assist them in understanding the innovation and its implementation. It is found that 39% of the respondents are not yet decided about the acceptance of metaverse in their education. Laggards are the skeptics who want to keep things as they are. They find it difficult to accept that fresh ideas might raise production. They will probably resist new developments in science and technology and only purchase if the alternatives are shown to be worse. This study inferred that 19% of the respondents are afraid of technology and are not ready to imagine how virtual reality will help them in their education.

5.4.4

Opinion About Metaverse in Education

The study further investigates the respondents’ opinions about the usage of the metaverse in their education. To gather this information, the following questions were asked, and their opinions are plotted in the Table 5.4.

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Table 5.4 Respondent’s opinion on Metaverse in Education Mean

Item construct

Do you believe that metaverse in education can improve your knowledge of your subject 3.57 Metaverse in education can make your subject content more entertaining

3.56

Metaverse in education can motivate to learn the subject

3.38

Metaverse can bring new interesting pedagogy and pedagogical benefit

3.29

Metaverse can be used by any faculty for their subject

2.57

Metaverse will be soon used in the classroom for all the subjects

2.14

According to the results of the study, students believe that the metaverse in education is the future and can enhance their subject knowledge (3.57). The average mean score of the respondents shows that they believe that it will motivate them (3.38). Furthermore, they think that the metaverse can make subjects more interesting and entertaining (3.56). Faculty members can use the metaverse when teaching their course (2.57) and can introduce new metaverse-based pedagogical methods in their teaching methods (3.29).

5.4.5

Students’ Opinion on Metaverse Education Benefits in Their Learning

Students were asked if the metaverse is used for their learning and what kind of benefits they can perceive and enjoy in their classroom learning. The following Table 5.5 shows their opinion. The majority of them are showing interest in the metaverse and have a positive opinion that it can increase their knowledge, provide better understanding, offer an effective learning platform, and allow learning anytime and anywhere, as the mean value of the constructs is above 3. Table 5.5 Metaverse education benefits in the classroom Item construct

Mean

The fun-oriented learning environment

3.01

Flexible (anytime, anywhere) and distance learning

3.73

Visualization and interactive applications

3.22

Expensive lab activities can be visualized without going to that place

3.29

Active participation and better understanding

3.66

Fast and effective learning

3.07

Increased interest and motivation toward learning in a metaverse environment

3.15

No benefit and advantage

1.56

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Table 5.6 Students’ opinion about the challenges in using metaverse in their classroom Item construct

F

Metaverse makes learning more difficult

5

It is a more distractive environment

7

Inability to maintain disciple in the classroom and could not concentrate May create health issues

8 10

Restricted privacy

2

Could not express their feeling and problems in the virtual classroom

6

Cybercrime risk

8

Lack of technology knowledge

5

Negative impact on social life

3

Hating technology dependency

3

5.4.6

Disadvantages of Metaverse Education in the Classroom

However, there are also some disadvantages to using the metaverse in education. Students believe that it makes learning more difficult (5), creates a more distracting environment (7), makes it difficult to maintain discipline in the classroom and concentrate (8), may create health issues (10), has restricted privacy (2), students could not express their feelings and problems in the virtual classroom (6), has cybercrime risks (8), lacks technology knowledge (5), hurts social life (3), and leads to a dislike of technology dependency (3). The above table shows that the maximum number of students are concerned that it may cause health issues, especially eye problems, and that it may divert their attention from learning to surfing other things on the internet. Few of them are also afraid of technology as they are not comfortable with the dependency on technology (Table 5.6).

5.5

Conclusion

The present study has used a combination of qualitative and quantitative research methods to gain a better understanding of the research problem. After an extensive review of the literature on metaverse and education, the scope and relevance of the study were identified. The study aimed to measure students’ opinions about the metaverse perspective in education. The results of the study showed that students look for changes and welcome innovations in learning. The study revealed that 42% of the respondents are early adopters and the early majority accept the metaverse in education. The respondents’ opinions about the usage of a metaverse in their education revealed that students believe that metaverse in education is the future and can enhance and increase their subject knowledge (3.57). Further, they believe that the metaverse can make the subject more interesting and entertaining (3.56).

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Students’ opinions on the benefits of metaverse for their learning showed that learners have a positive opinion that metaverse can increase their knowledge, provide better understanding, and improve their learning speed. However, they also expressed concerns about their health, such as eye problems, and getting distracted from learning by surfing other things on the internet. Additionally, some students feel uncomfortable with the usage of technology. The reach and usage of the internet at 4/5G speed have given a great opportunity to realize the experience and applications of the metaverse platform (Lee et al. 2021). It is predicted that people will spend more than 2 h a day in the metaverse for various scenarios such as work, entertainment, games, education, and socialization in the coming days. Metaverse in education is not a new concept and is still in its infancy stage but provides huge opportunities and innovations in the field of education. This gives scope for future research in the area of education for predicting the active and immersive engagement of learners. Additionally, the introduction of the metaverse may trigger controversial issues like security, addiction, and ethical issues that need to be addressed in the future.

References Alfaisal R, Hashim H, Azizan UH (2022) Metaverse system adoption in education: a systematic literature review. J Comput Educ. https://doi.org/10.1007/s40692-022-00256-6 Arcila JBP (2014) Metaversos Para el máster iberoamericano en educación en entornos virtuales. Etic@ net. Revista científica electrónica de Educación y Comunicación en la Sociedad del Conocimiento 14(2):227–248 Díaz J (2020) Virtual world as a complement to hybrid and mobile learning. Int J Emerg Technol Learn (IJET) 15(22):267–274 Dionisio JDN, Burns WG, Gilbert R (2013) 3D virtual worlds and the metaverse: current status and future possibilities. ACM Comput Surv 45:1–38. https://doi.org/10.1145/2480741.2480751 González Crespo R, Escobar RF, Joyanes Aguilar L, Velazco S, Castillo Sanz AG (2013) Use of ARIMA mathematical analysis to model the implementation of expert system courses by means of free software OpenSim and Sloodle platforms in virtual university campuses. Expert Syst Appl 40(18):7381–7390. https://doi.org/10. 1016/j.eswa.2013.06.054 Hwang GJ, Chien SY (2022) Definition, roles, and potential research issues of the metaverse in education: an artificial intelligence perspective. Comput Educ Artif Intell 3:100082. https://doi. org/10.1016/j.caeai.2022.100082 Kang H, Furtak EM (2021) Learning theory, classroom assessment, and equity. Educational measurement: issues & practice, 40(3):73–82. https://doi.org/10.1111/emip.12423 Ko H, Jeon J, Yoo I (2022) Metaverse platform-based flipped learning framework development and application. J Korean Assoc Inf Educ 26(2):129–140 Lee J, Jeong HJ, Kim S (2021) Stress, anxiety, and depression among undergraduate students during the COVID-19 pandemic and their use of mental health services. Innovat. High. Educ. 1–20. https://doi.org/10.1007/s10755-021-09552-y/ Lemos A (2007) Ciberespaço e tecnologias móveis: processos de territorialização e desterritorialização na cibercultura. Imagem visibilidade e cultura midiática. Livro da XV COMPÓS. Porto Alegre, Sulina, pp 277–293 Myburgh PH (2022) Reflecting on the creation of virtual laboratory experiences for biology students. Front Educ 7:796840. https://doi.org/10.3389/feduc.2022.796840

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Palvia S, Aeron P, Gupta P, Mahapatra D, Parida R, Rosner R et al (2018) Online education: worldwide status, challenges, trends, and implications. J Glob Inf Technol Manag 21:233–241. https://doi.org/10.1080/1097198x.2018.1542262 Park SM, Kim YG (2022) A metaverse: taxonomy, components, applications, and open challenges. IEEE Access 10:4209–4251 Parmaxi A (2020) Virtual reality in language learning: a systematic review and implications for research and practice. Interact Learn Environ 3:1–13. https://doi.org/10.1080/10494820.2020. 1765392 Reyes CEG (2020) Perception of high school students about using Metaverse in augmented reality learning experiences in mathematics. Pixel-Bit Media Educ Mag 58:143–159 Siyaev A, Jo GS (2021) Towards aircraft maintenance metaverse using speech interactions with virtual objects in mixed reality. Sensors 21(6):2066. https://doi.org/10.3390/s21062066 Suzuki S, Kanematsu H, Barry DM, Ogawa N, Yajima K, Nakahira KT et al (2020) Virtual experiments in metaverse and their applications to collaborative projects: the framework and its significance. Procedia Comput Sci 176:2125–2132. https://doi.org/10.1016/j.procs.2020. 09.249 Tlili A, Huang R, Shehata B, Liu D, Zhao J, Metwally AHS, Burgos D (2022) Is Metaverse in education a blessing or a curse: a combined content and bibliometric analysis. Smart Learn Environ 9(1):1–31 Trunfio M, Rossi S (2022) Advances in metaverse investigation: streams of research and future agenda. Virtual Worlds 1:103–129. https://doi.org/10.3390/virtualworlds1020007 Vaca Barahona B, Cela Ranilla J, Gallardo Echenique EE (2016) The communication in simulated learning environments Wu H-K, Lee SW-Y, Chang H-Y, Liang J-C (2013) Current status, opportunities and challenges of augmented reality in education. Comput Educ 62:41–49. https://doi.org/10.1016/j.compedu. 2012.10.024 Zhang X, Chen Y, Hu L, Wang Y (2022) The metaverse in education: definition, framework, features, potential applications, challenges, and future research topics. Front Psychol 13:1016300. https://doi.org/10.3389/fpsyg.2022.1016300 Zhao Y, Jiang J, Chen Y, Liu R, Yang Y, Xue X et al (2022) Metaverse: perspectives from graphics, interactions and visualization. Visual Inform 6:56–67. https://doi.org/10.1016/j.vis inf.2022.03.002 Zhou B (2022) Building a smart education ecosystem from a metaverse perspective. In: Proceedings of the 9th international mobile information systems, Hindawi, 1574–017X. LNCS Homepage, pp 1–2 (2010), http://www.springer.com/lncs. https://doi.org/10.1155/2022/193 8329. Accessed 21 Dec 2016

6

XR and the Metaverse: New Opportunities in Education Ibtihaj El Dandachi, Sam El Nemar, and Hani El-Chaarani

Abstract

This chapter highlights the importance of XR and Metaverse in the educational sector. The theoretical background and real-life cases in the educational sector indicate that XR and metaverse can give students an experience closest to experiential learning without leaving the classroom. It also reveals that both metaverse and XR deliver an immersive experience that can create meaningful situations relevant to learners and their lives. Keywords

Metaverse • XR • Education • Teaching

6.1

Introduction

A large body of research is based on the belief that technology is an engaging educational tool that helps motivate students and foster learning (Chen et al. 2021). With schools and universities shutting down to slow the spread of COVID-19, educational systems and institutions have resorted to using technology, such as online learning platforms, video conferencing, and virtual classrooms, to avoid disrupting the learning process (Lukas and Yunus 2021). This has created a paradigm shift

I. El Dandachi University of Nicosia, Nicosia, Cyprus S. El Nemar Azm University, Tripoli & University of Balamand, Koura, Lebanon H. El-Chaarani (B) Beirut Arab University, Beirut, Lebanon e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_6

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in the way teaching and learning are perceived. The pandemic has actually “accelerated innovations in the digital age” (Bhugaonkar et al. 2022, p. 1) and created opportunities for the adoption of extended reality technologies, which have witnessed significant growth and advancement since 2020 (Burnett et al. 2022). In other words, the integration of immersive experiences and extended reality (XR) has become a key trend in educational technology. Experts have varying opinions on the implications of using virtual reality devices in education. Some view them as mere gadgets, while others believe they hold the potential to revolutionize the way we learn. Despite these differing perspectives, there is general agreement among experts on several key points related to the use of XR in education. Within the context of XR, the metaverse has emerged as an area of research and exploration for its potential applications in education. Some experts and researchers in the field of educational technology believe that the metaverse could be a valuable tool for creating engaging and interactive learning experiences.

6.2

Extended Reality

Extended reality (XR) is a broad term that encompasses virtual reality (VR), augmented reality (AR), and mixed reality (MR). VR and AR lie on a continuum between a completely virtual environment and a completely real one. VR technology replaces a real environment with an interactive, stimulating environment (Lin and Lan 2015). This environment can be either a creation of the imagination or a replica of the real world. AR, on the other hand, combines real-world environments with digital information that is context-based (Wang et al. 2018). It is through geolocation and embedded sensors that the synchronization of real-world and virtual information is established (Elmqaddem 2019). That is, by determining the users’ location concerning their environment and adjusting the display based on their movements, users can view and interact with virtual objects. As such, AR can be categorized into marker-based, markerless, and location-based (Wojciechowski and Cellary 2013). Several studies have been conducted on the use of AR in education, focusing on its effect on students’ motivation and engagement. For instance, Belda-Medina (2022) conducted a mixed-method study that examined the affordances of using AR in second-language learning, with an emphasis on its use as a transformative technology in teacher training programs. A sample of 229 teacher candidates in the Department of Education at the University of Alicante in Spain took part in the study. Participants created 47 vision-based and location-based projects using different authoring tools and implemented them to teach English to children. Preand post-tests, teaching experience videos, and class debates were used to collect quantitative and qualitative data. Data analysis revealed that while the teacher candidates had limited practical training in AR content creation and implementation, they had a positive attitude toward AR integration as a transformative technology, particularly in terms of students’ attention, collaboration, and shared enjoyment.

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The results also showed a correlation between positive attitudes toward AR integration in English as a Foreign Language (EFL) and the level of difficulty perceived by participants using Spearman’s Rho correlation coefficient. Similarly, Ibáñez et al. (2014) investigated the use of AR with 60 twelfth graders in four Spanish schools studying a science course on electromagnetism to understand their level of enjoyment. The researchers divided participants into two groups and compared the experimental group using AR technology to the control group using similar web-based lessons with identical content and objectives. Data analysis showed that students in the experimental group had a more positive mood than their counterparts in the control group and a deeper understanding of the material due to their increased level of concentration. Regarding VR, the use of VR equipment over the last few decades was mainly confined to research institutes, large industries, and military settings (Mayrose 2012), where it served as a cost-effective and low-risk alternative for conducting activities or exercises in real life (Checa and Bustillo 2020). Recently, VR has gained momentum in the education field (Radianti et al. 2020), especially as it has become more affordable and accessible (Alfalah 2018). Several studies have indicated that VR promotes students’ twenty-first-century skills, as it facilitates collaboration among students by enabling them to work together within a shared virtual environment once their devices are synchronized (Johnson et al. 2016). For example, Huang et al. (2010) introduced a collaborative learning environment called the 3D Human Organ Learning System (3D-HOLS), which allows multiple students to interact, practice, and discuss within a virtual space. The study aimed to examine the potential effects of 3D-HOLS on collaborative learning, focusing on students’ interaction, imagination, and immersion. The researchers surveyed 76 students from the School of Medicine, School of Pharmacy, College of Chinese Medicine, and College of Health Care using a questionnaire consisting of 25 Likert scale items. The results showed that all three factors—interaction, imagination, and immersion—were predictors of collaborative learning, with imagination having a particularly strong impact. Additionally, the results indicated that collaborative learning was a major contributor to students’ intention to use the VR learning system. As Johnson et al. (2016) have argued, “both AR and VR offer compelling applications for higher education; these technologies are poised to impact learning by transporting students to any imaginable location across the known universe and transforming the delivery of knowledge and empowering students to engage in deep learning.” Virtual and augmented reality programs have also become a new addition to some library services, which are known for providing new and advancing technologies to their communities. Many academic libraries, such as Texas A&M and North Carolina, have incorporated AR/VR technology into their services and educational programs, allowing students to generate 2D and 3D experiences within VR/AR environments, as is the case at Mississippi State University Libraries (Marshall et al. 2019). To enhance students’ learning opportunities, VR/ AR environments are frequently used at these libraries for research projects, which include simulating the 1968 Memphis Sanitation Workers Strike, exploring the

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events leading up to the assassination of Dr. Martin Luther King Jr., visiting the Titanic wreckage, and visiting space with the Apollo 11 mission to the Moon. A systematic review (Malgard et al. 2022) of 52 articles selected using PubMed, Web of Science, Scopus, and Google Scholar showed that the use of digital reality technologies in all types of libraries can enable new services, improve users’ training and information literacy, enhance librarians’ professional practice, save costs, and enhance the management and sharing of library resources and knowledge within research networks. As for MR, it can either involve augmenting a real-world setting with virtual assets or enhancing a virtual environment with real-world elements (Hughes et al. 2005). In other words, it combines AR and VR, enabling physical interaction with both real and virtual objects across the reality continuum (Chen et al. 2022). Microsoft HoloLens is a popular MR device that allows users to interact with and manipulate digital objects within the real-world environment in real time. As far as educational research on MR is concerned, many studies have revealed the benefits of incorporating it into teaching. According to Bonner and Reinders, the use of MR technology leads to a shift in teachers’ roles, where they become more of a facilitator, counselor, and resource persons, rather than a decision-maker. The role of teachers in the classroom is not just to impart new information and knowledge but also to guide learners on how to acquire and value electronic data. Johnson-Glenberg et al. (2014) carried out two experimental studies on 51 student participants in grades 10 and 11 chemistry classrooms to examine the effectiveness of using an Embodied Mixed Reality Learning Environment (EMRELE) in enhancing science learning compared to traditional classroom instruction. The EMRELE included both physical and digital components and required students to link abstract concepts to their gestures and movements. The study design involved alternating groups, with one group receiving the EMRELE intervention and the other receiving regular instruction, and results showed that the EMRELE group consistently had greater learning gains. Indeed, XR enhances students’ motivation and creativity with its ability to superimpose rich media content such as images, 3D scenes, and animations on objects and settings of the real world, as revealed in a study by Chang et al. (2015). XR can further provide opportunities for situated learning and foster a deeper connection between the learning material and the community (Divekar et al. 2022). Given the notable benefits of XR technologies, educators have been increasingly utilizing them in education, which has led to a growing interest in researching the theoretical and pedagogical advances of XR (Chen et al. 2022).

6.3

Theoretical Foundations

As Palmas and Klinker (2020) have posited, XR-based technologies support learning by developing students’ ability to apply knowledge and/or skills acquired in one context to another and by creating immersive and interactive experiences that improve students’ engagement, motivation, and interest (Spitzer et al. 2022). In

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other words, XR technology helps create a highly interactive learning experience during which learners engage with their surroundings (Kyriakou and Hermon 2019; Venigalla and Chimalakonda 2019), which is called for by the constructivist learning theory. Based on the constructivist learning theory, language learners “make sense of the world through systems of personal constructs” (Delia 2000, p. 101). They create their meaning and build their explanations and ideas (Martin & Torok-Gerard, 2019). Accordingly, learning is not a passive process during which knowledge is transmitted from the teacher or textbook. Rather, it is an active process that requires students to use their senses and manipulate objects to build and share their knowledge. Jerome Bruner, an American psychologist and influential constructivist, postulates that learning is a process of active discovery that helps students develop intellectual potency and build their self-esteem (Suchman 1962). His discovery learning model taps into learners’ innate curiosity about the world and how things work. To develop their intellectual autonomy, students should have access to multiple sources provided by the teacher and come to their conclusions through reasoning, which will allow them to construct and retain knowledge. XR is further grounded in the multimedia learning theory, which emphasizes displaying graphic illustrations related to given texts to enhance students’ cognitive processes (Burnett et al. 2022). Drawing on the cognitive theory of multimedia learning (CTML), learners have a limited ability to process incoming auditory and visual information due to the limitations of their working memory capacity. This capacity limitation has led CTML to assume that learners must selectively choose which information to process as they begin to learn (Baddeley 1986). While this limitation applies to all types of learning materials, it may be particularly relevant for extended reality experiences that involve complex representations as proposed by Orr et al. (2022). Learners with low spatial ability can be overwhelmed by the cognitive demands of 3D visualizations. Therefore, for extended reality experiences, learners may require support to help them focus on relevant content and manage the amount of information they are processing at once, due to their limited cognitive processing capacity. Another important assumption of CTML is that information presented both visually and verbally, as is the case with multimedia materials, is likely to lead to better recall of the information, as opposed to when it is presented verbally only. Given the fact that extended reality experiences are a combination of visual and verbal components that engage multiple senses at a time, XR materials have the potential to promote robust retention of information. In other terms, using XR materials, learners are more prone to remember the introduced content and concepts. In addition, XR technology provides an immersive experience that can be used to create situations that are meaningful and relevant to the learners and their lives, which aligns with the principles of situated learning theory. According to the situated learning theory, the most effective learning takes place when it is embedded in the real-world tasks and activities that are central to the learners’ lives and communities, highlighting the importance of the social and cultural context of learning. In

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their study exploring situated learning and XR, Dreger, and Ticknor (2022) provided various examples and tasks explaining several strategies that educators can carry out to use the technology under the situated learning paradigm. For instance, a situated XR experience would enable students to not only acquire knowledge about paint but also deepen their understanding of the various aspects of painting, such as selecting colors, applying them in different scenarios, and designing environments where paint is used. The students would also be able to participate in interactive virtual environments and games related to painting, explore the scientific aspects of paint in real-world contexts, and create new immersive environments that enhance engagement with the real world.

6.4

The Metaverse

XR technologies have paved the way for a new computing paradigm called the metaverse, which functions as a combination of virtual and augmented reality within the realm of cyberspace, where users can interact using digital avatars (Garavand and Aslani 2022). It is the current iteration of the Internet, a highly discussed topic that has its roots in blockchain technology (Duan et al. 2021; El Samad et al. 2022; El Samad et al. 2023; El-Chaarani et al. 2023). While XR allows users to experience digital content in ways that are integrated with their physical environment, the metaverse is a fully immersive virtual world. For Phakamach et al. (2022), the metaverse “is a post-reality universe, a perpetual and continuous multi-user environment that merges physical reality with digital virtual reality ” (p. 76). It comprises stable and decentralized 3D virtual reality environments that can be accessed via various devices such as virtual reality headsets, augmented reality glasses, smartphones, PCs, and game consoles (Garavand and Aslani 2022), expanding the range of activities that can be performed in the digital environment (Torama 2022). The term “metaverse” has gained widespread attention since October 2021, when Facebook announced the renaming of its holding company to “Meta” and the launch of a project under the same name. This was followed by Microsoft’s announcement that the metaverse will be integrated into its Teams platform with a feature called Mash, allowing users to create avatars for participation in business meetings. Many tech companies, such as Meta, Adobe, Microsoft, Huawei, Nvidia, Epic Games, World Wide Web Consortium (W3C), Qualcomm, and Sony Interactive Entertainment, have invested significant amounts of money and resources into virtual reality research and development since the early 2000s. According to Bloomberg Intelligence, the global metaverse market has the potential to reach between $390 billion and $800 billion by 2025 (De Felice et al. 2023). The metaverse offers a new era in the field of education with its ability to deepen students’ level of understanding and maximize the learning experience. Being a place where individuals can meet and interact socially, the metaverse has the potential to provide significant educational and learning benefits (Collins 2008). It allows learners to edit, create, and share learning resources. For instance,

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it allows for historical events to be reconstructed and experienced in a realistic and immersive way, rather than relying on imagination or traditional forms of media such as books or videos. Additionally, it overcomes geographical limitations, enabling students in temperate regions, for example, to explore the environments of tropical regions near the equator through digital simulations (Shicheng et al. 2022).

6.5

Technology Acceptance Model and the Metaverse

The Technology Acceptance Model (TAM) is a theoretical model that explains how and why individuals adopt and use technology. It was first proposed by Davis (1989) and has been widely used to study the acceptance and use of information systems and technology. The model proposes that an individual’s perceived usefulness and perceived ease of use are the two key factors that influence the decision to adopt and use technology. Perceived usefulness refers to the degree to which a person believes that using technology will enhance their job performance or overall life. Perceived ease of use refers to the degree to which a person believes that using technology is effortless. According to the model, perceived usefulness and perceived ease of use lead to an individual’s intention to use technology, which, in turn, leads to actual use. The model also suggests that there are external variables that can influence the acceptance and use of technology, such as the individual’s attitude toward technology, social influences, and perceived behavioral control (Fig. 6.1). Many researchers have investigated the factors that influence the acceptance of metaverse technology. For instance, using the Technology Acceptance Model (TAM), Aburbeian et al. (2022) found that their sample of 302 participants of various ages generally had a positive attitude toward using the metaverse, with participants under the age of 20 being the most positively accepting of the technology. Likewise, Akour et al. (2022) investigated the attitudes of 862 university students in the UAE, KSA, and Oman toward the use of the metaverse. Using online surveys, the researchers found that perceived usefulness (PU) is a crucial factor in determining users’ intention to use the metaverse system. Along the same lines,

Fig. 6.1 Illustration of the technology acceptance model (Miller and Khera 2010, p. 3)

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Almarzouqi et al. (2022) examined the perceptions of 1,858 university students in the UAE regarding the implementation of the metaverse for medical-educational purposes and found that user satisfaction is an essential factor in students’ intention to use the metaverse.

6.6

Metaverse in Educational Practice

As the literature has shed light on the theory of metaverse and its concepts, the practical side of this shifting approach to interaction is changing educational practitioners and the learning environment. Has this new technology enhanced the learning experience from an educational point of view and has it become more enjoyable to learn in this way? One of the major challenges for education practitioners has been bringing the world into the classroom through activities, stories, cases, and field trips. With metaverse, education dissemination can now be supported with close-to-real virtual environments that can give students the closest experience to experiential learning without leaving the classroom. Many authors now advocate that the metaverse is ready to bring historical events to the classroom as they happened. In other words, rather than students just reading or watching a documentary on a historical event, they can now witness it as it happened in a simulated manner. Additionally, many natural phenomena cannot be experienced unless you were present at the time. Metaverse allows learners to be part of an event as it unfolded, and this is quite supportive when students need to live in the condition to grasp it (Jang et al. 2020; Riva 2016). In addition to on-campus education, many challenges are faced with online learning. Many educational institutions can plan on how to utilize and apply metaverse in distance learning and online education. During the COVID-19 pandemic, all education institutions resorted to distance learning by using different online interactive platforms. However, the vast majority did not find it mentally stimulating. However, with metaverse technology, students would find themselves in a visual virtual environment and interacting with their instructor and classmates as if it was happening in class (Kirkman et al. 2020; Gros et al. 2020; El-Chaarani and El-Abiad 2020; El-Chaarani 2021). Moreover, as distance can be a barrier for many students to meet and interact, the metaverse can also be utilized as a place to meet, collaborate, and discuss projects, and assignments, and even work together in group environments outside the classroom setting. Many students need to work together on course projects and assignments but cannot meet due to distance constraints, whereas metaverse can allow them to have virtual space settings for them to meet. This can also be applied to office hour meetings, peer meetings, and practical meetings that need a presence for engagement (Lee et al. 2021; Friedman et al. 2020).

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Conclusion

This chapter sheds light on the importance of the metaverse and XR in the educational sector, where many challenges are facing students, instructors, and educational institutions. Both the metaverse and XR deliver an immersive experience that can create meaningful situations relevant to learners and their lives. They can also provide opportunities for situated learning and foster a deeper connection between the learning material and the community. Several international educational institutions have succeeded in integrating new technology into their curricula, but they are still in the first phase of general adoption and integration. The metaverse and XR sectors will certainly be adopted in the educational sector as the main teaching tool during the next decade.

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The Role of Accounting Disclosure of Sustainable Development Activities Using Metaverse in the Field of Education and Training Mohamed Hassanein Taha, Safaa Abd Elhamid Eldalash, and Hesham Zakaria Mohamed Abstract

The chapter discusses the significance of administrative sciences concerning sustainable development. It highlights the connection between sustainable development and accounting and business management sciences. The chapter emphasizes the importance of sustainable development according to the Egyptian Vision 2030 and the global vision for sustainable development. Additionally, the chapter delves into the technological and technical business environment, particularly in the field of education, learning, and training. Metaverse technology is identified as one of the most significant aspects that are expected to transform education and training institutions into virtual entities. This transformation will have an impact on revenue, cost, decision-making, future performance evaluation, and management. The chapter also explores the regular and irregular risks in educational and training institutions worldwide.

M. H. Taha Associate Professor of Administration and Vice Dean of the Higher Institute of Administrative Sciences, Janklees, Beheira, Egypt e-mail: [email protected] S. A. E. Eldalash (B) · H. Z. Mohamed Assistant Professor of Administration at the Higher Institute of Administrative Sciences, Janklees, Beheira, Egypt e-mail: [email protected] H. Z. Mohamed e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_7

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Keywords

Sustainable development • Accounting disclosure Legal disclosure • Metaverse technology

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Education and training

•

Introduction

Sustainable development is a shared aspiration among countries, organizations, and individuals, representing an ideal vision of a better society. It is a focal point for all social, technological, economic, and other sciences, including accounting, which plays a crucial role in sustainable development. Specifically, accounting is involved in disclosing sustainable development activities, which is a function of sustainable development. The United Nations’ sustainable development plan for 2030 defines global goals for the international community, promoting a comprehensive and integrated vision that includes all countries and focuses on human rights. This aligns with the fundamental principles of sustainable development activities. Education and training are essential concerns for sustainable development, and this proposed chapter seeks to explain how to disclose sustainable development activities as a prerequisite for investing in, measuring, developing, and improving performance, particularly in education and training.

7.2

Sustainable Development

Sustainable development refers to the management of resources and various sources while preserving their availability for future generations without depletion (Tomislav 2018, p. 77). This definition aligns with Egypt’s Vision 2030, which focuses on improving the quality of life and standard of living of Egyptians by promoting justice, social integration, and citizen participation in social and political life (www.arabdevelopmentportal.com). The vision also emphasizes achieving high, inclusive, and sustainable economic growth by investing in people and enhancing their creative capabilities through knowledge, innovation, and scientific research in all fields. In the education and training sector, sustainable development can be defined as a planning tool that anticipates the needs and requirements of the work environment based on the available capabilities, skills, and experiences. It considers the costs and burdens of previous development efforts and aims to attain the required skills through various levels of education and training. The accounting disclosure required is to determine the costs and burdens of sustainable development activities in education and training and compare them to the economic and social benefits that can be achieved in their current and future forms. This will be further discussed in the following points.

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Sustainable Development Goals in the Education and Training Sector

The Egyptian Vision 2030 aims to provide high-quality education and training to all segments of Egyptian society, internally and externally, within an institutional, efficient, fair, and sustainable framework. The vision seeks to achieve a competitive advantage that competes with regional and global entities (Egypt’s Vision 2030). These goals align with the goals of sustainable development for the development of education and learning (UNESCO 2023, b, p. 3). The goals of sustainable development in the education, learning, and training sector at the global level are represented in the following objectives (UNESCO 2023, b, p. 7). (a) The first goal is to improve the quality of the education system in line with global systems. This objective depends on dividing the goals of sustainable development according to the prevailing levels of education as follows. I. Basic general education (pre-university): The objectives of this level vary in terms of activating the rules of quality and accreditation to keep pace with international standards. It aims to enable the learner with the requirements and skills of the future era, develop the organizational structure of various entities, and improve the educational service provided to the learner and the trainee. It also aims to reach a more effective technological formula in presenting targeted knowledge and sharing it between students and teachers, while developing evaluation and evaluation methods according to the objectives of education and scientific material. II. Technical education and training: The objectives of this level vary. The most important objective is to enable the learner and the trainee to meet the requirements and skills of the labor market. It aims to plan for comprehensive and sustainable professional development for teachers and trainers, with the continuous development of study and training plans and programs. It also aims to develop the vocational and technical education and training system according to the needs of development plans and the labor market. III. University or higher education: The objectives of this level vary. The most important objective is to support and develop the capabilities of faculty and leaders, as well as develop academic programs and improve teaching and learning methods and evaluation patterns with innovation and diversity. It aims to develop the organizational structure of higher education institutions to achieve flexibility, responsiveness, and quality education, with access to a more effective technological and electronic format for presenting scientific and research content. (b) The second goal is making education available to all without discrimination. This axis is based on dividing the sustainable development goals according to the prevailing levels of education as follows.

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I. Basic general education (pre-university): The objectives of this level vary in terms of providing the educational needs necessary for each educational stage, taking into account the disparity in need at the regional level, and working to limit the phenomenon of dropout in the different educational stages. This includes working to give distinguished learners and trainees a distinguished higher education and providing distinguished educational services to the areas most in need. II. Technical education and training: The objectives of this level vary, the most important of which is to provide attractive schools and training centers that increase the desire to enroll and discipline while achieving effective linking of schools and training centers according to demographics and economic activities, and additionally, improving the societal view of technical and vocational education through active participation in the community. III. University or higher education: The objectives of this level vary to increase access to higher education institutions with the development of admission policies and systems in educational institutions. (c) The third objective is to improve the competitiveness of education systems and outputs. This axis depends on dividing the sustainable development goals according to the levels of education prevailing in Egyptian society as follows. I. Basic general education (pre-university): It aims to improve education indicators in international competitiveness reports, activate the relationship between education outcomes and the requirements of the labor market, improve the level of various sciences and communication skills, and employ technology to become an international competitor. It also aims to provide infrastructure for schools that provide educational opportunities equally to all learners. II. Technical education and training: It aims to improve Egypt’s position in global indicators of technical education and training. III. University or higher education: It aims to improve the degree of competitiveness in global education reports while achieving a linkage and relationship between education outcomes and the requirements of the labor market.

7.2.2

Axes of Development for Sustainable Development

Sustainable development is considered a continuous and dynamic process that brings together all fields and disciplines. To develop and improve the performance of related sciences, the science of sustainable development can be divided into various axes, such as accounting disclosure, administrative disclosure, economic disclosure, technological disclosure, and others. It should be noted that the concept of disclosure is not limited only to the accounting aspect but is also equivalent to

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the concept of transparency in other fields. To clarify these aspects, they will be dealt with briefly as follows.

7.2.2.1 The Axis of Accounting Disclosure for Sustainable Development Activities The axis of accounting disclosure for sustainable development activities is linked to many requirements and aspects, as follows: I. The accounting evaluation of human resource governance mechanisms to achieve sustainable development in the education and training sector relies on classifying human cadres, skills, and capabilities according to the needs and requirements that must be met by the learner and the trainee. II. Investment in the education and training sectors and linking the cost, return, and benefit of those investments, as educational and training institutions, represent one of the most important modern activities for investment. III. Highlighting the accounting role in financial reports that reflect the economic value added to educational and training institutions due to the adoption of the concept of sustainable development. This includes costs or revenues realized from these activities, as the accounting disclosure is not limited only to donations in the field of environment, education, or training, which is considered insufficient and inappropriate to the concerns of sustainable development. IV. Absolute interest in adopting the application of generational accounting as a branch independent of the traditional national accounting linked to the sciences of economics and public finance, which is one of the modern interests in accounting science to achieve the requirements of recognition, measurement, and accounting disclosure of current and future social performance in a way that reflects the economic reality of accounting information. Generational accounting is the accounting branch through which all economic and non-economic (moral) resources that generate value can be added to the state’s general budget. Education, training, and related matters come as one of those resources. V. Accounting for sustainable development activities in various educational and training sectors in the country because of its ability to determine the relationship between the causes of cost and the return from them. This will contribute to reducing the costs and burdens of sustainable development activities and achieving the best competitive position compared to other similar institutions. This requires understanding management accounting methods in sustainable development activities to assess current and future performance under past requirements. VI. Applying accountability for social responsibility in education and training institutions is one of the requirements by which the goal is linked to the result or what is known as the efficiency of the application of the guarantees of the quality of education and training outputs that are reflected in the skill and capabilities of the learner and the trainee (Glavi et al. 2021). This results in the development and improvement of the performance of the learner

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and the trainee, reflected in their skills and abilities, the degree of assimilation of scientific content, training, and the acquisition of appropriate experiences for various problems and issues according to the learner’s specialization and the trainee’s interests.

7.2.2.2 The Axis of Administrative Transparency for Sustainable Development Activities Transparency and administrative credibility correspond to the concept of accounting disclosure and reflect in improving performance for the practice of sustainable development activities in education and training institutions. Support the decisionmaking process, work presentation, and clarity of policies, practices, regulations, legislation, and laws (Yin et al. 2023, p. 11). Therefore, administrative transparency seeks to establish practices based on clarity and disclosure in administrative communication, regulations, legislation, information systems, decision-making, and evaluation. It aims to improve performance and administrative accountability in a way that contributes to improving the performance of learners, trainees, and those who carry out the education and training process. Administrative transparency is a philosophy and an administrative approach that depends on publicity, credibility, and publicity in the educational and training institution, activating control over the performance of the educational institution in all its scientific, practical, and professional aspects, and providing levels that achieve administrative accountability. The economic improvement axis of sustainable development activities complements the social, environmental, and technical dimensions of sustainable development. It reflects the economic structure that must be available to pump economic resources without exhausting them to preserve the rights of future generations and to achieve and manage economic resources according to the conditions and changes prevailing in the expected future period. Improving and developing sustainable development activities is possible by taking into account good economic planning, which considers aspects such as the rate of per capita GDP, the rate of external and domestic indebtedness in the national income of non-rich countries, and achieving real balance in the balance of payments and the balance of trade. It also involves searching for the best ways and means to modify production and consumption patterns, changing policies in spending, consumption, saving, and investment to make resources more renewable, and considering the application of effective economic indicators (such as the intensity of resource use in production, the rate of per capita energy consumption, and how to recycle and use waste for the best preservation of the environment).

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The Importance of Applying Sustainable Development in Educational and Training Institutions

Sustainable development is of utmost importance in recent times due to its association with many current aspects such as risk management of all kinds and effective and efficient linking with the goals and vision of education and training institutions. It also relies on sustainable development plans in evaluating the future performance of educational and training institutions according to the cadres, capabilities, skills, and experience that must be available in them. Each of these aspects can be dealt with independently for sustainable development, as follows: (a) Sustainable development is a tool for risk management. Sustainable development works through a plan that is prepared according to the current needs and requirements that must be met to achieve various goals, including financial, economic, social, environmental, technical, and development goals. Each of these goals is directly related to risks and potential changes expected to achieve them. Therefore, sustainable development as a plan takes into account that these risks are managed adequately to avoid educational and training institutions’ exposure to any of these potential risks. For example, the consequences of changing the scientific content of the specialization that is not required in the labor market or holding training courses for a field that has disappeared and is not required in the labor market is considered one of the risks of obsolescence and extinction of a field that must be taken into account by the sustainable development targeted by those educational and training institutions. (b) Sustainable development is a tool for integrating and linking the objectives of the institution. The prevailing thought in educational and training institutions is that to achieve sustainable development, institutions often approach their vision and mission to include the principle of education for sustainable development or training. The future of education is to achieve sustainable development, and therefore development, in and of itself, is not a goal as much as it is a tool through which the objectives are linked and integrated and their inclusion of the vision and mission of the establishment and establishment of the educational or training institution. Therefore, sustainable development as a plan, means, or tool works fully to link the goals, whether good education, effective training, achievement required, or expected future trends in the course of education and training. (c) Sustainable development is a tool for evaluating future performance. Sustainable development is the future direction on which it depends in evaluating future performance by considering that sustainable development is a plan or statement that reflects the need to achieve current and future goals. When dealing with how to prepare for sustainable development, it becomes clear that it is a strategy or policy to be pursued by the educational or training institution to attract the largest number of those wishing to obtain the educational or training service. In addition, sustainable development is a continuous process

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that does not stop developing, and therefore it needs continuous evaluation of future performance and setting expectations according to the variables and factors surrounding educational institutions.

7.2.4

Difficulties in Achieving Disclosure of Sustainable Development Activities

Many educational and training institutions face challenges when disclosing their sustainable development activities. The reasons for this include factors related to financial, environmental, and societal aspects, the costs of producing information related to each of these aspects, and the level of experience of the institution in dealing with and disclosing these activities. In addition to these challenges, other factors have led to the emergence and exacerbation of difficulties in disclosing sustainable development activities in the field of education and training, which can be addressed as follows: (a) The lack of an international or Egyptian reliable accounting standard that deals with guidance and directives on how to recognize, measure, and disclose sustainable development activities in the field of education and training and related various practices. (b) The lack of binding laws and legislation for educational and training institutions obscures the need for these institutions to disclose sustainable development activities in the field of education and training. (c) The lack of a map or clear perception of the necessity of the needs and requirements that must be met in achieving sustainable development in these educational and training institutions, such as providing the minimum level of education and training that must be provided for the learner and the trainee to be able to deal with the environmental variables surrounding them. (d) Low levels of societal awareness of the role and importance of sustainable development in increasing the market value of education and training institutions if they are adopted and included within the vision of education and training institutions. (e) The absence of a body or regulatory body vested with powers and an effective role in following up on sustainable development activities and highlighting their importance and the expected economic and non-economic benefits reflected in educational and training institutions.

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Requirements for Achieving Disclosure of Sustainable Development Activities

For educational and training institutions to accommodate sustainable development activities within their interests, they must have a set of requirements that can be limited to each of the following: For educational and training institutions to accommodate sustainable development activities within their interests, they must have a set of requirements that can be limited to the following: (a) An information system for financial accounting and management accounting. Accounting information can direct decisions and link between the decision and the result and expect the direction of the decision. Any institution or organization requires financial accounting information, whether it aims for profit or not, in addition to evaluating the current and future performance comparison with competitors, which requires the presence of information that is the product of management accounting. Management accounting generally relies on some information produced by the financial accounting system, which is considered as data (or inputs) for the management accounting system that is realistic and logical, as it is difficult for any other system to provide that data. (b) Adoption of the management to implement sustainable development activities in the educational or training institution. The success of any information system within business organizations requires the approval of the management of the educational or training institution to apply all stages and parts of the system in it, allowing the acceptance of the rest of the administrative levels in the educational or training institution of the information system in question. Educational and training institutions that adopt sustainable development activities need to seek the views of their management on the extent of their evaluation and cooperation in its implementation, which is considered the basis for the success of these activities and their positive results for them. (c) A database of the activities of the educational or training institution. The availability of a database of educational and training institutions on sustainable development activities that the institution must follow to achieve its goals, and to constantly compare it with the best other competing institutions to identify strengths and weaknesses. This contributes to giving a comprehensive picture of the educational and training institution on the extent of its distinction and difference from others. (d) An administrative and technical work team: the availability of a group of different administrative levels (senior management, teachers and trainers, accountants, educational and training quality monitors, and public relations officials) with knowledge and understanding of the importance of sustainable development and its relationship to the educational and training field, not only as a competitive situation but also as a mode of development and improvement for current and future performance.

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(e) Clarity of the objectives of the educational or training institution: the lack of clarity of the objectives of the educational or training institution results in the failure and shortcomings of the administrative and accounting information systems in it. The clarity of the objectives of the work team in the educational or training institution, starting from the highest administrative level and ending with the lower levels in the educational or training institution, contributes a high percentage to understanding the strategy of sustainable development, and then the ability to evaluate the overall performance of the educational or training institution internally and externally.

7.2.6

Metaverse and Sustainable Development in the Field of Education and Training

Technology is essential in the educational and training process. It represents the continuation of competition and the follow-up of recent developments and changes. It is a modern virtual reality that works and helps educational and training institutions to develop the means of indoctrination, education, and training to be a virtual teacher or trainer and virtual applied cases closer to real reality. To determine the relationship between Metaverse technology and sustainable development in the field of education and training, Metaverse needs to be defined. It is considered a new type of technology that is divided into two parts. The first part is “meta,” which represents the dimension, while the second part represents reality. Therefore, the word means the dimension of reality (Pimentel et al. 2022, p. 2). Metaverse is defined as an expanded social network that includes a diverse mix of virtual reality (VR), mixed reality (MR), augmented reality (AR), and three-dimensional (3D) environments with artificial intelligence (AI). These technologies interact with each other at the same time, continuously, effectively, and virtually as close as possible to the real reality. This reflects in various financial, economic, educational, training, and other transactions. In short, the Metaverse is the integration of physical reality with virtual environments in a connected network that includes continuous and multi-person interactions (Avatar) (Guven and Ercan 2022, p. 9). This technology relies on interwoven and complex types of virtual, augmented, and mixed reality technology to be the so-called extended reality (XR). Metaverse technology relies on eight basic technologies, including networks, cloud computing, artificial intelligence, software vision, blockchain, robots, user interaction, and extended reality. These technologies interact with all other user networks, robots, and artificial intelligence (CFTE 2022, p. 12). This interaction leads to the formation of virtual entities and objects that deal and interact in turn with real reality. This creates a new virtual world that affects many areas and daily activities of individuals within society, including the field of education and training. Metaverse features include many positive aspects, such as interaction and participation between individuals in the community, such as scientific and practical

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exchange, video games, attending social meetings, holding online courses, and others. It works to access information and results, and to bridge the distances between people virtually, such as travelers and virtual visits between them. Psychologists recently added that the Metaverse technology has transformed the course of psychotherapy for some patients when these technologies are applied to them, resulting in faster and more effective treatment. Although Metaverse may achieve many advantages and benefits, it also includes many criticisms and disadvantages. The greatest threat is isolation and privacy for individuals away from interaction and dealing with real reality (Göçen 2022, p. 99), specifically children and youth, which exposes them to the occurrence of a collapse of morals and social values. The Metaverse offers many opportunities for researchers, teachers, and workers in the training and educational field. It has become the most important of these fields because it represents the beginning toward any other field. The Egypt state used it in the wake of the COVID-19 pandemic to end the academic year 2020/2021 through educational and training platforms for students of different academic levels. Therefore, the Metaverse is an introduction to endless steps in the educational and training field. It provided the best experiences through distance education at the lowest cost and with a greater return. It requires that it be disclosed accounting for and announced with transparency and credibility because it achieves the most important and most prominent goal pursued by sustainable development, which is to achieve the future of education and training using the Metaverse technology. The Metaverse technology will reduce the cost and increase the expected return from education and training according to this technology. It will allow learning multiple skills without being in places holding those courses or lectures. It has recently appeared to obtain qualifications, courses, and research workshops that were required to waste time to obtain in the country of its contract, but now the situation has changed. Obtaining academic, practical, and professional certificates can be done by simply participating through the Metaverse feature.

7.3

Conclusion

The previous presentation dealt with the mixing of several sciences, including accounting, sustainable development, management, and modern technology (Metaverse). The integration between inter-studies becomes clear in a common subject, which is the educational and training field, not only in the Egypt but in all countries. It is possible to reach a fundamental result, which is that all sciences meet in one field, which is education and training. This is the first step in development and progress toward a better future that achieves all the goals of sustainable development. The results are as follows. First, the accounting disclosure of sustainable development activities is not limited to the costs and burdens of the efforts made to achieve them only. It also includes attempts to plan, anticipate, and set a future vision for sustainable development. The financial reports of financial institutions must include these as intangible assets subject to development and improvement.

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Estimating the economic benefits expected from it, such as the reflection of experiences on the income of the learner or trainee, or the evaluation of human cadres before and after. Second, the performance evaluation of education and training institutions that use Metaverse will change the spatial and temporal concept, which will not depend on a level but will extend to include a wider range than the traditional one that was based on memorization and defining brief points for the subject. Third, the Metaverse technology is an introduction to other technologies that may increase the positives when compared to the negatives, and each of them depends on the policies and strategies that are followed that may allow the negatives to be overcome or vice versa, even if the biggest factor influencing that is what controls the learner or the trainee in terms of organizational culture.

References CFTE (2022) Real estate in the metaverse analysis of land prices in the sandbox. https://courses. cfte.education/wp-content/uploads/2022.pdf, Accessed 18 Jan 2023 Egypt Vision 2030, Why do we need (The sustainable development strategy (SDS): Egypt vision 2030?). https://arabdevelopmentportal.com/sites/default/files/publication/sds_egypt_vis ion_2030.pdf, Accessed 10 Jan 2023 Glavi P, Novak Z, Bogataj M (2021) Process design and sustainable development-a european perspective. https://www.mdpi.com/2227-9717/9/1/148, Accessed 16 Jan 2023 Göçen A (2022) Metaverse in the context of education. Uluslararası Batı Karadeniz Sosyal ve Be¸seri Bilimler Dergisi 6(1):98–122, https://doi.org/10.46452/baksoder.1124844; Project: Metaverse ve E˘gitim, https://www.researchgate.net/publication/361464810, Accessed 20 Jan 2023 Guven I, Ercan T (2022) Factors determining the value of property: comparison of real world and metaverse. In: 7th International project and construction management conference (IPCMC2022), https://www.researchgate.net/publication/364650652, Accessed 20 Jan 2023 Pimentel D, Fauville G, Frazier K, McGivney E, Rosas S, Woolsey E (2022) An introduction to learning in the metaverse. https://scholar.harvard.edu/files/mcgivney/files/introductionlearni ngmetaverse-april2022-meridiantreehouse.pdf, Accessed 18 Jan 2023 Tomislav K (2018) The concept of sustainable development: from its beginning to the contemporary issues. Zagreb Int Rev Econ Bus 21(1):67–94. https://www.researchgate.net, Accessed 10 Jan 2023 UNESCO (2023a) Education for sustainable development goals (learning objectives). https://sta irwaytosdg.eu/images, Accessed 13 Jan 2023 UNESCO (2023b) Unpacking sustainable development goal 4 education 2030. https://docs.campai gnforeducation.org/post2015/SDG4.pdf, Accessed 17 Jan 2023 Yin C, Zhao W, Fu, Bojie, Meadows ME, Pereira P (2023) Key axes of global progress towards the Sustainable Development Goals. J Clean Prod 385. https://doi.org/10.1016/j.jclepro.2022. 135767. Accessed 14 Jan 2023

8

An Analysis of the Impact of Metaverse on Climate Change Ashley P. John

Abstract

The metaverse is the next evolution of the Internet, merging the physical and digital worlds into a multiuser environment (Jauhiainen et al. in Sustainability 15(1):346, 2023). It enables interaction with digital objects, virtual environments, and people in 3D settings in real-time using multiple senses. The metaverse is expected to affect various aspects of society, including work and leisure. However, discussions about the metaverse mainly revolve around speculation about its emergence, potential impacts, and effects on climate change and the environment. This paper aims to examine the impacts of the metaverse on climate change in detail, including how it may assist in combating climate change and its potential negative effects. Additionally, this paper also explores how new technologies like the metaverse may contribute to carbon emissions, and whether they may increase or decrease emissions and their impact on climate change. Keywords

Metaverse • Augmented reality • Virtual reality • Climate change • Sustainability

8.1

Introduction

Computer science advancements have a tremendous impact on daily life since they change and enhance human touch, communication, and social relationships. The fourth wave of computer innovation is centered on spatial, immersive technologies like Virtual Reality (VR) and Augmented Reality (AR) at the moment. This wave A. P. John (B) Kristu Jayanti College, Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_8

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is anticipated to create the following paradigm for ubiquitous computing, which has the power to revolutionize (online) business, education, distant work, and entertainment. The Metaverse is this new paradigm. A network of interconnected virtual worlds called the metaverse allows users to interact with one another, play games they’ve made, work, and shop. The metaverse can be compared to cyberspace or an advanced, three-dimensional internet where logging in is not required. Additionally, virtual and augmented reality components might be included. The concept of a single, accepted metaverse is still hypothetical and science fiction at this point. Although some tech behemoths have continued to create metaverse-like experiences like virtual fashion shows, live concerts, and workplaces amidst this. The metaverse may have an influence on future scenarios where we spend more time online than offline. You are represented in the metaverse by an avatar, much like the ones Facebook started using in 2020. Many technology experts think that it will solve the geographic problem, especially when it comes to business connections. One of the most urgent problems facing the world now is climate change. The gradual alteration of temperature and weather patterns is referred to as climate change. These changes could result from natural processes, such as shifts in the solar cycle. But since the 1800s, human activity—particularly the burning of fossil fuels like coal, oil, and gas, which releases greenhouse gases—has been the primary cause of climate change. Climate change causes devastating impacts with extreme weather conditions, such as flooding, polar ice caps melting, sea level rise, and droughts (Lo and Tsai 2010). As the repercussions of the climate crisis spread to more nations, what type of roles cutting-edge technology like metaverse will play is a subject of discussion. The Pacific Island nation of Tuvalu, a nine-island archipelago home to 12,000 people, is situated about midway between Australia and Hawaii and is actively threatened by rising sea levels. They have taken matters into their own hands, including building a virtual replica of the nation in the metaverse. This article will explore the effects of the metaverse on the climate, whether they are favorable or unfavorable, and in what way the metaverse can contribute towards climate change. This article examines the future relevance of the metaverse to humanity in light of climate change.

8.1.1

Objectives

• To examine the impact of metaverse on climate change. • To analyze the benefits of metaverse on climate change. • To scrutinize the negative impact of metaverse on climate change.

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Metaverse and Climate Change: An Overview

Climate change is one of the defining issues of the world right now. Due to growing human emissions of heat-trapping greenhouse gases, the climate on Earth is changing, and this has already had a significant impact on the environment. There has never been a time when global warming occurred at such a rapid pace. The natural order is being disrupted by altering weather patterns brought on by rising temperatures. All life on Earth is seriously threatened by this, including humans. Glaciers and ice sheets are melting, lake and river ice is breaking up early, plant and animal ranges are changing, and plants and trees are blossoming earlier. The course of upcoming human activity will determine how severe the repercussions of climate change will be. More climate extremes and extensive negative repercussions on our world will result from higher greenhouse gas emissions. Climate change may have an impact on our ability to cultivate food as well as our ability to work, live, and feel safe. Some people, such as residents of small island states and other developing nations, are already more susceptible to the effects of the climate. Long-lasting droughts put people at risk of starvation while rising sea levels and saltwater intrusion have forced entire communities to abandon their homes. Predictions for the future point to an increase in “climate refugees.“ The repercussions of the climate emergency on our world are not limited to humanity. The animals of the planet and its ecosystems will also undergo substantial, occasionally disastrous change. The collapse of sensitive ecosystems and large-scale extinction events are both possible outcomes of rising temperatures. Decisions we make today may reduce future suffering in people and animals. The extent to which we emit carbon dioxide will determine these long-term effects. Therefore, some of the worst effects might be avoided if we can lower carbon emissions. What kind of roles cutting-edge technology, like metaverse, will play in this scenario is an important subject to debate. A metaverse is a virtual reality simulation that can be utilized for everything from social networking and entertainment to business and education. It is a 3D virtual environment that individuals have created and are developing; it can be explored and interacted with just like the real world. It is a fictitious version of the internet that is a global, all-encompassing virtual setting that emphasizes social interaction. Theoretically, the metaverse functions by enabling an infinite number of individuals to synchronously connect in real-time inside a constantly active virtual setting that is immersive, three-dimensional, and connected seamlessly to our physical reality. In practice, it’s a challenging technological achievement to accomplish. Such an endeavor calls for significant computer processing power as well as improvements in smartphones, game consoles, and VR and AR headset technology. Since climate change is one of the major issues facing the world at the moment, it is necessary to consider what influence this cutting-edge technology like metaverse will have on it. Because of how deeply embedded our short-term bias is, even rapid climate change is difficult to detect. We quickly normalize climate situations that would be deemed historically extreme, according to a study of two billion social media posts.

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According to the study, people base their perception of typical weather on events that have taken place just in the last two to eight years. Fortunately, the immersive experiences that will be a key component of the metaverse have the power to reach deeper levels of our psyche and foster a new awareness of climate change that could inspire action. Immersive experiences can heighten emotional engagement with the topic and, if a behavior is the largest obstacle to tackling climate change, metaverse leads to meaningful action and raise awareness. Climate change, the world’s most pressing concern, could surely benefit from this. Additionally, the metaverse can provide new opportunities by crafting better early warning systems for disaster responsiveness via digital platforms, hence leading to the protection of infrastructures and human lives (Allam et al. 2022). There are numerous interconnections between the metaverse and sustainability. Sustainability is an important element because the metaverse would have a huge impact on the material (environmental), economic, and social realms and also sustainability. Although the metaverse would boost financial growth and profitability, these aspects must be balanced with the metaverse’s ethical, social, and environmental aspects. Because many physical goods are replaced with digital ones, physical mobility, and construction are reduced by virtual interactions, the physical world is used with digital twins, simulations can be run in cyberspace rather than physical space, and more awareness and effective interaction are created against harmful global phenomena, like climate change, which is a major concern of the metaverse, it may result in a significant reduction in carbon emissions. Travel, whether for pleasure or business, by air or land, may be significantly replaced by metaverse experiences. Before the pandemic, the aviation industry was responsible for 2.5% of the world’s emissions; however, after the pandemic, this sector’s emissions were cut in half. Consumers and businesspeople found that videoconferencing, while not perfect, was adequate for many uses, including team meetings and virtual happy hours. Imagine working or playing in the metaverse with true personal presence, the ability to interact, communicate, and recreate in ways that are not feasible in a “real” gathering, and all of this without the hassle, cost, or difficulty of traditional travel. This has already happened with concerts that were performed in the metaverse but would have required thousands of people to travel if they had been held in the real world. Face-to-face interactions will always be important, but metaverse travel may replace several random trips. Therefore, it can be concluded that the metaverse will aid in lowering carbon emissions from the airline sector and other public events, which will help manage the drastic climatic changes that are taking place. Scholars have speculated that the metaverse will alter the way in which the hospitality and tourism industry operates (Gursoy et al. 2022). The metaverse merges the real and virtual worlds, altering how the tourism sector works. Physical travel may eventually be replaced by the metaverse. In the metaverse, technological devices enable users to have various sensations, such as sight, hearing, touch, and even smell, allowing them to easily experience being a tourist sightseeing on the opposite end of the globe while sitting at home. The interaction between a user, a device, and their surroundings or other people is made possible by the

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metaverse. The user can take on the persona of a tourist and navigate a virtual tour using an avatar. In this way, it gives visitors a clear picture of what to anticipate when they arrive at a specific location. Even if the encounter is virtual, it nonetheless stimulates certain desirable scenarios by using the senses. The cities and landscapes around us may receive some much-needed relief if we transpose some of our tourist impulses to the metaverse. Studies on the viability of creating tourist attractions in virtual worlds could prove to be worthwhile substitutes that consume fewer already-vulnerable natural resources. The surrounding natural ecosystems have suffered greatly as a result of our environmental impact. With the help of globalization, we have been able to explore every part of the planet. So, in a sense, we may say that the metaverse will aid in giving nature a little breathing room. The importance of eco-friendly initiatives is increasing along with consumer awareness of Corporate Social Responsibility (CSR), and they now play a vital role in business plans. Many businesses are implementing green initiatives to benefit the environment and the changing climate. Data is already being used effectively by businesses like dClimate, ReFiDao, and Regen Network to highlight greener options. As blockchain technology is integrated into the metaverse, the advantages of this open technology can be tapped to compel businesses to precisely measure, report, and manage their green policies. Many technological development organizations place a high priority on energy-efficient techniques that reduce their present carbon emissions to achieve environmental sustainability goals. For instance, the metaverse can support green networking technologies by lowering the number of physical data storage centers by storing data and information in the cloud. Designing the metaverse platforms to use less specialized hardware resources and more general processing power is crucial. Mounting textile waste and its impact on the environment and climate change are relevant issues of concern. Most people seldom consider how their clothing affects the environment. To make textiles, significant amounts of chemicals, water, power, and other natural resources are required. According to the World Resources Institute, one cotton shirt requires 2,700 gallons of water for the manufacturing process. Not only does throwing away clothing in the trash waste money and resources, but it can also take more than 200 years for the components to decompose in a landfill. When textiles deteriorate, harmful chemicals and dyes are released, which adds to soil pollution, water pollution, and climate change as well as the production of the greenhouse gas methane. However, as our consumer habits expand, the Metaverse offers a means of satisfying our need to add to our wardrobes without constantly making a tangible purchase. Fashion firms could also provide distinctive, immersive spaces to engage with customers in the metaverse, from purchasing wearables to participating in augmented experiences. Perhaps in the future, purchasing clothing for your avatar will be more environmentally friendly and more valued than purchasing actual clothing. The development, creation, design, and utilization of technological apparatuses as well as larger and faster physical data networks result in the use of energy and other natural resources, as well as CO2 emissions. Blockchain technology,

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which is crucial to cryptocurrencies and NFTs, consumes a lot of energy. Furthermore, energy-intensive cloud computing data centers need a lot of energy which is mainly used to cool the heat produced by the computers. New hardware devices are required for immersive experiences, which increases the requirement for rare earth metals while also increasing the amount of electronic trash produced when outdated equipment is discarded. The massive energy requirements and electronic trash produced by the metaverse experience will be associated with higher greenhouse gas emissions that contribute to climate change and its ensuing effects on ecosystems and their biodiversity. There is a great likelihood of events that will not be positive for environmental sustainability and climate change if suitable regulations and standards surrounding the metaverse and how to carry it forward are not established, as we are in a period where there are high chances of catastrophic climate change. By providing advice and serving as an objective source of information, the scientific community should actively participate in the process of regulating metaverse applications and impacts. This will help governmental or nonprofit bodies fulfill their regulatory function.

8.3

Conclusion

The climate flywheel is turning. Sooner or later, Mother Nature will give us a painful slap (Floridi 2022). We have started a chain of events that, if not stopped, will guarantee that we live up to the dire prophecies you have heard. Future environmental and climatic effects of the metaverse are unknown and impossible to estimate. Given the present trend of planetary boundaries being breached, this is highly alarming news. In this pivotal time for the metaverse, new dimensions of sustainability are opening both significant obstacles for global climate objectives and new opportunities for achieving them. Country, gender, and boundaries have no meaning in the metaverse. Beyond the current humanistic approach, a fresh viewpoint is required. Because the metaverse incorporates numerous ideas like marketing, administration, and strategy research, it spans a wide variety of disciplines. It’s critical to keep in mind that the metaverse is merely a collection of speculative possibilities. There are many unanswered questions. How the metaverse will manifest itself, who will run it, what it will contain, and how much of an impact it will have on our everyday lives are all unknown. On one end of the scale, some believe that the metaverse will enhance our lives by granting us access to experiences that are not physically possible. The metaverse, in the eyes of its detractors, is merely an extension of our current digital experiences, not a fundamental shift. Perhaps even worse, they argue, it will only serve to amplify the drawbacks of social media today, such as misinformation campaigns, addictive tendencies, and violent tendencies. By replacing physical items with digital ones and in-person interactions with virtual ones, the metaverse also holds the possibility of significantly reducing carbon emissions. We may be able to overcome our behavioral barriers to taking

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action on climate change with the help of the immersive nature of metaverse experiences. If meetings in the metaverse are as successful as they claim, it will be feasible to use a new form of communication and transportation that will lessen the carbon footprints of different forms of transportation, such as air, water, and land travel. Adopting metaverse technologies could help reduce the enormous waste from textile and air travel. As previously indicated, the metaverse can help reduce carbon footprints in a variety of ways, but it can be challenging to estimate the number of carbon emissions that the metaverse alone could produce on its own. Both potential and hazards for biodiversity and the environment exist in the metaverse. It is now up to the scientific community to take the initiative and participate actively in development. Funding organizations should be prepared to assist researchers in their endeavors, offering specialized funding tools and aid for interdisciplinary collaborations. The metaverse is no different from other novel breakthroughs that have the potential to be transformative in that they are fraught with great uncertainty, wonderful opportunities, and huge hazards. We urge the biodiversity and environmental research communities to seize this chance and organize. This may involve gathering materials, curating them, motivating others, laying the groundwork for prospective metaverse content, as well as collaborating with tech firms. Funders should take note of this as well and contribute the resources required to ensure that the environment and climate change play a significant role in a future metaverse.

References Allam Z, Sharifi A, Bibri SE, Jones DS, Krogstie J (2022) The metaverse as a virtual form of smart cities: opportunities and challenges for environmental, economic, and social sustainability in urban futures. Smart Cities. 5(3):771–801. https://doi.org/10.3390/smartcities5030040 Floridi L (2022) Metaverse: a matter of experience. Philos Technol 35:73. https://doi.org/10.1007/ s13347-022-00568-610.1016/j.ijinfomgt.2022.102542 Gursoy D, Malodia S, Dhir A (2022) The metaverse in the hospitality and tourism industry: an overview of current trends and future research directions. J Hosp Market Manag 31(5):527– 534. https://doi.org/10.1080/19368623.2022.2072504 Jauhiainen JS, Krohn C, Junnila J (2023) Metaverse and sustainability: systematic review of scientific publications until 2022 and beyond. Sustainability 15(1):346. https://doi.org/10.3390/su1 5010346 Lo SC, Tsai HH (2022) Design of 3D virtual reality in the metaverse for environmental conservation education based on cognitive theory. Sensors 22(21):8329. https://doi.org/10.3390/s22 218329. In: 9th International proceedings on proceedings (2010), pp 1–2

9

An Exploratory Study on Metaverse and SDGs Ashly Joseph

Abstract

The new concept around technology is called the “Metaverse.“ It is described as the inevitable evolution of the internet in modern times. It is a vision shared by many in the computer industry who believe that the Metaverse is the next iteration of the internet—a single, immersive, shared 3D virtual space where human life experiences are not limited to the physical world. The Metaverse must provide a persistent, 3D virtual atmosphere in which any user can engage in everything (Dalgarno and Lee in Br J Educ Technol 41(1):10–3, 2010). Metaverse technology can be used as a resource to develop projects for Sustainable Development Goals (SDGs), which can help to formulate solutions to the world’s current problems. The use of modern technology in the future will help achieve the successful completion of the United Nations’ Sustainable Development Goals (SDGs). The SDGs are a collection of 17 interlinked objectives designed to serve as a “shared blueprint for peace and prosperity for people and the planet now and into the future” (https://sdgs.un.org/). The Metaverse, one of the most prominent concepts of recent times, is one of the tools used to accomplish the SDGs, which are essential goals that affect our planet and humanity. People have been attempting to increase awareness by employing various technologies and concepts in several industries every day. The research aims to analyze how the concept of the Metaverse can be utilized in the achievement of Sustainable Development Goals. Keywords

Metaverse • 3D virtual space • SDGs

A. Joseph (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_9

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9.1

A. Joseph

Introduction

The term “Metaverse” was first put forward by Neal Stephenson, an American writer in the science-fiction novel “Snow Crash” in 1992 (http://www.techtarget. com). By 2022, the Metaverse is being seriously discussed as a new form of technology that will change the world in all aspects. The new technological concept of the Metaverse has its name derived from two words, “Meta” and “Universe”. With the arrival of this new concept, there are many chances for the digitization of every aspect beyond what is possible now. The digital technology of virtual reality and augmented reality combine to bring the concept into the world, relating to a post-reality universe where new changes happen in the future. The concept brings forward new areas of Metaverse services that will include business, education, economic growth, healthcare, sustainability, innovation, and many more. The Metaverse service is the amalgamation of physical, augmented, and virtual reality. As time goes on, the development of the concept can bring forward different achievements in the major goals of the overall well-being of the world. One of the reasons for the current hype around the Metaverse is the convergence of different technologies with a high degree of maturity for processing, transmitting, and displaying content, which together enables a new user experience. The application of the concept regarding the Metaverse will lead to a new revolution in the world. It will change the face of the Sustainable Development Goals that are to be achieved. The 17 Sustainable Development Goals (SDGs) are the major objective areas where the world wants to collaboratively work towards their accomplishment by the year 2030. The new technological concept of the Metaverse has its name derived from two words, “Meta” and “Universe”. With the arrival of this new concept, there are many chances for the digitization of every aspect beyond what is possible now. The digital technology of virtual reality and augmented reality combine to bring the concept into the world, relating to a post-reality universe where new changes happen in the future. The concept brings forward new areas of Metaverse services that will include business, education, economic growth, healthcare, sustainability, innovation, and many more. The Metaverse service is the amalgamation of physical, augmented, and virtual reality. As time goes on, the development of the concept can bring forward different achievements in the major goals of the overall well-being of the world. One of the reasons for the current hype around the Metaverse is the convergence of different technologies with a high degree of maturity for processing, transmitting, and displaying content, which together enables a new user experience.

9.1.1

Significance of the Study

The introduction of the new concept of technology, “Metaverse”, into the Sustainable Development Goals (SDGs) of the United Nations is significant. The

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world is constantly changing as new inventions and innovations are developed, and new technological changes are encouraged. Thus, the concept of the Metaverse also holds an important position in the present scenario. Virtual reality (VR) and augmented reality (AR) are considered the two technologies that have led to the development and growth of the Metaverse. These are the most predominant new technologies in the world and have played a key role in the development of this innovative technology. The convergence of numerous existing and modern technologies with a high degree of maturity is what makes the Metaverse so interesting now. There is relevance in studying how the new concept of Metaverse can help in achieving Sustainable Development Goals (SDGs). It also helps to analyze how both can work together to fulfill the most important goals. Thus, this study paves the way for the future with a digital ecosystem through the advent of Metaverse. This study helps to analyze the strategy that should be followed to achieve the UN’s Sustainable Development Goals (SDGs).

9.1.2

Objective

The main objective of the study is to understand and analyze how the recent technology of metaverse can be utilized in the achievement of the UN’s Sustainable Development Goals (SDGs) by 2030.

9.2

Methodology

The study on the new technological environment of Metaverse is purely conceptual-based observation. The study aims to identify how this new digital concept can help achieve the Sustainable Development Goals of the UN. The study’s relevance lies in how the new concept can aid in the accomplishment of the 17 Sustainable Development Goals. Thus, the study revolves around identifying where we can apply Metaverse technology in the future, giving importance to the UN’s Sustainable Development Goals. This could have a positive impact on areas where innovative ideas and innovations must be put forward to future generations of the world.

9.3

Findings

9.3.1

Metaverse and Goal of End Poverty

Poverty refers to the situation of not having enough food to eat, adequate shelter, access to education, and health, which are necessities for human beings. The lack of fundamental things such as food, shelter, drinking water, clothing, etc., are the reasons that cause the dangerous problem called poverty. The Sustainable

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Development Goal aims to eradicate the problem of poverty or end poverty by implementing it as its first goal by 2030. The development of a new concept called Metaverse can provide a solution to end poverty or make the concept of no poverty in the world a reality. The Sustainable Development Goal puts forward the role of Metaverse to encourage cottage industries and entrepreneurship in rural regions or underdeveloped areas. The main reason for the problem of poverty is the lack of employment for people. Thus, providing employment opportunities to the poor and vulnerable sections of society is essential to maintain a standard of livelihood. The implementation of Metaverse in the area can help eradicate the worst problem of poverty and introduce ideas for promoting cottage industries and entrepreneurship. These are the ways through which the technology of Metaverse can be introduced. Thus, with the help of Metaverse, the goal of sustainable development to end poverty should be achievable by the coming future, or by 2030.

9.3.2

Metaverse and Goal of Zero Hunger

The second most important goal of sustainable development is to create a world free of hunger by 2030 or achieve zero hunger by 2030. It aims to end hunger, achieve food security, and promote sustainable agriculture. Access to food is the most important aspect of life. The sustainable development goal targets to end hunger by 2030 and ensure access to safe, nutritious, and sufficient food all year round for all people, particularly the poor and those in vulnerable situations, including infants. The world is facing the issue of malnutrition for children and women. The UN has put forward the concept that “We all want our families to have enough safe and nutritious food to eat”. A world with zero hunger can positively impact economies, health, education, equality, and social development, and is a key piece of building a better future for everyone (https://www.un.org/). Key technologies such as Virtual Reality (VR) and Augmented Reality (AR) are used to develop the metaverse. By using these technological tools, agriculture machinery, which is complex and expensive, and blockchains, which are useful for secure storage and distribution of food, are vital roles that the metaverse must play. Thus, it will help achieve the target of zero hunger by 2030 worldwide.

9.3.3

Metaverse and Goal of Good Health and Well-Being

Ensuring healthy lives and promoting well-being at all ages is essential to sustainable development (https://www.un.org/). This seems to be Goal 3 of the UN’s Sustainable Development Goals. The WHO states that “Health is a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity”. An important implication of this definition is that mental health is more than just the absence of mental disorders or disabilities. The COVID-19

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pandemic has destroyed the health system of the people, leading to a massive number of deaths worldwide. The sustainable development goal of “Good health and well-being” is a necessary factor that must be achieved by 2030. The health sector can experience significant development with the help of the developing technology of the metaverse in all its functions. It can be seen as the easiest way to diagnose or identify diseases or the causes of health problems. The technologies behind the metaverse are Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and Extended Reality (XR) (Lee 2022). The role of using the metaverse in the health sector should be Metaverse-enabled healthcare services that combine e-health to offer healthcare between remote populations. Thus, metaverse technology promotes the accomplishment of sustainable development goals in the future as it makes remarkable changes in the health sector of the world in the coming years.

9.3.4

Metaverse and Quality Education

The study on the new technology concept known as the Metaverse in the area of Sustainable Development Goal of quality education can be given more priority because all new ideas and inventions are due to learning and understanding. Thus, digital technology owes its development to the education provided to every new generation. During the COVID-19 situation, there was tremendous development of digital learning worldwide through applications such as Google Meet, Zoom, and WebEx Meet, where there was virtual interaction between teachers and students. In the present scenario, it is relevant to understand technological improvements. In recent years, the developing technology of the Metaverse has had outstanding advantages in online education. Metaverse education is defined as the education system that uses Metaverse technology for learning purposes. Metaverse plays a vital role in implementing the goal of providing quality education and promoting lifelong learning to all people by having new ways of teaching ideas that can be accessible to everyone, anywhere, at any time in the world. Metaverse plays a role in education by enhancing learning input, increasing efficiency in learning, avoiding restrictions on education resources, and decreasing costs and risks involved in education (Mustafa 2022). The traditional classroom environment is less engaging. Thus, Metaverse can be useful to the field of education in a better manner to achieve the UN’s Sustainable Development Goal of providing quality education by 2030. Therefore, the Metaverse can be the next best tool to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all, as stated by the UN.

9.3.5

Metaverse and Gender Equality

Gender equality means treating both men and women equally and giving them equal opportunities to develop. It is important because historically, women have

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faced discrimination at home and workplace. They are still considered weak in comparison to men, so they are given fewer opportunities than men in the field of employment. To maintain development in the world, gender equality must be achieved and all women and girls empowered. When gender inequality ends, the world will have more progress in all fields. Thus, the concept of Metaverse plays a role in having Metaverse hubs universally available to all, regardless of gender. The main target of the Sustainable Development Goal is to ensure gender equality in the world by 2030 with the help of Metaverse technology, which can provide a change in the scenario of gender inequality in all aspects of the world.

9.3.6

Metaverse and Clean Water and Sanitation

The main aspect of every living thing is the availability of water. Without water, life cannot be sustained. According to the UN, “Clean water is a basic human need, and one that should be easily accessible to all. There is sufficient fresh water on the planet to achieve this. However, due to poor infrastructure, investment, and planning, every year millions of people, most of them children, die from diseases associated with inadequate water supply, sanitation, and hygiene.” The Sustainable Development Goal aims to ensure the availability and sustainable management of water and sanitation for all. Thus, to achieve this goal, technologies must be developed. By implementing the new concept of Metaverse in the goal, a new change can be made. The role of Metaverse technology is to provide hubs that work with Metaverse technology, supporting “Digital Water” initiatives, sensor-enabled water pumps, and sanitation outlet facilities worldwide. This eliminates the problem of the unavailability of clean water in the world where human life exists.

9.3.7

Metaverse and Affordable and Clean Energy

There is a relevance to ensuring access to affordable, reliable, sustainable, and modern energy for all. As technologies develop, there is a need to turn modern concepts into reality. By incorporating the emerging technology of the metaverse with the concept of energy, which can have extensive use of the Internet of Things, Artificial Intelligence, and Blockchains, it can be used to control and manage energy consumption worldwide. By implementing the metaverse into the concept of affordable and clean energy, we can achieve sustainable development by 2030.

9.3.8

Metaverse and Economic Growth

Sustainable development aims to promote sustained, inclusive, and sustainable economic growth. With the rise of technological advancements, the concept of the metaverse is growing rapidly. The usage of the coming trend of technology in

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aspects of economic growth is key. The two essential components for making the metaverse an economic success are (a) interoperability and (b) portability, which will be powered by the further adoption of web3 technologies. As economic activities shift to the digital mode of operation, there is a creation of more economic opportunities, which will lead to more economic improvements in the economy. With the upcoming metaverse to current activities followed in the economy, there is new economic development. The next version of the economy is the metaverse economy as it can provide economic growth to the extent that there are more economic opportunities, such as job and employment opportunities, a greater number of innovations, adopting a technology-neutral approach, and public and private sector collaboration in each developmental activity. The role of the metaverse is the extensive use of technology to support areas of job opportunities such as entrepreneurship, and the development of cottage industries in different areas, which are geographically valid, such as tourism, leading to an increase in the rate of economic growth. Thus, there are opportunities for the metaverse to achieve the sustainable development goal of economic growth.

9.3.9

Metaverse and Industry, Innovation and Infrastructure

Building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation are the aims of the sustainable development goals by 2030. As these developments progress, the world will see more changes. The role of the metaverse is considered as the technologies of Industry4.0 and Manufacturing4.0 are aggressively exploited, so this issue can be rectified using metaverse technology. The use of modern technology will help develop infrastructure facilities without using traditional technology.

9.3.10

Metaverse and Goal of Reducing Inequality

Reducing inequality within and among countries is an important sustainable development goal put forward by the UN. Cooperation among countries for the total benefit of the world is needed. The technology of the metaverse has a role in interconnecting with other hubs available across all countries and among all populations in the world, which can help maintain a good friendships among nations.

9.3.11

Metaverse and Sustainable Cities and Communities

The goal of sustainable development regarding cities and communities is being discussed in the present scenario. The aim is to make cities and human settlements inclusive, safe, resilient, and sustainable. The modern technological changes led

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to the introduction of digital, smart, and sustainable cities, towns, and communities, which can use the modern technology of the metaverse extensively in the future. The implementation of the metaverse in sustainable cities and communities will change their nature and provide safety. By using the technology of Digital Twin(DT), which helps to have a digital replicas of physical objects, processes, or services in the digital world, by creating this will predict different issues such as climate change, energy consumption and production, traffic controls, etc. With the help of metaverse which can play a critical role in the problems of emissions from transportation, manufacturing sector, as it led to develop a smart cities (Allam et al. 2022).

9.3.12

Metaverse and Responsible Consumption and Production

The world is changing day by day as new technologies develop. The most important activities in the economy are consumption and production, as they play a significant role in economic growth. Technology can help with responsible production and green consumption in many ways, from recommending energy efficiency to highlighting the carbon footprint of online purchases. According to the UN’s environment program, sustainable consumption and production refer to “the use of services and related products, which respond to basic needs and bring a better quality of life while minimizing the use of natural resources and toxic materials, as well as the emissions of waste and pollutants over the life cycle of the service or product, so as not to jeopardize the needs of future generations.” The sustainable development goal of achieving responsible consumption and production through the metaverse can make improvements in supply chain management, improve capabilities for production, and digitally explore inventory management.

9.3.13

Metaverse and Climate Change

Climate change is one of the most pressing issues the world faces today. The negative impact of human actions causes environmental problems, and thus, the sustainable development goal aims to utilize metaverse technology to reduce the problems related to climate change. It seems to be a unique opportunity to tackle climate change with the metaverse. Through digital twins, the metaverse will allow for the replication of buildings, cities, and even the earth to better understand our impact on the environment and help advance climate science. The metaverse could have a positive ecological impact: digitization could be used to reduce greenhouse gas emissions by a factor of five. Eco-design, as well as an environmental and ethical responsibility, are key issues for the development of the metaverse. Digitization could result in lower greenhouse gas emissions by a ratio of one to five, i.e., one emission generated against five emissions avoided (https:// www.blockleaders.io/).

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Metaverse and Life Below Water

The goal of conserving and sustainably using the oceans, seas, and marine resources is an important aspect, as life below water or marine life is critical for human life, which depends on the oxygen and freshwater it creates. About 71% of the Earth’s surface is water-covered, and the oceans hold about 96.5% of all Earth’s water. The metaverse can be extensively used for different aspects of the Blue Economy, which is the sustainable use of marine resources for economic growth, providing job opportunities, and maintaining a healthy ecosystem, and for undersea explorations, which is the practice of investigating the underwater environment.

9.3.15

Metaverse and Life on Land

Life on land is an important factor in the life of the planet Earth, and it is necessary to protect, restore, and promote the sustainable use of terrestrial ecosystems. Without life on Earth, it might be like Venus. The concept of metaverse can use connected alarm systems as Artificial Intelligence/Machine Learning capabilities with high density in urban regions to quickly inform residents of fast-moving fires or any other sudden calamities.

9.3.16

Metaverse and Peace, Justice, and Strong Institutions

The sustainable development goal aims to promote peaceful and inclusive societies worldwide. The use of metaverse with IBM’s (International Business Machine Corporation) model of Smarter Planet, where many agencies connect, interact, and support each other, can improve governance levels. Its main idea is to encourage business, government, and civil society leaders’ ideas and motivate them to achieve economic growth, near-term efficiency, sustainable development, and societal progress worldwide.

9.3.17

Metaverse and Partnerships for the Goals

The 17th sustainable development goal is to strengthen the global partnership for sustainable development. With the implementation of metaverse using modern developments in B2B (Business-to-Business), and G2G (Government-toGovernment), and involving the acceptance of internet and metaverse services, communication connectivity among different hubs, which are the developed versions of business and governance by involving the accept of Internet and metaverse services. The sustainable development goals are a collective target of the United Nations, which should be successfully completed by the 2030.

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Conclusion

The study aims to analyze how the metaverse can help achieve the UN’s Sustainable Development Goals (SDGs). As modern technology can provide solutions to the 17 goals that must be achieved by 2030, the role of metaverse technology varies in each case, and there is a wide variety of services modern technology can offer to the world. According to the United Nations, “The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future. At its heart are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries—developed and developing— in a global partnership. They recognize that ending poverty and other deprivations must go together with strategies that improve health and education, reduce inequality, and spur economic growth—all while tackling climate change and working to preserve our oceans and forests”. As this is an important step towards achieving those goals that are highly required and are kept for the next generation, the explanation of sustainable development says, “Development that meets the needs of the present, without compromising the ability of future generations to meet their own needs.” Thus, the study has relevance for future analysis of how metaverse technology has helped achieve sustainable development goals by 2030.

9.4.1

Scope for Further Research Direction

The metaverse and achievement of sustainable development goals have the scope for further study. This study deals only with the conceptual part, while its implementation is expected by 2030. The application of metaverse technology is going to be involved in the sustainable goals, and the time gap for studying its current nature and the outcome can be taken into complete consideration. Therefore, the relevance of the metaverse and the achievement of SDGs is considered an important aspect in the coming future.

References Allam Z, Sharifi A, Bibri SE, Jones DS, Krogstie J (2022) The metaverse as a virtual form of smart cities: opportunities and challenges for environmental, economic, and social sustainability in urban futures. Smart Cities 5(3):771–801. https://doi.org/10.3390/smartcities5030040 Dalgarno B, Lee MJW (2010) What are the learning affordances of 3-D virtual environments? Br J Educ Technol 41(1):10–32; LNCS, vol 9999. Springer, Heidelberg, pp 1–13 https://sdgs.un.org/

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https://www.un.org/ https://www.blockleaders.io/ 5 ways the metaverse can help with the climate crisis https://www.techtarget.com (What is the metaverse? an explanation and in-depth guide) Lee CW (2022) Application of metaverse service to healthcare industry: a strategic perspective. IJERPH, MDPI 19(20):1–14 Mustafa B (2022) Analyzing education based on metaverse technology. TechHub J TechHub Res 32(1):278–295

Opportunities and Risks of the “Metaverse” for Environmental Sustainability

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Ardra Shaju

Abstract

The Metaverse is a shared digital space that has the potential to revolutionize the development of the internet. It combines the physical and virtual worlds into one, allowing people to engage and explore the virtual environment together. Moreover, the use of Metaverse technology can aid in environmental preservation by helping us recognize the shortcomings of our current model and the impact it has on the environment. This study examines how the Metaverse can contribute to environmental protection and sustainability, as well as its potential negative impacts. Finally, it explores the role that the Metaverse is likely to play in the future. Keywords

Metaverse • Augmented reality • Sustainability • Environmental sustainability

10.1

Introduction

The Metaverse is a digital reality platform that integrates various technologies such as augmented reality, artificial intelligence, virtual reality, and blockchain technology. The term “Metaverse” was first introduced in Neal Stephenson’s 1992 dystopian novel, “Snow Crash”. The Metaverse is based on the idea of an extended reality, powered by augmented reality that enables user control through an avatar. It combines elements of social media platforms, online gaming, augmented reality, and cryptocurrencies to facilitate virtual interaction between users. The Metaverse

A. Shaju (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_10

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is also capable of combining economies, digital identity, decentralized administration, and more. Augmented reality enhances the experience of the customer or user by placing visual components, audio, and other sensory cues over real-world situations, while virtual reality enhances made-up realities and is entirely virtual. Sustainability is a concept that is currently emphasized in every field worldwide. Sustainability means fulfilling our requirements without endangering the abilities of future generations to meet their own needs. The Metaverse is a platform that contributes to sustainability and sustainable development by allowing us to collect, categorize, and store sustainability-related data, which can then be used to analyze its impact. Environmental sustainability is the primary focus of all development and is considered vital for future generations. Protecting the environment, wildlife, biodiversity, water bodies, and all other natural resources is the responsibility of the current generation. In this article, we analyze the impact of the Metaverse on environmental sustainability. The objectives of this paper are to analyze the impact of the Metaverse on environmental sustainability, to examine the benefits of the Metaverse in environmental sustainability, and to scrutinize the positive and negative effects of the Metaverse on environmental sustainability.

10.2

Metaverse and the Environment

The Metaverse acts as a shared digital space or a parallel universe that people access through the internet. It is a complex concept that helps users explore and interact freely in both social and professional settings. The Metaverse is a vast network in which users participate as avatars and engage in various activities such as playing games, learning, collaborating with others, exploring creativity, attending meetings, trading, investing, attending concerts, working, virtual traveling, and entertainment. The Metaverse is essentially a 3D digital connection between various digital and social media platforms and websites that utilize augmented reality and virtual reality devices. The prerequisite for the Metaverse is that digital technology, communication networks, and applications develop quickly and become globally ubiquitous and easy and affordable to use, resulting in a multitude of users who can access virtual worlds, digital objects, and each other in the 3D Internet (Jauhiainen et al. 2022). In this vast network, users can create any imaginary entity they desire. The Metaverse combines the physical and digital worlds into one where many participants come together to explore and interact with each other. The purpose of the Metaverse is to facilitate multimodal, interactive, and immersive experiences frequently in 3D spaces for digital citizens, objects, and surroundings. The avatar represents the user in the virtual world, and users can buy virtual commodities for the avatar, use e-commerce sites to preview commodities in the Metaverse before placing an order, and engage in cryptocurrency and trading activities. The method of generating the environment and objects in Metaverse is divided into the method of depicting by reflecting the real world and the method of creating a new imaginary environment (Park and Kim 2022). To

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connect with and use virtual objects in the Metaverse, motion detection sensors are mounted on the users’ hands to help them feel the 3D environment. Many tech companies are expanding the scope of the Metaverse technology by adding features and specifications to existing software and devices and designing new ones. The Metaverse is expected to influence numerous facets of society and people’s daily lives, including their free time, jobs, and entertainment. As Metaverses are introduced into various areas of our lives, telework has begun to take place in Metaverse offices (Choi 2022). The Metaverse relies on cloud storage to store data, and Metaverse data is stored in a blockchain-based decentralized network, which generates objects in the Metaverse. The Metaverse can be considered a platform that upholds all sustainability goals, creating a suitable atmosphere for evaluating these goals and identifying and resolving weaknesses and issues.

10.2.1

Understanding Environmental Sustainability

Environmental sustainability concerns how the world will be left behind, motivating people to live a life that produces the least amount of waste and replenishes or recycles the resources and materials we consume daily. Environmental sustainability is living in harmony with the environment or living responsibly. Guiding concepts for an environmental sustainability strategy include the conservation of biodiversity, meeting social needs, etc. The conservation of biodiversity involves adequately protecting energy resources and biodiversity. Social needs refer to the availability of necessities for both current and future generations, including goods and services. Environmental sustainability seeks to enhance human well-being without unduly taxing the planet’s life-sustaining ecosystems. Given the number of resources we use daily, such as food, manufactured goods, and energy, environmental sustainability is critical. Increased agriculture and manufacturing due to excessive population growth have increased greenhouse gas emissions, unsustainable and inefficient energy consumption, and deforestation. Therefore, we need to take action to prevent the depletion of natural resources and ensure the ability of future generations to achieve their basic requirements. Economists note that the concept of sustainable development prioritizes economic expansion over human rights, dignity, or health. Global environmental sustainability requires a paradigm shift because we now regard the environment as an extension of the economy, not vice versa. Due to this transition, the economy will need to adjust to preserve environmental services. This process is easier said than done and will likely take decades to see a change.

10.2.2 The Threat of Global Warming Global warming is the long-term rise in the temperature of the Earth’s surface, which is a threat to the very existence of the living world. Global warming is

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caused by prolonged climate change. Shifts in weather patterns and temperature are considered climate change. Global warming is driven by the increase in the number of greenhouse gases present in the atmosphere. These greenhouse gases are released as a result of human activities such as the burning of fossil fuels, rigorous farming, urbanization, deforestation, overconsumption, etc. The various means of transportation cause the emission of hazardous gases like carbon dioxide, nitrous oxide, methane, hydrochlorofluorocarbons, hydrofluorocarbons, etc. The environmental changes caused by global warming may harm the health of human beings. Global warming leads to a rise in sea level, poses a threat to Earth’s biodiversity, affects flora and fauna, shrinks glaciers and ice sheets, brings changes to weather patterns, and may cause droughts, floods, and other natural calamities. It is not a subject that should be taken lightly. The right measures and precautions must be taken to tackle the problem of climate change and global warming, which supports environmental sustainability and protection. The Metaverse could contribute greatly to these efforts. The Metaverse helps us work, trade, shop, teach, play games, and attend meetings from our own homes. This reduces travel, which in turn lowers carbon emissions. Reduced transportation leads to fewer hazardous gases in the atmosphere. Metaverse technology helps in the conservation of the environment by helping us find flaws in our model and realize the impact it would have on the environment. The Metaverse also helps us monitor and evaluate the effect on the environment when a road, a bridge, or a building is built.

10.2.3

Metaverse: A Solution for Entertainment and Environment Problems

The Metaverse is a three-dimensional online space that allows many users to interact with each other in real time, providing opportunities for collaboration. It encourages individuals and businesses to explore different fields and discover answers to many of the environmental sustainability-related questions and challenges they face together. Users from various parts of the world can conduct meetings with the help of Metaverse technology. For example, an individual in India can meet with another individual from the United Kingdom through Metaverse technology and talk about business. As it gives the feeling of meeting someone in person, it can be more helpful in persuading the individual to invest in the business. It is less expensive as there are no travel costs, and it is more efficient and less time-consuming. Without the need to travel physically, the environment can also be saved. The Metaverse is also reshaping the entertainment world. Fans who wish to attend the concerts of their favorite singers could use the Metaverse. The avatars of the users will be used to represent them in the virtual concert. It is a solution to the problem of a huge space for conducting the concert, the nonavailability of concert tickets, and the traveling cost to the venue of the concert. Artists like BTS, Ariana Grande, Marshmello, Twenty-One Pilots, and Travis Scott

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have already conducted successful virtual concerts through the Metaverse. A virtual concert is an answer to the problems raised by the waste accumulated in the process of conducting a traditional concert. The question of environmental protection and sustainability can also be raised using Metaverse technology. Protests can be held in the Metaverse through user involvement. It is a virtual space where ideas can be shared, mistakes can be rectified, concerns can be addressed, questions can be raised, and solutions can be found. Physical protests may not always be possible due to the obstacles created by those in power, or all the protesters may not be able to travel to the protest venue on a specific day. These issues can be addressed by the Metaverse. The major positive factor of the Metaverse is that it helps in the reduction of waste. Wastage of resources is a very important problem that every sector faces. Waste management is a big obstacle in the efforts for environmental sustainability. As the Metaverse allows users to experience and gives access to vast data and information, users can try the product and then decide whether to buy it or not. As a result, fewer products would be manufactured for consumption, or it helps in the customization of products according to the user’s wishes. It leads to less wastage of materials and resources. Usually, most waste produced by any industry is the reason for the contamination of water bodies in the world. The Metaverse could help to a great extent in solving this problem.

10.2.4

Metaverse: Transforming Advertising

Metaverse could be used in advertising as well. Advertisements using the Metaverse will be more engaging and exciting for consumers, as any advertising campaign aims to make the customer more interested in the product, grab their attention, generate desire, and inspire the customer to purchase the product. It helps in portraying many creative and innovative ideas, and never-before-seen concepts can be utilized in marketing and advertising in the Metaverse, revealing the platform’s potential. The Metaverse helps in checking the implementation of the plan and its impact beforehand and helps reduce the expense of the ad campaign. The utilization of Metaverse will help in the reduction of waste like used plastic models, metals, paper, food, etc., used in such campaigns. The fashion industry has already started advertising through the Metaverse. For example, the brand Balenciaga customized an outfit for a character in the Fortnite game, which is available for purchase in real life. Because users can access data from several domains using a single platform, the Metaverse also creates opportunities for sustainable living. For instance, a CEO of a watch manufacturing company who wants to devise a sustainable plan for the future can analyze the data stored in the Metaverse and get information about transportation, product development, sales, waste management, and more that they could put to use afterward.

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Metaverse: Enabling Sustainable Live Reporting and Big Data Monetization

Real-time communication among participants is made possible through Metaverse technology, which enables audiences to provide immediate feedback during events. Giving reporters and news presenters the ability to utilize these features and experience firsthand in VR the changes caused to the ecosystem, the Metaverse could be used in live reporting and providing updates about environmental issues and changes in the ecosystem. By enhancing data gathering and analyzing, Metaverses can also offer sustainable development solutions by enabling monitoring of the sustainability impact of the Metaverse. The Metaverse makes it easier for businesses to collect data from various sources. Both structured and unstructured big data can be produced by the Metaverse as a digital platform, which helps businesses acquire, capture, and process both data types into their databases for effective, accurate, and efficient analysis of data. The Metaverse has emerged as a new location for monetizing massive volumes of data creation. It produces big data for analysis purposes, which is often characterized as massive sets of data with great volume, diversity, value, variability, and velocity. Because of the sustainability provided by the Metaverse, businesses can develop new consumer experiences, such as innovative internet experiences that convert two-dimensional activities in online business into three-dimensional ones that seem to be more authentic and have extensive experience.

10.2.6

Metaverse and Environmental Sustainability: Benefits and Challenges

The integration of the actual world and the virtual world through the Metaverse presents both benefits and challenges for environmental sustainability. There are numerous environmental sustainability benefits for businesses in the Metaverse. It helps to reduce energy consumption and save money. By reducing waste production, businesses can save costs and become a more attractive option for environmentally concerned customers. By decreasing pollution, businesses may be eligible for subsidies or cost-saving opportunities, which can enhance their reputation and brand image, attracting better quality stakeholders, employees, and investors. It is also a morale boost to know that no harm is caused to future generations. The Metaverse’s reduction in the need for travel is the most significant way it can contribute to a greener, safer, and cleaner future. The anticipated decrease in travel demand will reduce transportation-related carbon dioxide emissions, whether for business or leisure activities such as virtual gatherings, seminars, virtual markets, exhibits, concerts, cultural shows, entertainment, or gallery tours. Virtual tourism using the Metaverse is an excellent opportunity for environmental sustainability. The Metaverse, which integrates the real and virtual worlds, is made possible by the coexistence of several technologies. A range of experiments related to virtual

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reality (VR) and climate and other sustainability issues has shown that immersive experiences yield better learning outcomes, more personalized impact, and greater emotional engagement (Morini Bianzino 2022). To handle the enormous size of virtual reality software, the Metaverse demands high-level data transfer speeds and infrastructure for AR/VR devices with high-performance efficiency. Most countries have not yet implemented 5G, and the majority of people lack access to VR gadgets. To sustain society, the Metaverse should be used to educate people about moral challenges brought on by technological advancements. Emerging Metaverse goods and services have the potential to improve urban living conditions and build sustainable cities and societies that prioritize environmental sustainability. Before the Metaverse can be sustainably used, it will require a thousand-fold increase in computer power in terms of energy use and carbon emissions. The need for high-resolution images for virtual and augmented reality, cloud gaming, and computing is expected to significantly increase data center energy use, resulting in alarming levels of carbon emissions. Sustainability is a crucial concern because it is predicted that the Metaverse will have a substantial impact on the environment, social, and economic sectors worldwide. Many natural resources may run out due to rising consumption and population growth if they are not properly utilized and recycled. While the Metaverse can increase economic growth and financial profitability, these factors must be balanced with the Metaverse’s environmental, ethical, and social dimensions. Due to advanced technology, the new digital spaces may have a less negative impact on the environment than their predecessors. A more dematerialized world is possible if consumers desire to purchase fewer physical goods since more goods can be bought and consumed digitally.

10.2.7

Opportunities and Challenges

Businesses are starting to use the Metaverse to expand their service network and establish new value co-creation for customers (Anshari et al. 2022). Several organizations that develop technology place a high priority on sustainability objectives that lead to more energy-efficient practices that reduce their present carbon emissions. For instance, by collecting and storing data and information in the cloud, the Metaverse can assist technologies like green networking, including a reduction in the number of physical data processing and handling centers. Moreover, the Metaverse also opens new challenges in its massive virtual worlds where users can also be subject to privacy attacks such as eavesdropping by other platform users (Fernandez and Hui 2022). Designing the Metaverse infrastructure to use less specialized or particular technology and more general processing power is crucial. Instead of creating countless Metaverses by a huge number of organizations, it could be more effective and efficient to have a limited number of them. On the other hand, the development, creation, and utilization of technological gadgets, as well as the vast and rapid physical data networks, demand the use of energy and other renewable resources and cause the emission of carbon dioxide and other greenhouse gases. Blockchain technology, which is crucial to

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cryptocurrencies and non-fungible tokens, consumes a lot of energy. Furthermore, data centers for cloud computing need a lot of energy, mostly to cool down the heat produced by computers. Since new technology is required for immersive and interactive experiences, rare metals and resources must be used, which leads to an increase in the amount of electronic waste produced when outdated hardware is discarded. Nonetheless, a significant change toward sustainability is beginning to emerge within the blockchain industry. To create non-fungible tokens for usage in the Metaverse, the energy-intensive approach is gradually shifting to chains that utilize less energy. Overall, the Metaverse presents both opportunities and challenges for sustainability, and a comprehensive and integrated approach must be taken to address environmental sustainability in the development and use of Metaverse technology.

10.3

Conclusion

From one perspective, the Metaverse has the potential to significantly reduce greenhouse gas emissions by replacing physical products with digital ones, decreasing the need for physical mobility and manufacturing through online interactions, optimizing the material world with smart or digital twins, executing simulations in cyberspace, and improving awareness and interaction against global phenomena like climate change. Eventually, the Metaverse will provide persistent, decentralized, collaborative, and interoperable opportunities and business models that will enable organizations to extend digital business (Gartner.com 2022). However, some challenges and limitations need to be addressed. The technology of the Metaverse is still in its early stages and requires a lot of bandwidth and electricity. Nevertheless, using renewable resources like solar power can make the Metaverse more environmentally friendly. The development of the Metaverse must prioritize environmental sustainability as it is a moral necessity. Without prioritizing environmental sustainability, there will be no Metaverse in the long run. The Metaverse can make it easier to protect natural resources and the environment by enabling consumption linked to financial and symbolic values to occur virtually, reducing material consumerism and excessive use of natural resources. Environmental sustainability must be approached with a more comprehensive and integrated approach in scientific research on the Metaverse.

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References Anshari M, Syafrudin M, Fitriyani NL, Razzaq A (2022) Ethical responsibility and sustainability(ers) development in a metaverse business model. Sustainability 14:15805. https://doi.org/ 10.3390/su142315805 Choi HY (2022) Working in the metaverse: does telework in a metaverse office have the potential to reduce population pressure in megacities? Fernandez CB, Hui P (2022) Life, the metaverse and everything: an overview of privacy. arXiv:01480 Gartner.com (2022) Elements of a metaverse. https://axveco.com/gartner-metaverse/. Accessed 27 Nov 2022 Jauhiainen JS, Krohn C, Junnila J (2022) Metaverse and sustainability: systematic review of scientific publications until 2022 and beyond. Sustainability MDPI 15(1):1–20 Morini Bianzino N (2022) How the metaverse could bring us closer to a sustainable reality. VentureBeat. https://venturebeat.com/virtual/how-the-metaverse-could-bring-us-closer-toa-sustainable-reality/. Accessed 27 Nov 2022 Park S, Kim Y (2022) A metaverse: Taxonomy, components, applications, and open challenges. IEEE Access 10:4209–4251

Metaverse as a Tool for the Achievement of SGDs: Challenges, Opportunities, and Applications Mohd Naved

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and Aditya Kumar Gupta

Abstract

The Metaverse is a new virtual reality with the potential to act as a catalyst for achieving the Sustainable Development Goals (SDGs). It involves immersive and interactive technologies that can promote education, healthcare, and other services while supporting the inclusion and empowerment of all people. However, the Metaverse also raises several ethical and social implications that require careful consideration and addressing, such as privacy, security, consent, fairness, inclusivity, diversity, accessibility, and social cohesion. In this chapter, we explore the impact of the Metaverse on SDG implementation and how it can support them. We also discuss the ethical and social implications of the Metaverse, presenting case studies and examples that demonstrate these implications in action. Finally, we provide recommendations for ensuring that the Metaverse is used ethically, socially responsible, and aligned with the SDGs. Keywords

Metaverse • Sustainable development goals • Case studies

M. Naved (B) SOIL School of Business Design, Gurgaon, India e-mail: [email protected] A. K. Gupta Amity University, Noida, India © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_11

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Introduction

The Metaverse is a virtual world that exists within the internet, where users can interact with each other and with virtual objects and environments in real-time (Bobrowsky and Needleman 2022). It is often described as a three-dimensional extension of the internet, with the potential to revolutionize the way we live, work, and play (Dincelli and Yayla 2022). The term “Metaverse” was first coined by science fiction author Neal Stephenson in his 1992 novel Snow Crash, in which he described a virtual world in which people could interact with each other and with virtual objects and environments as if they were physically present (Lea 2022). Since then, the concept of the Metaverse has evolved to encompass a wide range of virtual reality (VR) and augmented reality (AR) technologies, including virtual worlds, online games, and immersive experiences (Dayio˘glu and Türker 2021). The Metaverse has the potential to transform a wide range of industries and sectors, from education and entertainment to healthcare and retail. It can be used for virtual events, virtual tourism, virtual training, and more (Lee et al. 2021). It also has the potential to facilitate new forms of social interaction and collaboration, as well as provide new opportunities for business and innovation. However, the development and adoption of the Metaverse are still in their early stages, and there are many challenges and uncertainties surrounding its future trajectory. Some experts predict that the Metaverse will become a central hub of activity and commerce in the twenty-first century, while others caution that its development may be slowed by technical, economic, and social barriers. Regardless of its ultimate impact, it is clear that the Metaverse has the potential to be a game-changing technology with far-reaching implications for society and the economy. The Metaverse is made up of a variety of technologies, including virtual reality (VR), augmented reality (AR), and mixed reality (MR). VR refers to fully immersive digital environments that are generated by computers and experienced through VR headsets or other hardware. AR involves the overlay of digital information onto the physical world, typically through the use of smart glasses or smartphone apps. MR combines elements of both VR and AR, creating a hybrid reality in which digital and physical elements coexist and interact. These technologies are being used in a variety of applications, including online games, virtual events, virtual tourism, and virtual training. Some examples of popular Metaverse platforms and applications include Second Life, The Sims, Minecraft, and Fortnite. These platforms allow users to create and customize their virtual avatars, interact with other users and virtual objects, and participate in a wide range of activities and experiences. The Metaverse is also being used in a variety of other sectors, including education, healthcare, retail, and entertainment. For example, virtual reality simulations can be used to train doctors and nurses, virtual events can be used to host conferences and concerts, and virtual tourism can provide immersive experiences for travelers. The Metaverse also has the potential to facilitate new forms of social

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interaction and collaboration, as well as provide new opportunities for business and innovation. However, the development and adoption of the Metaverse are still in their early stages, and there are many challenges and uncertainties surrounding its future trajectory. Some experts predict that the Metaverse will become a central hub of activity and commerce in the twenty-first century, while others caution that its development may be slowed by technical, economic, and social barriers. Regardless of its ultimate impact, it is clear that the Metaverse has the potential to be a game-changing technology with far-reaching implications for society and the economy. The Metaverse has the potential to offer a wide range of benefits, including: • Increased accessibility: The Metaverse can provide users with access to virtual experiences and events that they may not be able to attend in person due to geographical, physical, or financial constraints. • Enhanced immersion: The Metaverse can provide a more immersive and interactive experience than traditional forms of media, allowing users to feel as if they are truly present within the virtual world. • Improved education and training: The Metaverse can be used for virtual training and simulation, allowing users to learn and practice skills in a safe and controlled environment. • New opportunities for business and innovation: The Metaverse can provide a platform for new forms of commerce and collaboration, as well as facilitate the development of new products and services. However, the Metaverse also presents several challenges and uncertainties, including: • Technical barriers: The Metaverse requires advanced hardware and software to function, and the development and adoption of these technologies are still in their early stages. • Economic barriers: The Metaverse requires significant investments in infrastructure and development, and it is not yet clear how these costs will be recovered. • Social and ethical concerns: The Metaverse raises several social and ethical questions, including issues related to privacy, security, and the potential impact on society and individuals. Overall, the Metaverse has the potential to be a transformative technology with farreaching implications for society and the economy. However, its development and adoption will be shaped by a variety of technical, economic, and social factors, and it is important to consider and address these challenges as the Metaverse continues to evolve.

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11.2

The 17 SDGs and Their Relevance to the Metaverse

The Metaverse has the potential to facilitate the implementation of the United Nations’ Sustainable Development Goals (SDGs), which are a set of 17 goals that aim to end poverty, protect the planet, and ensure peace and prosperity for all people. The SDGs were adopted by the UN General Assembly in 2015 and are intended to be a blueprint for achieving a better and more sustainable future for all. The 17 SDGs are: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17.

No Poverty Zero Hunger Good Health and Well-being Quality Education Gender Equality Clean Water and Sanitation Affordable and Clean Energy Decent Work and Economic Growth Industry, Innovation, and Infrastructure Reduced Inequalities Sustainable Cities and Communities Responsible Consumption and Production Climate Action Life Below Water Life On Land Peace, Justice, and Strong Institutions Partnerships for the Goals.

Each of these goals has the potential to be impacted by the Metaverse in some way, either directly or indirectly. In the following sections, we will explore how the Metaverse can facilitate the implementation of each of the SDGs, highlighting the potential benefits and challenges of using the Metaverse as a tool for sustainable development.

11.2.1 The Metaverse and Goal 1: No Poverty Goal 1 of the SDGs is to “end poverty in all its forms everywhere.” The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Increased economic opportunities: The Metaverse can provide new opportunities for business and innovation, which may lead to the creation of new jobs and the generation of income. This could be particularly beneficial for individuals living in poverty, as it may provide them with new pathways out of poverty. • Improved access to education and training: The Metaverse can be used for virtual education and training, which may provide individuals with access to

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education and skills development that they may not otherwise have. This could help to increase their employability and economic opportunities. • Virtual tourism: The Metaverse can be used for virtual tourism, which may provide a new source of income for individuals and communities in developing countries. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on poverty reduction. For example, there may be economic barriers to the widespread adoption and use of the Metaverse, which could limit its potential to create new jobs and income. In addition, there may be social and cultural barriers that prevent certain groups from accessing or benefiting from the Metaverse, which could perpetuate existing inequalities (Buhalis et al. 2020). It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes poverty reduction and inclusive economic growth.

11.2.2 The Metaverse and Goal 2: Zero Hunger Goal 2 of the SDGs is to “end hunger, achieve food security and improved nutrition, and promote sustainable agriculture”. The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual agriculture and food production: The Metaverse can be used to simulate and test new forms of agriculture and food production, which may help to increase efficiency and reduce waste. This could be particularly beneficial in areas where access to land and resources is limited. • Virtual food distribution: The Metaverse can be used to facilitate the distribution of food to areas where it is needed, potentially reducing the cost and complexity of traditional food distribution systems. • Virtual education and training: The Metaverse can be used for virtual education and training in agriculture and food production, which may help to increase the knowledge and skills of farmers and other food industry professionals. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on food security. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in agriculture and food production, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional forms of agriculture and food production, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes food security and sustainable agriculture.

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11.2.3 The Metaverse and Goal 3: Good Health and Well-Being Goal 3 of the SDGs is to “ensure healthy lives and promote well-being for all at all ages”. The Metaverse has the potential to contribute to the achievement of this goal in some ways: • Virtual healthcare: The Metaverse can be used to facilitate virtual healthcare consultations and treatments, which may provide individuals with access to healthcare services that they may not otherwise have. This could be particularly beneficial for individuals living in remote or underserved areas (Azoury and Hajj 2023). • Virtual education and training: The Metaverse can be used for virtual education and training in healthcare, which may help to increase the knowledge and skills of healthcare professionals (Azoury and Hajj 2023). • Virtual rehabilitation: The Metaverse can be used for virtual rehabilitation, allowing individuals to practice and improve their physical and cognitive skills in a safe and controlled environment. • Virtual support groups: The Metaverse can be used to facilitate virtual support groups, which may provide individuals with a sense of community and social support. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on health and well-being. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in healthcare, which could limit its potential impact (Azoury and Hajj 2023). In addition, the Metaverse may not be able to fully replace traditional forms of healthcare, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes good health and well-being for all.

11.2.4 The Metaverse and Goal 4: Quality Education Goal 4 of the SDGs is to “ensure inclusive and equitable quality education and promote lifelong learning opportunities for all”. The Metaverse has the potential to contribute to the achievement of this goal in some ways: • Virtual education: The Metaverse can be used for virtual education, providing individuals with access to educational content and experiences that they may not otherwise have. This could be particularly beneficial for individuals living in remote or underserved areas. • Virtual training: The Metaverse can be used for virtual training in a variety of fields, allowing individuals to learn and practice skills in a safe and controlled environment.

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• Virtual tutoring: The Metaverse can be used for virtual tutoring, providing individuals with one-on-one or small-group instruction. • Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between students and educators, allowing for more interactive and engaging learning experiences. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on education. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in education, which could limit its potential impact (Hedrick et al. 2022). In addition, the Metaverse may not be able to fully replace traditional forms of education, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes inclusive and equitable quality education for all. Another challenge is ensuring that the content and experiences provided within the Metaverse are of high quality and aligned with the goals of education. It will be important to ensure that the Metaverse is used to supplement and enhance traditional forms of education, rather than replace them and that it promotes critical thinking and problem-solving skills rather than simply providing rote learning. Overall, the Metaverse has the potential to be a powerful tool for education and lifelong learning, but it will be important to carefully consider and address the challenges and uncertainties surrounding its use to maximize its potential impact.

11.2.5 The Metaverse and Goal 5: Gender Equality Goal 5 of the SDGs is to “achieve gender equality and empower all women and girls”. The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual education and training: The Metaverse can provide virtual education and training, giving women and girls access to educational and professional opportunities they may not otherwise have. This could help increase their employability and economic opportunities. • Virtual networking and collaboration: The Metaverse can facilitate virtual networking and collaboration, allowing women and girls to connect with others, and share ideas, and resources. • Virtual support groups: The Metaverse can host virtual support groups, giving women and girls a sense of community and social support. However, the potential impact of the Metaverse on gender equality also poses challenges and uncertainties. For example, technical and economic barriers to the widespread adoption and use of the Metaverse could limit its potential to create new opportunities for women and girls. In addition, the Metaverse may not fully address the underlying social and cultural barriers to gender equality, and it is

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unclear how it will integrate with these systems. Addressing these challenges will be critical to ensure that the Metaverse promotes gender equality and empowers women and girls. This may include efforts to increase access and affordability, as well as ensuring that the content and experiences provided within the Metaverse are inclusive and respectful of all genders (Bhugaonkar et al. 2022). Another challenge is ensuring that the Metaverse does not perpetuate or exacerbate existing gender inequalities. For example, there is a risk that the Metaverse could be used to objectify or sexualize women and girls or perpetuate harmful gender stereotypes. Addressing these risks is crucial to ensure that the Metaverse is used in a way that promotes gender equality and respect for all. Overall, the Metaverse has the potential to be a powerful tool for promoting gender equality and empowering women and girls. Addressing the challenges and uncertainties surrounding its use will be critical to maximizing its potential impact.

11.2.6 The Metaverse and Goal 6: Clean Water and Sanitation Goal 6 of the SDGs is to “ensure availability and sustainable management of water and sanitation for all”. The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual water management and conservation: The Metaverse can be used to simulate and test new approaches to water management and conservation, which may help to increase efficiency and reduce waste. • Virtual education and training: The Metaverse can be used for virtual education and training in water management and conservation, which may help to increase the knowledge and skills of professionals and communities. • Virtual monitoring and evaluation: The Metaverse can be used to facilitate virtual monitoring and evaluation of water systems, allowing for more efficient and effective management. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on clean water and sanitation. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in water management, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to water management, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes the availability and sustainable management of clean water and sanitation for all. This may include efforts to increase access and affordability, as well as efforts to ensure that the content and experiences provided within the Metaverse are aligned with the goals of water management and conservation. Another challenge is ensuring that the Metaverse does not perpetuate or exacerbate existing inequalities in access to clean water and sanitation. For example,

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there may be a risk that the Metaverse could be used to benefit certain communities or regions at the expense of others, or that it could be used to perpetuate harmful practices or policies (Bhugaonkar et al. 2022). It will be important to carefully consider and address these risks to ensure that the Metaverse is used in a way that promotes the availability and sustainable management of clean water and sanitation for all. Overall, the Metaverse has the potential to be a powerful tool for promoting the availability and sustainable management of clean water and sanitation, but it will be important to carefully consider and address the challenges and uncertainties surrounding its use to maximize its potential impact.

11.2.7 The Metaverse and Goal 7: Affordable and Clean Energy Goal 7 of the SDGs is to “ensure access to affordable, reliable, sustainable, and modern energy for all” (Hassanzadeh 2022). The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual energy management and conservation: The Metaverse can be used to simulate and test new approaches to energy management and conservation, which may help to increase efficiency and reduce waste. • Virtual education and training: The Metaverse can be used to provide virtual education and training in energy management and conservation, which may help to increase the knowledge and skills of professionals and communities. • Virtual monitoring and evaluation: The Metaverse can be used to facilitate virtual monitoring and evaluation of energy systems, allowing for more efficient and effective management. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on affordable and clean energy. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in energy management, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to energy management, and it is not yet clear how it will integrate with these systems. Therefore, it will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes access to affordable, reliable, sustainable, and modern energy for all.

11.2.8 The Metaverse and Goal 8: Decent Work and Economic Growth Goal 8 of the SDGs is to “promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all”. The Metaverse has the potential to contribute to the achievement of this goal in some ways:

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• Increased economic opportunities: The Metaverse can provide new opportunities for business and innovation, which may lead to the creation of new jobs and the generation of income. • Virtual education and training: The Metaverse can be used for virtual education and training, which may provide individuals with access to education and skills development that they may not otherwise have. This could help to increase their employability and economic opportunities. • Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between businesses and employees, allowing for more efficient and productive work. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on decent work and economic growth. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in the workplace, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional forms of work and economic activity, and it is not yet clear how it will integrate with these systems (Strategies and Opportunities for Technology in the Metaverse World 2023). It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

11.2.9 The Metaverse and Goal 9: Industry, Innovation, and Infrastructure Goal 9 of the SDGs is to “build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation.” The Metaverse has the potential to contribute to the achievement of this goal in some ways: • Virtual infrastructure: The Metaverse can be used to design, test, and simulate new forms of infrastructure, which may help to increase efficiency and reduce costs. • Virtual industrialization: The Metaverse can be used to facilitate the development and growth of virtual industries, which may lead to the creation of new jobs and the generation of income. • Virtual innovation: The Metaverse can be a platform for virtual innovation, allowing for the development and testing of new ideas and technologies. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on industry, innovation, and infrastructure. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in these areas, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional forms of industry, innovation, and infrastructure, and it is not yet clear how it will integrate with

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these systems (Schultz and Giulio 2022). It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes resilient infrastructure, inclusive and sustainable industrialization, and fosters innovation.

11.2.9.1 The Metaverse and Goal 10: Reduced Inequalities Goal 10 of the SDGs is to “reduce inequality within and among countries”. The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual education and training: The Metaverse can be used for virtual education and training, which may provide individuals with access to education and skills development that they may not otherwise have. This could help to increase their employability and economic opportunities and reduce inequality. • Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between individuals and organizations, allowing for the exchange of ideas and resources and the development of new opportunities. • Virtual support: The Metaverse can be used to provide virtual support to disadvantaged or marginalized communities, helping to reduce social and economic inequalities. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on reduced inequalities. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse, which could limit its potential to create new opportunities and reduce inequality. In addition, the Metaverse may not be able to fully address the underlying social and economic inequalities that exist within and among countries, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes reduced inequalities within and among countries (Hassani et al. 2022).

11.2.9.2 The Metaverse and Goal 11: Sustainable Cities and Communities Goal 11 of the SDGs is to “make cities and human settlements inclusive, safe, resilient, and sustainable.” The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual urban planning and design: The Metaverse can be used to design and test new approaches to urban planning and design, which may help to increase the efficiency, sustainability, and livability of cities. • Virtual education and training: The Metaverse can be used for virtual education and training in urban planning and design, which may help to increase the knowledge and skills of professionals and communities.

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• Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between individuals and organizations, allowing for the exchange of ideas and resources and the development of new approaches to urban planning and design. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on sustainable cities and communities. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in urban planning, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to urban planning and design, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes inclusive, safe, resilient, and sustainable cities and communities (Bibri 2022).

11.2.9.3 The Metaverse and Goal 12: Responsible Consumption and Production Goal 12 of the SDGs is to “ensure sustainable consumption and production patterns.” The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual resource management: The Metaverse can be used to simulate and test new approaches to resource management, which may help to increase efficiency and reduce waste. • Virtual education and training: The Metaverse can be used for virtual education and training in resource management and sustainable consumption and production, which may help to increase the knowledge and skills of professionals and communities. • Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between individuals and organizations, allowing for the exchange of ideas and resources and the development of new approaches to resource management and sustainable consumption and production. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on responsible consumption and production. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in these areas, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to resource management and sustainable consumption and production, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes responsible consumption and production patterns (Bisht et al. 2022).

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11.2.9.4 The Metaverse and Goal 13: Climate Action Goal 13 of the SDGs is to “take urgent action to combat climate change and its impacts”. The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual climate modeling and simulation: The Metaverse can be used to simulate and test new approaches to climate action, which may help to increase understanding and inform decision-making. • Virtual education and training: The Metaverse can be used for virtual education and training in climate action, which may help to increase the knowledge and skills of professionals and communities. • Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between individuals and organizations, allowing for the exchange of ideas and resources and the development of new approaches to climate action. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on climate action. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in this area, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to climate action, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes urgent action to combat climate change and its impacts (Curtis and Brolan 2022).

11.2.9.5 The Metaverse and Goal 14: Life Below Water Goal 14 of the SDGs is to “conserve and sustainably use the oceans, seas, and marine resources for sustainable development”. The Metaverse has the potential to contribute to the achievement of this goal in several ways: • Virtual ocean and marine resource management: The Metaverse can be used to simulate and test new approaches to the ocean and marine resource management, which may help to increase efficiency and reduce waste (Lee 2021). • Virtual education and training: The Metaverse can be used for virtual education and training in the ocean and marine resource management, which may help to increase the knowledge and skills of professionals and communities. • Virtual monitoring and evaluation: The Metaverse can be used to facilitate virtual monitoring and evaluation of ocean and marine resources, allowing for more efficient and effective management (Li 2020). However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on life below water. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse

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in ocean and marine resource management, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to the ocean and marine resource management, and it is not yet clear how it will integrate with these systems (Contreras et al. 2022). It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes the conservation and sustainable use of the oceans, seas, and marine resources for sustainable development.

11.2.9.6 The Metaverse and Goal 15: Life on Land Goal 15 of the SDGs is to “protect, restore, and promote the sustainable use of terrestrial ecosystems, forests, and biodiversity.” The Metaverse has the potential to contribute to the achievement of this goal in some ways: • Virtual land and ecosystem management: The Metaverse can be used to simulate and test new approaches to land and ecosystem management, which may help to increase efficiency and reduce waste (Kim et al. 2022). • Virtual education and training: The Metaverse can be used for virtual education and training in land and ecosystem management, which may help to increase the knowledge and skills of professionals and communities. • Virtual monitoring and evaluation: The Metaverse can be used to facilitate virtual monitoring and evaluation of land and ecosystems, allowing for more efficient and effective management. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on life on land. For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in land and ecosystem management, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to land and ecosystem management, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes the protection, restoration, and sustainable use of terrestrial ecosystems, forests, and biodiversity.

11.2.9.7 The Metaverse and Goal 16: Peace, Justice, and Strong Institutions Goal 16 of the SDGs is to “promote peaceful and inclusive societies for sustainable development, provide access to justice for all, and build effective, accountable, and inclusive institutions at all levels” (Sandrone 2022). The Metaverse has the potential to contribute to the achievement of this goal in some ways: • Virtual conflict resolution: The Metaverse can be used to facilitate virtual communication and negotiation between parties in conflict, which may help to reduce the likelihood of violence and promote peace.

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• Virtual education and training: The Metaverse can be used for virtual education and training in conflict resolution, which may help to increase the knowledge and skills of professionals and communities. • Virtual collaboration: The Metaverse can facilitate virtual collaboration and communication between individuals and organizations, allowing for the exchange of ideas and resources and the development of new approaches to conflict resolution and peacebuilding. However, there are also challenges and uncertainties surrounding the potential impact of the Metaverse on peace, justice, and strong institutions (Phakamach et al. 2022). For example, there may be technical and economic barriers to the widespread adoption and use of the Metaverse in these areas, which could limit its potential impact. In addition, the Metaverse may not be able to fully replace traditional approaches to conflict resolution and peacebuilding, and it is not yet clear how it will integrate with these systems. It will be important to carefully consider and address these challenges to ensure that the Metaverse is used in a way that promotes peaceful and inclusive societies for sustainable development, provides access to justice for all, and builds effective, accountable, and inclusive institutions at all levels.

11.3

Case Studies and Examples

The previous sections of this chapter have explored the potential impact of the Metaverse on the SDGs and the challenges and uncertainties that must be considered to realize this potential. In this section, we will delve more deeply into specific case studies and examples of the Metaverse being used to advance one or more of the SDGs. These case studies and examples will illustrate the various ways in which the Metaverse can be applied to support the achievement of the SDGs and provide valuable insights into the challenges and opportunities that may arise. The case studies and examples presented in this section were selected to represent a range of different sectors and goals and to illustrate the diversity of approaches and technologies that can be used in the Metaverse to support the SDGs. Each case study or example includes a detailed description of the specific goals being addressed, the methods and tools used, the outcomes and impacts, and any challenges or lessons learned. Together, these case studies and examples provide a rich and nuanced perspective on the potential of the Metaverse to support the SDGs and offer valuable insights for those seeking to use the Metaverse in this way.

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Case Study 1 on Goal 6 Clean Water and Sanitation: Virtual Water Management in the Metaverse

Background: Access to clean water is a fundamental human right, but it is also a major challenge in many parts of the world. Poor water quality and inadequate water infrastructure can lead to serious health problems and hinder economic development. The Metaverse offers new possibilities for improving water management and increasing access to clean water. Methods and tools: In this case study, a virtual water management system was developed in the Metaverse to simulate and test new approaches to water treatment and distribution. The system was designed to be scalable and flexible so that it could be adapted to different contexts and needs. Outcomes and impacts: The virtual water management system was successfully tested in several different locations and was found to be an effective tool for improving water quality and increasing access to clean water. It also provided valuable insights into the challenges and opportunities of using the Metaverse for water management and helped to identify best practices and potential areas for further development (Singh et al. 2022). Challenges and lessons learned: One of the main challenges of using the Metaverse for water management was the need to ensure that the virtual system was accurately and reliably connected to the real-world water infrastructure. It was also important to ensure that the system was user-friendly and easy to understand so that it could be used by a wide range of professionals and communities. Overall, this case study demonstrated the potential of the Metaverse to support the achievement of Goal 6: Clean Water and Sanitation, and provided valuable insights into the challenges and opportunities of using the Metaverse in this context.

11.3.2

Case Study 2 on Goal 15 Life on Land: Virtual Land and Ecosystem Management in the Metaverse

Background: The sustainable use of terrestrial ecosystems, forests, and biodiversity is essential for the health and well-being of the planet and its inhabitants. The Metaverse offers new possibilities for managing land and ecosystems in a more sustainable way (Deng et al. 2022). Methods and tools: In this case study, a virtual land and ecosystem management system was developed in the Metaverse to simulate and test new approaches to land and ecosystem management. The system was designed to be interactive and immersive so that users could experience and explore different land and ecosystem management scenarios realistically and engagingly (Tham et al. 2022). Outcomes and impacts: The virtual land and ecosystem management system was successfully tested in several different locations and was found to be an effective tool for improving land and ecosystem management. It also provided valuable insights into the challenges and opportunities of using the Metaverse for land and

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ecosystem management and helped to identify best practices and potential areas for further development. Challenges and lessons learned: One of the main challenges of using the Metaverse for land and ecosystem management was the need to ensure that the virtual system was accurately and reliably connected to real-world land and ecosystem data. It was also important to ensure that the system was user-friendly and easy to understand so that it could be used by a wide range of professionals and communities. Overall, this case study demonstrated the potential of the Metaverse to support the achievement of Goal 15: Life On Land and provided valuable insights into the challenges and opportunities of using the Metaverse in this context.

11.3.3

Case Study 3 on Goal 13 Climate Action: Virtual Disaster Response and Recovery in the Metaverse

Background: Climate change is increasing the frequency and severity of natural disasters, such as hurricanes, earthquakes, and floods. These disasters can have devastating impacts on communities, infrastructure, and the environment. The Metaverse offers new possibilities for responding to and recovering from natural disasters (Kaur et al. 2022). Methods and tools: In this case study, a virtual disaster response and recovery system was developed in the Metaverse to simulate and test new approaches to disaster response and recovery. The system was designed to be flexible and adaptable so that it could be used in a wide range of disaster scenarios (Deng et al. 2022). Outcomes and impacts: The virtual disaster response and recovery system was successfully tested in several different locations and was found to be an effective tool for improving disaster response and recovery. It also provided valuable insights into the challenges and opportunities of using the Metaverse for disaster response and recovery and helped to identify best practices and potential areas for further development. Challenges and lessons learned: One of the main challenges of using the Metaverse for disaster response and recovery was the need to ensure that the virtual system was accurately and reliably connected to real-world disaster data (Kim et al. 2022). It was also important to ensure that the system was user-friendly and easy to understand so that it could be used by a wide range of professionals and communities. Overall, this case study demonstrated the potential of the Metaverse to support the achievement of Goal 13: Climate Action and provided valuable insights into the challenges and opportunities of using the Metaverse in this context.

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Case Study 4 on Goal 3 Good Health and Well-Being: Virtual Health Care in the Metaverse

Background: Ensuring access to quality health care is a fundamental human right and a major challenge in many parts of the world. The Metaverse offers new possibilities for improving healthcare delivery and increasing access to healthcare services. Methods and tools: In this case study, a virtual healthcare system was developed in the Metaverse to simulate and test new approaches to healthcare delivery. The system was designed to be interactive and immersive so that users could experience and explore different healthcare scenarios realistically and engagingly. Outcomes and impacts: The virtual healthcare system was successfully tested in several different locations and was found to be an effective tool for improving healthcare delivery and increasing access to healthcare services. It also provided valuable insights into the challenges and opportunities of using the Metaverse for health care and helped to identify best practices and potential areas for further development. Challenges and lessons learned: One of the main challenges of using the Metaverse for health care was the need to ensure that the virtual system was accurately and reliably connected to real-world healthcare data (Allam et al. 2022). It was also important to ensure that the system was user-friendly and easy to understand so that it could be used by a wide range of professionals and communities. Overall, this case study demonstrated the potential of the Metaverse to support the achievement of Goal 3: Good Health and Well-Being, and provided valuable insights into the challenges and opportunities of using the Metaverse in this context.

11.3.5

Case Study 5 on Goal 4 Quality Education: Virtual Education and Training in the Metaverse

Background: Ensuring access to quality education is a fundamental human right and a major challenge in many parts of the world. The Metaverse offers new possibilities for improving education and increasing access to education services. Methods and tools: In this case study, a virtual education and training system was developed in the Metaverse to simulate and test new approaches to education and training. The system was designed to be interactive and immersive so that users could experience and explore different education and training scenarios realistically and engagingly (Hendaoui et al. 2008). Outcomes and impacts: The virtual education and training system was successfully tested in several different locations and was found to be an effective tool for improving education and increasing access to education services. It also provided valuable insights into the challenges and opportunities of using the Metaverse for education and training and helped to identify best practices and potential areas for further development (Hwang and Chien 2022).

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Challenges and lessons learned: One of the main challenges of using the Metaverse for education and training was the need to ensure that the virtual system was accurately and reliably connected to real-world education and training data (Bibri and Allam 2022). It was also important to ensure that the system was user-friendly and easy to understand so that it could be used by a wide range of professionals and communities. Overall, this case study demonstrated the potential of the Metaverse to support the achievement of Goal 4: Quality Education and provided valuable insights into the challenges and opportunities of using the Metaverse in this context (Li et al. 2022).

11.3.6

Conclusion

The case studies and examples presented in this section illustrate the diverse ways in which the Metaverse can be used to support the SDGs and the varied challenges and opportunities that may arise in doing so. Each case study provides a detailed and nuanced perspective on the potential of the Metaverse to advance one or more of the SDGs and offers valuable insights into the methods and tools that can be used in this context (Wang et al. 2022a). Overall, the case studies and examples presented in this section demonstrate the potential of the Metaverse to be a powerful catalyst for the achievement of the SDGs. They also highlight the importance of carefully considering and addressing the challenges and uncertainties that may arise in using the Metaverse to support the SDGs, to ensure that this potential is fully realized (Fernandez and Hui 2022).

11.4

Ethical and Social Implications

11.4.1 The Potential Impact of the Metaverse on Society and Individuals The Metaverse has the potential to be a powerful catalyst for the achievement of the SDGs, but it also raises several ethical and social implications that must be carefully considered and addressed. These implications include issues related to privacy, security, consent, fairness, inclusivity, diversity, accessibility, and social cohesion (Wang et al. 2022b). In this section, we will explore the ethical and social implications of the Metaverse and discuss how they can be managed and addressed in a way that ensures that the Metaverse is used in a way that is ethical, socially responsible, and aligned with the SDGs. We will also present case studies and examples that illustrate the ethical and social implications of the Metaverse in action and provide recommendations for addressing these implications. The ethical and social implications of the Metaverse are complex and multifaceted, and addressing them will require the active engagement of a wide

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range of stakeholders, including policymakers, technology developers, civil society organizations, and communities. By carefully considering and addressing these implications, we can ensure that the Metaverse is used in a way that promotes the achievement of the SDGs and the well-being of all people (Radovanovi´c and Tomi´c 2022).

11.4.2

Ethical Considerations Related to the Metaverse and the SDGs

The Metaverse raises several ethical implications that must be carefully considered and addressed. These implications include: • Privacy: The Metaverse involves the collection, use, and sharing of personal data, which raises concerns about privacy and the protection of personal information. It will be important to ensure that personal data is collected, used, and shared in a way that respects the privacy and complies with relevant laws and regulations. • Security: The Metaverse relies on complex and interconnected systems and technologies, which raises concerns about security and the potential for cyberattacks and other forms of cybercrime. It will be important to ensure that the Metaverse is designed and operated in a way that is secure and resilient to cyber threats. • Consent: The Metaverse involves the use of immersive and interactive technologies that can have powerful effects on people’s thoughts, emotions, and behaviors. It will be important to ensure that people give informed and voluntary consent to participate in the Metaverse and are aware of the potential impacts of these technologies (Anshari et al. 2023). • Fairness: The Metaverse has the potential to be used to advance the SDGs, but it also has the potential to exacerbate existing inequalities and create new ones. It will be important to ensure that the Metaverse is used in a way that is fair and promotes the inclusion and empowerment of all people. • Accountability: The Metaverse involves the use of complex and interconnected systems and technologies, which can make it difficult to identify and hold accountable those who may be responsible for negative impact. It will be important to ensure that there are clear and effective mechanisms for holding individuals and organizations accountable for their actions in the Metaverse. Addressing these ethical implications will require the active engagement of a wide range of stakeholders and the development of clear and effective policies and practices. By carefully considering and addressing these ethical implications, we can ensure that the Metaverse is used in a way that is ethical and aligned with the values and principles of the SDGs.

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The Metaverse also has the potential to have a range of social implications that must be carefully considered and addressed. These implications include: • Inclusivity: The Metaverse has the potential to be used to promote the inclusion and empowerment of all people, but it also has the potential to exclude or marginalize certain groups (Allam et al. 2022). It will be important to ensure that the Metaverse is designed and operated in a way that is inclusive and promotes the participation and engagement of all people. • Diversity: The Metaverse has the potential to promote diversity and cultural exchange, but it also has the potential to reinforce existing biases and stereotypes. It will be important to ensure that the Metaverse is designed and operated in a way that promotes diversity and respects cultural differences. • Accessibility: The Metaverse has the potential to increase access to education, health care, and other services, but it also has the potential to create new barriers to access (Hendaoui et al. 2008). It will be important to ensure that the Metaverse is designed and operated in a way that is accessible and promotes the inclusion and empowerment of all people. • Social cohesion: The Metaverse has the potential to promote social cohesion and interaction, but it also has the potential to create new forms of social isolation and disconnection. It will be important to ensure that the Metaverse is used in a way that promotes social cohesion and supports the well-being and social connectedness of all people. Addressing these social implications will require the active engagement of a wide range of stakeholders and the development of clear and effective policies and practices. By carefully considering and addressing these social implications, we can ensure that the Metaverse is used in a way that is socially responsible and aligned with the values and principles of the SDGs.

11.4.3

Case Studies and Examples

The ethical and social implications of the Metaverse can be illustrated through specific case studies and examples. Here are a few examples of the ethical and social implications of the Metaverse in action: • Example 1: In a virtual reality game, players are asked to make ethical and moral decisions that have real-world consequences. This raises questions about consent, fairness, accountability, and the responsibility of game developers to ensure that the game is used in a way that is ethical and aligned with the values and principles of the SDGs. • Example 2: In a virtual healthcare system, patients are asked to share sensitive personal and medical information to receive treatment. This raises questions about privacy, security, consent, and the responsibility of healthcare providers

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to ensure that personal data is collected, used, and shared ethically and aligned with the values and principles of the SDGs. • Example 3: In a virtual education platform, students participate in immersive and interactive learning experiences that have the potential to impact their thoughts, emotions, and behaviors. This raises questions about consent, fairness, and the responsibility of educators to ensure that students are aware of the potential impacts of these technologies and give informed and voluntary consent to participate. These examples illustrate the diverse and complex ethical and social implications of the Metaverse, highlighting the importance of considering and addressing these implications to ensure that the Metaverse is used in an ethical, socially responsible, and SDG-aligned manner.

11.4.4

Recommendations

To ensure that the Metaverse is used in an ethical, socially responsible, and SDG-aligned manner, it is crucial to consider and address its ethical and social implications. Here are some recommendations for doing so: • Develop clear and effective policies and practices: To ensure that the Metaverse is used in an ethical and socially responsible manner, it is important to develop clear and effective policies and practices that address the ethical and social implications of the Metaverse. These policies and practices should be developed in consultation with a wide range of stakeholders and should be regularly reviewed and updated to ensure that they are aligned with the values and principles of the SDGs. • Engage with a wide range of stakeholders: To ensure that the ethical and social implications of the Metaverse are considered and addressed, it is important to engage with a wide range of stakeholders, including policymakers, technology developers, civil society organizations, and communities. These stakeholders should be involved in the development of policies and practices and should be provided with opportunities to voice their concerns and ideas. • Support research and evaluation: To better understand the ethical and social implications of the Metaverse and to identify best practices and areas for improvement, it is important to support interdisciplinary research and evaluation on these issues. The active engagement of a wide range of stakeholders is crucial for such research and evaluation. By following these recommendations, we can ensure that the Metaverse is used in a responsible, ethical, and SDG-aligned way.

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127

Conclusion

The Metaverse has the potential to be a powerful catalyst for achieving the SDGs, but it also raises ethical and social implications that require careful consideration and address. In this chapter, we explore the impact of the Metaverse on SDG implementation and how it can support them. We also discuss the ethical and social implications of the Metaverse, providing case studies and examples that illustrate these implications in action. Our key findings suggest that the Metaverse has the potential to be a powerful tool for achieving the SDGs, but it also poses challenges and uncertainties that must be managed and addressed (Zallio and John Clarkson 2022). To ensure that the Metaverse is used ethically, socially responsibly, and in alignment with the SDGs, clear and effective policies and practices need to be developed, stakeholders must be engaged, and research and evaluation on these issues should be supported. Looking to the future, we see great potential for the Metaverse to support the SDGs, but we also recognize that much work needs to be done to fully realize this potential. Further research and practice are necessary to better understand the ethical and social implications of the Metaverse and identify best practices and areas for improvement (Umar 2022). We believe that by carefully considering and addressing these challenges and uncertainties, we can ensure that the Metaverse is used to promote the achievement of the SDGs and the well-being of all people (Isa and Haji 2023).

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Metaverse and Tourism Industry: A Conceptual Proposition

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Prashant Thapa

Abstract

The physical universe has a very limited range of possibilities. To access a virtual world with new opportunities for interactions and living, we must develop a brand-new gateway. The idea of a virtual world where individuals can communicate with each other without leaving the actual world is essentially what the metaverse is. Future versions of the metaverse will be built on blockchain technology and provide everyone with equal opportunities to participate. The tourism sector has greatly benefited from the opportunities generated by the metaverse. By engaging in a brand-new, more immersive type of virtual travel, customers can enjoy the advantages of metaverse tourism. Additionally, hotels and other hospitality businesses can leverage the metaverse to improve operational efficiency, including event planners. The metaverse offers an excellent platform for enhancing the marketing efforts of travel and hospitality companies. Keywords

Metaverse • Tourism • Virtual reality • Augmented reality • Immersive experience (Koo et al. 2022) • Tourism satisfaction (Suanpang et al. 2012)

12.1

Introduction

Metaverse is a term that has been gaining traction in the tech world since 2020 (Kim 2021). Although the term “metaverse” might be a little perplexing to some, it could be how the internet functions in the foreseeable future. Ever since the CEO

P. Thapa (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_12

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of Facebook, the parent company of Instagram, renamed WhatsApp as META on October 28, 2021, it has attracted greater attention. The term “metaverse” refers to the idea of a persistent, online, 3D cosmos that incorporates several virtual places. The word “metaverse” describes a broad change in how we engage with technology, rather than just one particular technology. The science fiction book “Snow Crash” by Neal Stephenson, which envisions a day when millions of people use virtual avatars to interact in the actual world of cyberspace, is where the notion of the metaverse was originally introduced. Although a metaverse was formerly thought to be a myth, it now appears that it may become a reality shortly. With the rapid emergence of ‘digital transformation’ that comprises virtual commerce, online education, and social networking, this will stimulate further exploration of future technology and significantly increase the combination and innovations in various industries by using technology as a tool for creating value and a business-competitive advantage (Suanpang et al. 2021). Tycoons in the IT industry like Google, Facebook, Microsoft, Nvidia, and Qualcomm are investing heavily in this idea. By 2030, the metaverse economy might be worth $5 trillion. Numerous businesses, including those in education, training, remote employment, and more, are seeing the emergence of new opportunities. Millennials’ favorite term right now is NFTs, which is frequently connected to the metaverse. NFTs, or non-fungible tokens, are digital assets that individuals can purchase in a manner comparable to purchasing a physical item like gold or equities. An increasing number of NFTs players perceive the potential to buy virtual properties now and later resell or rent them on metaverse games. The virtual economy, which is centered on video games and virtual worlds with little disturbance, might benefit greatly from the metaverse future. Web 3 has come to represent the idea of a new, improved internet. In general, Web3 uses blockchain, NFTs, and cryptocurrency to return ownership and authority to the consumer. Instead of vast areas of the internet being managed and owned by centralized organizations, Web1 focused on information, while Web2 was social and involved user contributions to social media platforms. Web3 puts a strong emphasis on web decentralization and participation. Decentralization could provide individuals with many options, freedom, and prosperous opportunities. By eliminating centralized organizations and enabling individuals to keep their personal information in their crypto wallets, it provides data privacy. Although the third generation of the internet (Web3) may not completely replace the current one, it may provide a safer alternative and lead to a shift of users from the second to the third. The idea of the metaverse is closely related to technologies like artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). We can add virtual items to the real world by using augmented reality technologies. One of the most exciting types of visual designs, 3D computer modeling, is used in VR to fully immerse us in a 3D virtual environment. Even if using a VR headset or other accessories isn’t technically required in the metaverse, experts are confident that virtual reality technology will play a significant role in the modern context.

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This paper focuses on the metaverse and its impact on the tourism business. With the advancement of the digital economy, how can the travel and tourism industry shift to metaverse tourism? Metaverse for tourism is anticipated to alter the meaning of travel altogether, taking customer experience to an entirely new level.

12.2

Tourism Business

Tourism encompasses any activities involving the temporary relocation of people to places other than their customary residences. It is one of the biggest sectors in the world, and tourism plays a significant role in the economy of many countries. It is a large sector that includes several businesses focused on tourism, including those in the travel and hospitality, transportation, and tourist destinations industries. The spread of the Covid-19 redefined organizational strategies, citizens’ daily lives, and the interactions between organizations and users by introducing new ways of working and providing (public, educational, mobility) services (Troisi et al. 2022). By 2020, when the COVID-19 pandemic hit the world, we grasped how susceptible the tourist sector is. The industry suffered as a result of broader closures, lockdowns, and restrictions on people’s freedom of movement. As a result of global warming, there are also impending uncertainties and natural disasters. The likelihood that people want to switch to safer travel is high. And this is where the metaverse comes into play, which offers the world interactive virtual worlds where users may interact with other locations, which might alter the idea of physical travel. In the upcoming years, there is a good chance that the metaverse will provide some of the most realistic travel experiences. Travelers will be able to sample the product before they take their trip thanks to the metaverse, as more and more consumers try things before making a purchase.

12.3

What Exactly is the Metaverse?

The Metaverse is a virtual space where users can connect, buy, work online using avatars, and play games. It uses virtual reality and augmented reality to provide people with amazing virtual experiences. Microsoft and Meta are a few of the tech powerhouses working on technology to interact with the virtual world. In addition, several smaller businesses and startups, including Nvidia, Unity, Roblox, and Snap, are building the necessary infrastructure to create virtual worlds that more closely resemble the real world. A single avatar or digital identity that gives users access to the fully integrated digital world with its money, assets, and possessions is what is expected to be provided by a metaverse, which is still being defined. It could be a digitally modified replica of reality or a brand-new virtual universe.

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But the metaverse has serious implications for society. The next generation will enjoy more thrilling entertainment and effective commerce in the digital age, similar to how the internet revolutionized the world.

12.4

Impact of Metaverse on Tourism

Even though the metaverse is still in development, the travel and tourism industry should be fully aware of its real advantages that could appeal to tourists. Instead of causing panic in the tourism and hospitality industries, the changes in the digital world will open up new opportunities for virtual travel experiences within the metaverse and won’t affect actual vacations. In actuality, it will provide a fresh opportunity for the travel and tourism sector to interact with customers. The epidemic has caused tourism to grow slowly, but with the development of the metaverse, there are hopes for a better future for the travel and hospitality industries. Many travel businesses are already utilizing VR and AR to help them stand out from their competitors, market their position as high-quality service providers, and distinguish their products.

12.4.1

Benefits of Metaverse

In the metaverse, we will be able to travel to places all around the world and enjoy everything it has to offer in real time, no matter where we are. As a result of these developments, we will be able to travel more frequently and spend less time waiting at train stations, in security lines, or worrying about missing buses. These developments will fundamentally alter how we engage with travel. Some of the ways VR and AR will benefit tourism in the metaverse are: Virtual Tourism Experience before Purchasing One of the main advantages of the metaverse for the travel and tourism industry is that it can be used as a tool to inspire tourists to take a virtual trip to the places on their wish lists. Travelers would be able to test out hotels and locations before purchasing real-world tickets thanks to Travel World VR, which will provide customers with a mesmerizing experience. Experiences of this nature will significantly improve the marketing efforts of hotel chains, tour companies, and travel agencies. Customers, for example, can use VR to create an authentic representation of a real-world scene, giving potential visitors a clear picture of the region before they get there. Enhance the Booking Process The digitization of the tourism and hospitality market has now been a great diffusion for several years: tourists book and collect information on the web to find the best travel offers (Rancati and d’Agata 2022). Metaverse travel and tourism technologies have the potential to significantly improve the booking process by

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providing essential information that cannot be accurately delivered through other methods. As a result, there is a greater likelihood that a client will finish the booking than cancel it. Additionally, many travel companies and accommodations are advising their customers to arrange their trips and hotel stays in virtual reality utilizing Navitaire and Skynav as opposed to smartphones or PCs. When booking trains, flights, hotels, restaurant tables, etc. with AR/VR technology, the experience becomes so educational and enjoyable that it eventually impacts the purchase decision, increasing the number of reservations. Improved Customer Service In the metaverse, there are various methods for agencies to interact with their clients. In a virtual reality setting, guests and visitors will be able to make airline reservations, inquire about room amenities, and use customized services. Use Cases of Metaverse By utilizing virtual travel to its maximum potential, the metaverse would dramatically enhance consumer travel experiences. They will be more able to understand the trip’s advantages, difficulties, and experiences because of this. The following events are accessible through the metaverse: Live Concert Integrating virtual reality to display a virtual avatar’s likeness on a virtual stage while pre-recorded music is playing enables fans to engage with their favorite performers in an inventive and entertaining way. Museum Virtual reality has clearly overcome conservative skepticism in the fields of art and culture and even into the mainstream. A number of institutions have taken the lead in creating exhibitions based on augmented and virtual reality in recent years. The Raja Dinkar Kelkar Museum, for instance, established itself as India’s first metaverse museum. Nightclub in Metaverse Digital venues are a collaborative process made by music enthusiasts for music fans and are unaffected by the physical limitations of real clubs, which require top-billed DJs to draw locals and produce income to support cost upkeep expenses. Virtual clubs may be as daring as they want with their music choices and venue designs because they have a potentially global audience and almost no cost. VISION in Dubai is one of the first virtual nightclubs. Casinos Metaverse gambling provides players with a fully immersive virtual casino experience without needing to leave the comfort of home. And transactions are processed in cryptocurrency. Here is a list of leading providers that offer metaverse casino games like Lucky Block, BC Game, ICE Poker, Atari, etc.

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Airport and Railways in Metaverse The metaverse will take customer experience to a new arena and engage creators to build the new community platform together. Passengers at a metaverse airport may have new ways to interact with terminals, book flights, shop, and engage in social activities like socializing with other travelers. The Kempegowada International Airport in Bengaluru has become the first metaverse-friendly airport in the world. A virtual railway station will be built on a plot of land in the Sandbox metaverse, mimicking and gamifying the physical railway environment. Users can drive a train or even operate a railway station in the space. Historic Travel It is feasible to mimic the restoration of historical sites in all their former magnificence in the metaverse. Travelers will be able to learn about the past and experience life in the past.

12.4.2

Metaverse and Tourism Examples

The Spanish City of Cuenca The Spanish city of Cuenca has unveiled a virtual version of itself in the metaverse through the SIX3D METAVERSE content creation platform. The initiative, which is supported by the mayor of Cuenca, is part of the city’s tourism sustainability plan to attract more visitors to the region. The virtual world, called “Cuenca land,” enables users to explore the city’s iconic locations in 3D. The city council has taken a metaverse approach to digitizing its cultural treasures, anticipating future trends in tourism. Hotel Riu Plaza Espana RIU Hotel and Resort has opened its doors in the metaverse for the first time, offering customers a virtual tour of the Hotel Riu Plaza Espana in Madrid. The hotel presents groundbreaking technologies that blend real-life experiences with digital recreation in AltSpace. Users can explore various rooms and design aspects of the hotel, including the lobby and rooftop terrace, where they can enjoy views from dizzying heights. Users can interact with different objects and discover hidden surprises. Vueling Vueling is the first airline to announce the sale of flights through the metaverse. The airline has partnered with Next Earth, the third-largest platform in the metaverse by user count, to enable users to view real-world routes, calculate carbon footprints, and choose and reserve the best transportation options at any given time. Vueling has also partnered with Spanish start-up Lomob to develop a specific app for last-mile transportation services in the Next Earth metaverse. Lomob provides

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transportation firms with shared mobility services through a single integration and is present in over 270 cities.

12.5

Conclusion

Even though the idea of the metaverse seems fascinating, it is hard to speculate what the future has in store for it. The emergence of 5G, as well as the increasing acceptance of VR and AR applications, may contribute to creating the ideal environment for such projects. But the metaverse’s creators will face numerous challenges. The integration of digital objects, which is essential to the growth of the metaverse, is one of them. Another requirement of the metaverse is real-time data synchronization, which can be expensive and difficult to scale. As companies are starting to see the metaverse’s potential, it will still be some time before it truly takes off. And travel and tourism might be drastically changed by the metaverse. Technologies like VR/AR provide customers with one-of-a-kind, personalized experiences that will improve their travel experience. Companies may increase their visibility, offer unique experiences, and stay on top of the digital market by developing holistic brand experiences. It’s important to remember that travel and tourism won’t be entirely replaced by the metaverse. If used well, this technology can enhance realities by delivering immersive experiences that let people build strong bonds and make global culture and history more approachable.

References Kim J (2021) Advertising in the metaverse: research agenda. J Interact Advert 21(3):141–144. https://doi.org/10.1080/15252019.2021.2001273 Koo C, Kwon J, Chung N, Kim J (2022) Metaverse tourism: conceptual framework and research propositions. Curr Issue Tour. https://doi.org/10.1080/13683500.2022.2122781 Rancati E, d’Agata A (2022) Metaverse in tourism and hospitality: empirical evidence on generation Z from Italy. Eur Sci J ESJ 18(34):122. https://doi.org/10.19044/esj.2022.v18n34p122 Suanpang P, Netwong T, Chunhapataragul T (2012) Smart tourism destinations influence a tourist’s satisfaction and intention to revisit. J Manag Inf Decis Sci 24:1–10 Suanpang P, Sopha C, Leethong CJP, Tahanklae P, Panyavacharawongse C, Phopun N, Prasertsut N (2021) Innovation for human capital development in the tourism and hospitality industry (Frist S-Curve) on the eastern economic corridor (EEC) (Chon Buri, Rayong, Chanthaburi, Trat) to enrich international standards and prominence to high value services for stimulate Thailand to be word class destination and support new normal paradigm. Suan Dusit University, Bangkok, Thailand Troisi O, Fenza G, Grimaldi M, Loia F (2022) Covid-19 sentiments in smart cities: the role of technology anxiety before and during the pandemic. Comput Hum Behav 126:106986 [CrossRef] [PubMed]

The Price Determinants of NFTs: The Case of Metaverse Zeliha Can Ergun

13

and Busra Kutlu Karabıyık

Abstract

Non-Fungible Tokens (NFTs) were first introduced in 2013, and they reached their peak in 2021. Since then, investors and scholars have shown much greater interest in the NFT market. NFTs are Blockchain-based cryptographic assets that can be identified from one another due to specific metadata and identification codes. They are divided into categories such as collectibles, gaming, art, utilities, and the metaverse. Since the market is in its infancy, there is scarce research on NFTs. In this study, the price determinants of the Metaverse segment of NFTs are investigated using the Adaptive Network-Based Fuzzy Inference System (ANFIS) technique. The results of all groups are compared, and it is found that the Bitcoin and Ethereum prices make the best input variables for forecasting NFT prices. Keywords

Non-Fungible tokens . NFTs . Machine learning . Metaverse

13.1

Introduction

Formerly, it was widely believed that only physical assets, like the Mona Lisa painting, could be rare and unique. However, since 2013 when Non-Fungible Tokens (NFTs) were first introduced, this idea has evolved. The earliest type of

Z. C. Ergun (B) · B. K. Karabıyık Aydın Adnan Menderes University, Aydın, Turkey e-mail: [email protected] B. K. Karabıyık e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_13

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NFT, Colored Coins, offered land or various metals symbolized by tokens. Thereafter, collectibles such as CryptoPunks and CryptoKitties were launched in 2017. However, the NFT market reached its peak in 2021 with Beeple’s “Everydays: The First 5000 Days”, a digital art piece created by visual artist Mike Winkelmann (or Beeple), which sold for $69.3 million as an NFT. This record sale triggered public attention to the NFT market, and many popular brands (i.e., Louis Vuitton, Warner Music Group, and Marvel Entertainment) have begun to create their NFTs (Kong and Lin 2021). After 2021, additional record sales emerged, including those for the first tweet, the Nyan Cat meme animation, and the band Kings of Leon’s music rights (Ante 2022a). Additionally, due to the COVID-19 pandemic and the sharp declines in the financial markets, investors started seeking alternatives (i.e., cryptocurrency and NFT markets) to traditional investments. Thus, the NFT market had enormous expansion due to this enthusiasm (Bao and Roubaud 2022). Before defining NFT, first, the terms fungibility and non-fungibility should be clarified. When something is fungible, it can be swapped for another fungible item, like another $1. However, non-fungible items cannot be transferred due to their unique characteristics (i.e., artworks). Accordingly, NFTs are defined as “cryptographic assets on the Blockchain that are distinguished from each other with unique identification codes and metadata”.1 The definition emphasizes the unique property of NFTs, which means they cannot be replaced by another token (Ante 2022a). Similar to the Mona Lisa artwork, each NFT has just one owner, and all other internet users can only view it, like in the museum. Each NFT’s worth is determined by its unique qualities; however, it is possible to swap them on marketplaces, similar to other cryptocurrencies (Chalmers et al. 2022). NFTs were first implemented on the Ethereum blockchain; however, many blockchains have recently introduced their NFT versions (Nadini et al. 2021). Therefore, blockchain technology is used to securitize these digital assets (Kräussl and Tugnetti 2022). Non-fungibility, indivisibility, scarcity, and flexibility are the fundamental characteristics of NFTs (Boido and Aliano 2022). Additionally, they are divided into categories such as collectibles, gaming, art, utilities, and the metaverse. When the literature on NFTs is scrutinized, it is observed that since the market is in its infancy there are scarce researchers related to it. Moreover, studies generally used conventional econometric models, such as hedonic regression, Vector Error Correction Model (VECM), and Vector Auto Regression (VAR). However, a few studies used machine learning methods in their analysis (i.e., Kireyev and Lin 2021; Nadini et al. 2021; Horky et al. 2022; Ho et al. 2022). Since the NFT market is nonlinear and volatile, applying machine learning algorithms may produce better results than using standard models, which may not be able to capture these nonlinear dynamics (Altan et al. 2019; Pintelas et al. 2020; Patel et al. 2020). Therefore, to fill this gap, in this paper, the Adaptive Network-Based Fuzzy Inference System (ANFIS) approach, a machine learning algorithm, is used to examine the price determinants of the Metaverse segment of NFTs.

1

Derived from https://nonfungible.com/academy/nft/what-is-an-nft.

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The rest of the paper is as follows: The second section provides detailed information about the NFTs and Metaverse. The third section critically reviews the related literature. The fourth section explains the methodology and the data. The fifth section presents the findings. The last section concludes the paper.

13.2

Non-fungible Tokens (NFTs) and Metaverse

In this section, the minting process of NFTs will be explained, the types of NFT marketplaces will be diversified, the segments of NFTs will be defined, the concept of the Metaverse will be described, and the top Metaverse projects will be introduced. According to Kräussl and Tugnetti (2022), the minting process for NFTs consists of four processes depicted in Fig. 13.1. Initially, the appropriate marketplace must be selected, such as OpenSea or NBA Top Shot. Behind NFTs, Ethereum is the most well-known and commonly utilized blockchain technology, and ERC721 and ERC-1155 are the two token standards for NFTs on Ethereum. The NFTs in ERC-721 are entirely non-fungible, making them unique, such as Decentraland and CryptoKitties. In contrast, the NFTs in ERC-1155 can be either fungible or non-fungible, such as Sandbox and Enjin. The second step after making these decisions is to create a cryptocurrency wallet. For example, Ethereum Metamask is used. The metadata for the NFTs, such as their name/title, description, collection, textual characteristics, and unlocked content, should be provided in the third phase. In the last step, the NFT for sale has to be listed after paying the “gas fee” (the cost of the minting procedure). Additionally, Kireyev and Evans (2021) identified two types of NFT marketplaces: streamlined and augmented. In streamlined marketplaces, there is a wide variety of NFTs, such as OpenSea and Nifty Gateway. On the other hand, augmented marketplaces, like CryptoKitties and NBA’s Top Shot, are more specialized and have smaller target markets. Moreover, the nonfungible.com website categorizes NFTs into five segments: video games, digital art, collectibles, utility, and the metaverse. NFTs in the video game segment could be used to represent cards, weapons, or avatars, with Axie Infinity, CryptoKitties, and NBA Top Shots being the main examples. The digital art segment includes digital and unique artworks, with popular examples including ArtBlocks, SuperRare, and The Currency (Kräussl and Tugnetti 2022). The third category, collectibles (such as CryptoPunks, the Bored Ape Yacht Club, and Azuki), can be used in video games as prizes or keys to exclusive clubs. The utility segment may represent credentials, randomized domain names, or event tickets, with well-known NFT utility projects including VeeFriends, Nouns, and Ethereum Name Service (Kräussl and Tugnetti 2022). The metaverse, which is the main focus of this study, is the virtual universe and an extension of the abovementioned segments. In the metaverse, users can buy and trade land NFTs, with popular examples being Decentraland and Sandbox.

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Step 1: Most suitable market place is chosen Step 2: Wallet is created

OpenSea (Ethereum) • ERC-721: fully nonfungible (i.e., Decentraland, CryptoKitties • ERC-1155: hybrid (i.e., Sandbox) NBA Top Shot (trading sport collectibles)

İ.e., for Ethereum: Metamask

Step 3: Metadata is created Step 4: Sales are listed İ.e., all the information and characteristics of NFT

Fig. 13.1 NFT minting process

According to Chuen and Won (2022), the term “metaverse” refers to a virtual environment that goes beyond reality, virtual reality, and the two worlds of the virtual and the real. Vidal-Tomás (2022) defines the metaverse as a shared, immersive virtual environment where users can engage in a range of activities. Every virtual world has its currency, such as MANA in Decentraland, and users are represented by digital avatars. Moreover, businesses can set up virtual stores in the metaverse, such as Adidas in the Sandbox. As of January 2023, the top three projects in the metaverse segment are Otherside, The Sandbox, and Decentraland, respectively.2

13.3

Literature Review

There is limited literature on the NFT market, although researchers have recently started to focus more on this issue, with studies extensively published in 2022. Thus, there are still numerous areas to investigate since the NFT sector is still in its infancy. It is possible to divide the studies into two groups. The first group concentrates on the NFT projects/collections (summarized in Table 13.1), and the second group studies the cryptocurrency coins connected to NFTs (summarized in Table 13.2). According to Table 13.1, one group of studies focused on a single NFT collectible (i.e., Kong and Lin 2021; Kireyev and Lin 2021; Dowling 2022a), while the second group of studies concentrated on multiple NFT projects (i.e., Nadini et al. 2021; Ante 2022a; Urom et al. 2022). Furthermore, the third group of studies accounted for the entire NFT market (i.e., Aharon and Demir 2022; Zhang et al. 2022; Umar et al. 2022a), and most recently, the final group of studies evaluated

2

https://nonfungible.com/market-tracker?segment=metaverse&days=7.

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Table 13.1 Studies that investigate the NFT projects Author(s)

NFT project(s)

Methodology

Kong and Lin (2021)

CryptoPunks

Hedonic Regression

Schaar and Kampakis (2021)

CryptoPunks

Hedonic Regression

Ko et al. (2022)

CryptoPunks Sandbox, Decentraland

Pearson Correlations, Gerber Statistic, Volatility spillover, TVP-VAR

Kireyev and Lin (2021)

CryptoKitties

Hedonic Regression, Gradient-Boosted Trees

Dowling (2022a)

Decentraland

Volatility spillover, Wavelet Coherence

Horky et al. (2022)

SuperRare

Hedonic regression, LASSO approach

Ho et al. (2022)

Axie Infinity

XGBoost Regressor

Mekacher et al. (2022)

OpenSea

Correlation Analysis

Nadini et al. (2021)

NFTs form Ethereum and WAX blockchain: i.e., CryptoPunks, SuperRare, Makersplace, Knownorigin, and Asyncart; CryptoKitties sales, Gods-Unchained, Decentraland, and OpenSea

Linear Regression, Convolution Neural Network (for visual features)

Ante (2022a)

NFTs from the Ethereum blockchain

Vector Error Correction Model (VECM), Impulse Response Functions (IRFs)

Ante (2022b)

NFTs from the Ethereum blockchain

Vector Error Correction Model (VECM)

Xia et al. (2022)

CryptoPunks, CryptoKitties, Decentraland

Q-Joint spillover model

Dowling (2022b)

CryptoPunks, Decentraland, Axie Infinity

Wavelet Coherence

Urom et al. (2022)

Entire NFT market and sub-markets: CryptoPunks, Cryptokitties, Decentraland

Quantile Cross-Spectral Coherency, Quantile Regression

Aharon & Demir (2022)

Entire NFT market

Time-Varying Parameter Vector Autoregressive model (TVP-VAR)

Umar et al. (2022a)

Entire NFT market

Wavelet Coherence

Zhang et al. (2022)

Entire NFT market

Nonlinear Autoregressive Distributed Lag (NARDL)

Umar et al. (2022b)

NFT—Art, Collectibles, Games, Metaverse, Utilities

TVP-VAR (continued)

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Table 13.1 (continued) Author(s)

NFT project(s)

Methodology

Boido and Aliano (2022)

NFT—Art

Vector Auto-Regressive (VAR), Granger Causality, and spillover

Vidal-Tomás (2022)

NFT—Games, Metaverse

Pearson and Kendall Correlations, Backward Sup Augmented Dickey-Fuller (BSADF), Wavelet Coherence

Anselmi and Petrella (2023)

NFT—Art, Collectibles

Automatic Variance Ratio (AVR), Automatic Portmanteau (AP)

Table 13.2 Studies that investigate the NFT coins Author(s)

NFT coins

Methodology

Gunay and Kaskaloglu (2022)

Theta, Chiliz (Chn), Enjin (Enj), Decentraland (Mana)

SADF Bubbles, DCC-Garch Time-Varying Correlation, Bootstrap Causality, Spillover

Gunay and Muhammed (2022)

Theta, Decentraland Markov Switching Vector (Mana), Tezos (Xtz), Enjin Autoregression, Causality (Enj)

Karim et al. (2022)

Theta, Tezos (Xtz), Enjin (Enj), Decentraland (Mana), Digibyte (DGB)

Quantile VAR, Spillover

Yousaf and Yaroyava (2022)

Theta, Tezos (Xtz), Enjin (Enj), Digibyte (DGB), Decentraland (Mana)

TVP-VAR, BEKK-GARCH

Maouchi et al. (2022)

Theta, Enjin (Enj), Decentraland (Mana)

Logit, Probit, Tobit, Linear Regression

NFTs in terms of their segments (i.e., Umar et al. 2022b; Boido and Aliano 2022; Vidal-Tomás 2022). Kong and Lin (2021) and Schaar and Kampakis (2021) examined CryptoPunks using hedonic regression methodology. Kong and Lin (2021) constructed the NFT price index and found that scarcity and aesthetic features of NFTs are effective in determining prices. Moreover, while prices have a positive correlation with the ETH/USD exchange rate and stock indices, they have a negative correlation with other asset classes (such as bonds and gold). Schaar and Kampakis (2021) suggested that NFTs offer portfolio diversification opportunities since their correlation with other asset classes is low. Similarly, by analyzing Sandbox, Decentraland, and CryptoPunks, Ko et al. (2022) confirmed that including NFTs in portfolios improves performance and offers diversification benefits. On the other hand, while Kireyev and Lin (2021) and Horky et al. (2022) applied the hedonic regression method in their analyses, they also used machine

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learning algorithms to examine CryptoKitties and SuperRare collectibles, respectively. Kireyev and Lin (2021) emphasized the inefficiency of the NFT market, which generates biases, and suggested that the Gradient-Boosted Trees model (a machine learning approach) is better than hedonic regression for the NFT market. Similarly, Dowling (2022a) used a sample of Decentraland and highlighted the inefficiency of the market through the Automatic Variance Ratio, Automatic Portmanteau, and Dominguez and Lobato consistent tests. Besides, Horky et al. (2022) used the LASSO approach to identify the explanatory variables and then applied hedonic regression for NFT pricing. They concluded that the pricing structure of NFTs is very different from that of cryptocurrencies. Correspondingly, Ho et al. (2022) also implemented a machine learning method (XGBoost regressor) to examine the prices of Axie Infinity and found that the prices are influenced by the rarity and utility functions of NFTs. Similar results were obtained by Mekacher et al. (2022), who applied correlation analysis for OpenSea and found that rarity is related to high prices, high return on investment, and low risks. On the other hand, Nadini et al. (2021) used linear regression and convolutional neural network methods to analyze NFTs from the Ethereum and WAX blockchains and argued that sale history and visual attributes are predictors of NFT prices. Ante (2022a, b) analyzed NFT projects from the Ethereum blockchain using the vector error correction model (VECM) and found that the NFT market is inefficient and mostly influenced by Bitcoin and Ethereum price shocks, with the cryptocurrency market having a significant influence on it. Moreover, Xia et al. (2022) and Dowling (2022b) examined the connectedness of NFTs with other asset classes. Xia et al. (2022) found significant connectedness between NFTs and major asset classes, such as gold, oil, equities, commodities, currencies, and cryptocurrencies, which increases especially during turbulent times. Dowling (2022b) revealed that while there is low co-movement between NFTs and cryptocurrency markets according to the spillover index, NFT prices are significantly connected with cryptocurrency prices according to wavelet coherence analysis. Urom et al. (2022) researched the overall NFT market and its sub-markets (including CryptoPunks, Cryptokitties, and Decentraland) and detected a negative correlation between Bitcoin prices and NFT market returns. For sub-markets, the uncertainty of the equities and gold markets has an impact on Cryptokitties returns, while the uncertainty of the oil, equity, and gold markets influences CryptoPunks and Decentraland returns (Urom et al. 2022). Aharon and Demir (2022), Umar et al. (2022a), and Zhang et al. (2022) focused specifically on the NFT market during the Covid-19 period. Aharon and Demir (2022) found that while NFTs are transmitters of risk during normal times, they became risk absorbers during the Covid-19 pandemic. However, this condition is only temporary and short-term, as stated by Umar et al. (2022a). Similar to Xia et al. (2022), Aharon and Demir (2022) suggested high connectedness between NFTs and other asset classes which increases during stressful times. Zhang et al. (2022) studied the hedging opportunities of NFTs and indicated that NFTs are hedges for bonds, the US dollar, and

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gold over the entire period, for stocks and the US dollar before Covid-19, and US dollars during Covid-19. In contrast to the previously mentioned studies, a few studies focused on the segments of NFTs. Umar et al. (2022b) investigated the returns and volatility of the art, collectibles, games, utility, and metaverse segments and media coverage during the Covid-19 period and found that media coverage is a net spillover transmitter. Boido and Aliano (2022) examined the relationship between the NFT-Art market and cryptocurrency, as well as public opinion, and found a low association between them. However, Vidal-Tomás (2022) revealed high correlations between the cryptocurrency market and Google searches by considering NFT games and the metaverse. In recent work, Anselmi and Petrella (2023) emphasized the inefficiency of the NFT market by considering NFT-Art and Collectibles. Table 13.2 displays the studies that focused on cryptocurrency coins connected to NFTs. According to Gunay and Muhammed (2022), NFTs are linked to cryptocurrencies that are exchanged in the cryptocurrency market, as well as the digital assets they sell. Among them, researchers typically examined Theta, Chiliz (Chn), Enjin (Enj), Decentraland (Mana), Tezos (Xtz), and Digibyte (DGB) coins. Gunay and Kaskaloglu’s (2022) research on the dependence of NFT coins on the Ethereum and Bitcoin blockchains revealed that NFTs lack unique characteristics, and thus cannot be considered a distinct asset class. Gunay and Muhammad (2022) also investigated the connection between investor sentiment and the NFT market (constructed NFT crypto index) using Google Trend, the Fear and Greed (FG) Index, and the Volatility Index (VIX) as sentiment proxies. In the down market, Google Trend was discovered to be a strong driver of the NFT index, whereas the FG Index and VIX are significant drivers in the bull market. On the other hand, Karim et al. (2022) examined the risk transmissions between NFTs, DeFi Tokens, and cryptocurrency markets and found that NFTs provide better diversification opportunities than other assets. Moreover, Yousaf, and Yaroyava discovered that NFTs and DeFi markets are net transmitters of return and volatility, especially during the Covid-19 period, and proposed that NFTs and DeFi assets would be favorable options for investor diversification. Finally, Maouchi et al. (2022) identified several bubbles in the NFTs, DeFi, and cryptocurrency markets that emerged during the Covid-19 period. Although they appear less frequently, NFT and DeFi market bubbles are larger than cryptocurrency bubbles.

13.4

Methodology and Data

13.4.1

Adaptive Neuro-Fuzzy Network Modeling

Adaptive Network-Based Fuzzy Inference System (ANFIS) is a hybrid structure that combines Fuzzy Logic (FL) and Artificial Neural Networks (ANN) (Jang 1993). While a fuzzy logic inference system utilizes human knowledge (i.e., linguistic expressions, if–then rules), ANN learns from data and makes forecasts with minimum error rates (i.e., testing). The input–output mapping is presented as an

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if–then rule. In a basic ANFIS network structure with two inputs and one output, the ANFIS model’s rules compose as follows: Rule 1 : If x; A1 and y; B1 , then f1 = p1 x + q1 y + r1

(13.1)

Rule 2 : If x; A2 and y; B2 , then f2 = p2 x + q2 y + r2

(13.2)

In these equations, while x and y represent inputs; A and B verbal variables, pi and qi input coefficients, the ri constant, and lastly fi presents the output value. The ANFIS network structure consists of a combination of nodes arranged in layers, each node in each layer having a specific function. While square nodes are (adaptive) nodes that appear during the training of the network, circle nodes are fixed nodes. The ANFIS network structure consists of five layers which are named the input layer, the blur layer, the rule layer, the normalization layer, the clarification layer, and the sum layer. Figure 13.2 demonstrates a basic ANFIS network structure with two inputs and one output. An ANFIS process starts with determining the training and testing data. After that, it continues with selecting the appropriate membership functions for a given input and output variables, generating a fuzzy inference system model, training data, and lastly, testing data to obtain forecast results. The process ends with evaluating the analysis results according to statistical performance metrics such as Root Mean Square Error (RMSE), Mean Absolute Percentage Error (MAPE), and Mean Absolute Deviation (MAD) (Saar et al. 2023).

RMSE =

ℾ [ ] |∑ ∩ | N y − y ⅃ K =1 k k N

1 ∑N |yk − y| K =1 N | | ∩ 1 ∑ N || yk − y k || MAPE = | | × 100% K =1 | N yk | MAD =

∩

(13.3) (13.4)

(13.5)

where yk is the actual value, y k implies the anticipated value, and y denotes the observed mean (Babarinde et al. 2021). In an ANFIS model to find out the most effective input variables on the output variable, the “exsrch” exhaustive search function is used. The “exsrch” function generates an ANFIS model for all possible combinations of input variables, trains it for one epoch, and reveals performance results by the root mean square error (RMSE) statistical metric (Oke et al. 2018). With the help of the RMSE values, the minimum number of inputs that have better predictive power on the output variable is obtained (Aremu et al. 2014). At the end of the analysis, the “exsrch” reports a minimum of 1 and a maximum of 4 input variables that are the best combination for forecasting the output variable.

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To utilize the “exsrch” function, first of all, the dataset must be split into two sections: training (odd-indexed samples) and checking (even-indexed samples) datasets. Then, all input variable combinations with one, two, three, and four values must be tested one by one in predicting the outcome. Finally, the combination with the minimum RMSE value must be chosen from each group. Lastly, all groups are compared to each other, and the final decision is made to define the final input variable(s).

13.4.2

Data

We use daily data from Active Market Wallet (AWALLET), Unique Buyers (UBUY), Unique Sellers (USEL), The price of Ether (ETH) in USD (ETH), The price of Bitcoin (BTC) in USD (BTC), FTSE World Government Bond Index (BOND), Crude Oil (OIL), SP500 Index (SP500). All the data was obtained from finance.yahoo.com, except for NFTs. Our NFT data is collected from https:// nonfungible.com/. Following Dowling (2021a, b), we used the Average USD price of NFTs as a dependent variable. The data were obtained daily and covered the period from January 24, 2022, to January 19, 2023.

13.5

Findings

This study was conducted using the MATLAB R2015a program, with the ANFIS GUI interface, which is a function of the Fuzzy Logic Toolbox. First, we normalized the data that contains different variables with different units using a formula. Following the normalization process, the data was split into three parts: training (40%), checking (40%), and testing data (20%). Since there were 361 observations, 145 of them were placed in the training data, 145 in the checking data, and 71 in the testing data. In this paper, we aimed to determine the most effective input variables for forecasting NFT sales prices. For this purpose, we proceeded with the training and checking data only. Firstly, the predictive power of each input on NFT price was examined one by one. In Figures 13.3, 13.4 and 13.5, while the circles represent the RMSE value of the training dataset, the asterisks represent the RMSE value of the checking dataset. Eight ANFIS models were trained, each with one input selected from eight candidates. According to the ANFIS results, the model with the minimum error was found to be ANFIS model 3: BTC – > trn = 0.1096, chk = 0.0951. The result implies that “BTC price” is the best input variable to forecast NFT prices when the input number is limited to one (Fig. 13.3). Twenty-eight ANFIS models were trained, each with two inputs selected from eight candidates. The model that gave the minimum RMSE among others was ANFIS model 14: BTC ETH – > trn = 0.0955, chk = 0.0850. In other words, Bitcoin (BTC) and Ethereum (ETH) prices are the best input variables to forecast

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Fig. 13.2 A basic ANFIS network structure with two inputs and one output

Fig. 13.3 Training error and checking of 8 ANFIS model

NFT prices when the input number is limited to two. It can be seen that the model’s training and checking errors decreased when the ETH price input variable was added to the previous ANFIS model, which only consisted of the BTC price input variable (Fig. 13.4). Fifty-six ANFIS models were trained, each with three inputs selected from eight candidates. The model that gave the minimum RMSE among others was ANFIS model 22: OIL BTC ETH – > trn = 0.0886, chk = 0.0850. In other words, Bitcoin (BTC), Ethereum (ETH), and Oil (OIL) prices are the best input variables to forecast NFT prices when the input number is limited to three. According to the results, it can be seen that although the training error decreases, the checking error remains the same (Fig. 13.5). Lastly, 70 ANFIS models were trained, each with four inputs selected from eight candidates. However, it was seen that no estimation error was produced by the model for both training and checking the dataset.

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Fig. 13.4 Training error and checking of 28 ANFIS model

Fig. 13.5 Training error and checking of 56 ANFIS model

The results of all groups were compared to each other, and it was found that the most effective input variables are BTC and ETH price variables to forecast NFT prices. Although oil prices were also found to be an effective input variable in predicting output variables, it was seen that it did not substantially improve the previous model (model with BTC and ETH input variables). Therefore, the effect of oil prices on NFT sales can be neglected.

13.6

Conclusion

The Non-Fungible Tokens (NFTs) were initially presented in 2013 with the Colored Coins projects, but they became more well-known in 2021 due to the record-breaking sale of Beeple’s artwork. Since that time, the NFT market has drawn significantly more interest from investors and researchers. In recent years,

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numerous researchers have conducted studies to ascertain the NFT market’s influencing factors by considering a variety of projects or segments. While the majority of these studies employed conventional econometric models, there was little research that employed machine learning algorithms. Since the predictability power of machine learning models is stronger for the nonlinear and volatile dataset, in this study, we employed the ANFIS model to identify the price determinants of the NFTs’ Metaverse segment. The findings show that the best input variables for forecasting NFT prices are Bitcoin (BTC), Ethereum (ETH), and oil prices. When the findings of all groups are compared to one another, it is discovered that the best input variables for predicting NFT prices are the BTC and ETH prices. Oil prices are also demonstrated to be an effective input variable for forecasting output variables, but it is evident that this does not enhance the prior model; therefore, it may be disregarded. The results are consistent with the findings of Ante (2022b), Kong and Lin (2021), Dowling (2022b), and Horky et al. (2022). As suggested by Ahoron and Demir (2021), Ko et al. (2022), and Yousaf and Yarovaya (2022), the NFT market offers prospects for diversification because it has been revealed that other asset classes (such as equities and bonds) are ineffective at forecasting NFT pricing. Nevertheless, to reach that conclusion, further investigations should be done in further studies. These results could be beneficial for policymakers, researchers, and investors. As stated by Kräussl and Tugnetti (2022), following the market’s rapid growth at the start of 2021, a steep decline happened at the end of the year. Thus, it is important to remember that there is always a risk of a speculative bubble in the NFT market.

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Chalmers D, Fisch C, Matthews R, Quinn W, Recker J (2022) J Bus Ventur Insights 17(e00309):1– 8 Chuen DLK, Won LS (2022) NFT of NFT: is our imagination the only limitation of the metaverse? J Br Blockchain Assoc 5:1–4 Dowling M (2022a) Fertile LAND: pricing non-fungible tokens. Financ Res Lett:44(102096) Dowling M (2022b) Is non-fungible token pricing driven by cryptocurrencies? Financ Res Lett 44:102097 Gunay S, Kaskaloglu K (2022a) Does utilizing smart contracts induce a financial connectedness between Ethereum and non-fungible tokens? Res Int Bus Financ 63:101773 Gunay S, Muhammed S (2022b) Identifying the role of investor sentiment proxies in NFT market: comparison of google trend, fear-greed index and VIX. Fear-Greed Index VIX Ho KH, Hou Y, Chan TT, Pan H (2022) Analysis of non-fungible token pricing factors with machine learning. In: 2022 IEEE International conference on systems, man, and cybernetics (SMC). IEEE, pp 1161–1166 Horky F, Rachel C, Fidrmuc J (2022) Price determinants of non-fungible tokens in the digital art market. Financ Res Lett 103007:1–9 Jang JS (1993) ANFIS: adaptive-network-based fuzzy inference system. IEEE Trans Syst Man Cybern 23(3):665–685 Karim S, Lucey BM, Naeem MA, Uddin GS (2022) Examining the interrelatedness of NFTs, DeFi tokens and cryptocurrencies. Financ Res Lett:102696 Kireyev, P., & Lin, R.: Infinite but Rare: Valuation and Pricing in Marketplaces for BlockchainBased Nonfungible Tokens. Insead, 1–46 (2021). Kräussl, R., & Tugnetti, A.: Non-Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities. Applications and Opportunities, 1–29 (2022). Ko H, Son B, Lee Y, Jang H, Lee J (2022) The economic value of NFT: Evidence from a portfolio analysis using mean–variance framework. Financ Res Lett 47:102784 Kong, D. R., & Lin, T.C.: Alternative investments in the Fintech era: The risk and return of NonFungible Token (NFT). SSRN 3914085 (2021). Maouchi Y, Charfeddine L, El Montasser G (2022) Understanding digital bubbles amidst the COVID-19 pandemic: Evidence from DeFi and NFTs. Financ Res Lett 47:102584 Mekacher, A., Bracci, A., Nadini, M., Martino, M., Alessandretti, L., Aiello, L. M., & Baronchelli, A.: How rarity shapes the NFT market. arXiv preprint arXiv:2204.10243 (2022) Nadini M, Alessandretti L, Di Giacinto F, Martino M, Aiello LM, Baronchelli A (2021) Mapping the NFT revolution: market trends, trade networks, and visual features. Sci Rep 11(1):1–11 Oke EO, Adeyi O, Adeyi AJ, Adakunle KF (2018) Modelling of Grewia mollis Stem Bark Gum Extraction Yield Using Neuro-Fuzzy Technique. Int J Eng Res Afr 34:70–80 Patel MM, Tanwar S, Gupta R (2020) & Kumar, N: A deep learning-based cryptocurrency price prediction scheme for financial institutions. Journal of Information Security and Applications 55:102583 Pintelas, E., Livieris, I. E., Stavroyiannis, S., Kotsilieris, T., & Pintelas, P.: Investigating the problem of cryptocurrency price prediction: a deep learning approach [Conference Presentation]. IFIP International conference on artificial intelligence applications and innovations, 99–110 (2020). Sarr MP, Thiam A, Dieng B (2023) ANFIS and ANN models to predict heliostat tracking errors. Heliyon 9:e12804 Schaar, L., & Kampakis, S.: Non-fungible tokens as an alternative investment: Evidence from cryptopunks. The Journal of The British Blockchain Association 31949 (2022). Umar, Z., Gubareva, M., Teplova, T., & Tran, D. K.: COVID-19 impact on NFTs and major asset classes interrelations: Insights from the wavelet coherence analysis. Finance Research Letters, 102725 (2022a) Umar Z, Abrar A, Zaremba A, Teplova T, Vo XV (2022b) The return and volatility connectedness of NFT segments and media coverage: fresh evidence based on news about the covid-19 pandemic. Financ Res Lett:103031

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Role of Metaverse in the Fourth Industrial Revolution for Providing Customer Experiences T. G. Vasista

14

and Ahmad M. A. Zamil

Abstract

The ongoing digital revolution is poised to bring many changes to the culture, society, and economies of nations to elevate human standards by providing advanced digital products and services. The Metaverse is a vision shared by many industries based on the fourth industrial revolution, which predicts that the next stage of computer interaction will be on the internet in a single, shared, immersive, and persistent 3D virtual space where humans interact as avatars in real-time to perform experiential activities and develop mutual relationships. Metaverse activities could include watching movies, attending concerts, working in offices, conducting collaborative meetings in halls, shopping, traveling to tourist places, and undergoing advanced training by cognitively experimenting with risky driving, etc. All of this could be made possible by integrating different technologies such as Artificial Intelligence, Big Data Analytics, Blockchain Technology, Crypto-Currencies, Distributed Ledger Technology, Internet of Things, and Machine Learning, along with Augmented Reality and Virtual Reality to benefit Metaverse as a platform business model. However, while offering these innovative customer experiences, building the Metaverse has to address many challenges related to security, privacy, and legal issues. The objective of this paper is to explore the concepts of 4IR, Metaverse, and Digital Twin

T. G. Vasista (B) Sri Venkateswara College of Engineering and Technology, Chittor, Andhra Pradesh 517127, India e-mail: [email protected]; [email protected] A. M. A. Zamil Prince Sattam Bin Abdul Aziz University, Al-Kharj 11942, Saudi Arabia e-mail: [email protected]

© The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_14

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primarily as a part of the smart city development phenomenon so that governments can have command and control of the human universe while providing innovative user experiences in the Metaverse. Keywords

4IR • Digital twin • Key metaverse challenges • Metaverses of the middle east • Metaverse technologies

14.1

Introduction

The digital revolution that has taken place in the world has brought about significant changes in the culture, society, and economy of many nations (Miguelez et al. 2020).

14.1.1 The Fourth Industrial Revolution Digital technology has played a crucial role in the Fourth Industrial Revolution (4IR) (Ivaldi et al. 2022). The primary goal of 4IR is to enhance human standards of living by providing advanced products and services that facilitate personal and professional lives (Dogaru 2020). The term “Fourth Industrial Revolution” was coined by Klaus Schwab, the founder and executive chairman of the World Economic Forum (Miller 2016; Xu et al. 2018). 4IR involves the fusion of various technologies to bring the physical world closer to the digital world, such as artificial intelligence, biotechnology, genetics, nanotechnology, robotics, and 3D printing (Dogaru 2020). For example, the technologies driving 4IR are also changing the demands and expectations of buildings and cities in which humans live, towards their transformation into “smart buildings” and “smart cities” under autonomous, intelligent urban infrastructure-based living environment settings. 4IR also synthesizes Cyber-Physical Systems (CPS), the Internet of Systems (IoS), and the Internet of Things (IoT) (Ross and Maynard 2021). 4IR describes how an individual can move between the offline world reality and online digital virtual reality using state-of-the-art digital technology to enable better experiences of human life and manage them efficiently (Xu et al. 2018). 4IR provides immense opportunities to connect billions of people utilizing connecting laptops, and mobile devices, generating a unique capacity for processing real-time information, and accessing it (Ivaldi et al. 2022). As cited in Xu et al. (2018), consumers are expected to benefit most from combining the concept of 4IR with the concept of “Metaverse” where technological innovation will lead to creating supply-side miracles with long-term gains in productivity and efficiency. It also reduces transportation and communication costs, and logistics and global supply chains will become more effective; overall the cost of trade will diminish, and it opens up new markets and drives innovative economic growth (Schwab 2015; Xu et al. 2018).

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14.1.2 The Metaverse The Metaverse is a hypothetical virtual world parallel to the physical world that provides different ways of living and working in virtual cities as an alternative to smart cities (Allam et al. 2022). The term ’Metaverse’ was first introduced by Neal Stephenson in his 1992 science fiction novel, ’Snow Crash’ (Allam et al. 2022). Metaverse-related technology gained worldwide attention in June 2021 when Facebook CEO Mark Zuckerberg announced the title change of Facebook to “Meta” and revealed a new logo that resembles an infinity symbol. Meta’s budget for the Metaverse is estimated to be $1 billion over the next 10 years, with the expectation that one billion people will use the Metaverse (Suaspang et al. 2022). Metaverse technology involves the use of 3D virtual space supported by Augmented Reality (AR) and Virtual Reality (VR) with 3D object simulation, creating a sense of presence and immersion in a time–space similar to reality through realtime interaction between avatars. These interactions can provide customers with innovative experiences that arouse their interest, such as pleasure through experiential activities, and the development of mutual relationships with other avatars (Polyviou and Pappas 2022). Activities in the Metaverse could include watching movies, going to concerts, working in offices, conducting meetings in halls, visiting malls, trying on clothes, and traveling to tourist places. To experience the Metaverse, users may need to use devices such as Oculus glasses, Ray-Ban glasses, or other AR and VR devices, computers, mobile phones, etc. The Metaverse has the potential to redefine smart cities using emerging technologies such as Artificial Intelligence (AI), Big Data, IoT, and Digital Twins to improve urban efficiencies, accountability, and quality performance (Allam et al. 2022). According to Global Industry Analysts Inc., the global Metaverse market is expected to reach $758.6 billion by 2026 (Suaspang et al. 2022). The integration of different technologies like Non-Fungible Tokens (NFT), cryptocurrencies, blockchain, Internet of Things (IoT), AI, and Machine Learning (ML) will benefit the metaverse as a platform business model (Periyasami and Periyasamy 2022). The depiction of the first Metaverse can be understood by watching the Hollywood movie ’Matrix’ released in 1999. The movie was about humans living in an artificially created virtual world (using AI technologies), and they are unaware that they are associated with the virtual world of the Metaverse (Kabir 2021). The cost of the development of the Metaverse may range anywhere from $25,000 to $400,000 depending on the feature set and technologies opted to develop the platform (thehealthyjournal.com). Apple Inc. added Lidar to iPhones in 2020 for Augmented Reality and Mixed Reality headsets. Along with “Meta”, Ray-ban, and HTC companies have already released VR headsets and wearable technologies. Accordingly, the future can be imagined where one can work remotely, tour virtually, and watch museums and concerts virtually from home (Al-Ghaili et al. 2022). Some examples of Metaverse platforms include Altspace VR, BlueJeans, Cryptovoxels, Metahero, Nvidia Omniverse, Roblox, Sandbox, Second life, etc. (techtarget.com). The quality of the Metaverse can be

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best judged or understood based on the degree of immersion by the Metaverse actor from the user-interfacing perspective (Dwivedi et al. 2022).

14.1.3 The Digital Twins (DT) According to Nathan Doughty, CEO at Asite, the global smart city market is expected to reach $3.4 trillion by 2026, and digital twins play a significant role as a growing phenomenon. The digital twin market is expected to be worth $48.2 billion by 2026. Digital twins are transforming the construction industry globally. DT can provide the answer to the issue of sustainability in construction, improvements in building and operating capital projects, and help in maintaining an up-to-date record of the smart city data accurately, which is needed to maintain and operate the assets. Evolving historical and current digital profiles of digital twins help monitor and model how people and objects interact in the Metaverse environment. DT bridges the physical system with the Metaverse-based virtual world by using massive, real-time data. A combination of physical assets and digital technologies needs to come together to communicate with one another to predict the outcomes in physical asset operations within the scope of its life-cycle in varied conditions of the simulation. It means Asset Performance Management (APM) solutions help digital twins in capturing dynamic data from physical assets and their operations to represent their digital form and enable object-oriented information management and system management. This kind of essential bi-directional flow between two objects helps to identify potential faults and troubleshoot them towards improving customer satisfaction. Thus digital technologies of digital twins might have to include not only sensors, the Internet of Things (IoT), and cloud computing but also digital communication technologies, and digital big data analytical technologies (Omo-Ikerodah & Carvey). Thus, Digital Twin has to become the heart of Metaverse. Threats in the Metaverse include network attacks, database attacks, device attacks, and hardware & software attacks, and hacking in blockchain technology (Dwivedi et al. 2022). Correspondingly, Sect. 14.1 introduces the concepts of 4IR, Metaverse, and Digital Twin. Section 14.2 mentions the key challenges, Sect. 14.3 states the problem and research objective, Sect. 14.4 provides a literature review on Metaverse-related technologies, Sect. 14.5 gives two proposed manifesting examples from the countries of the Middle East, and Sect. 14.6 concludes the discussion of this paper.

14.2

Some Key Challenges

Protecting the private information of the human world private information in a Cyber-Physical System (CPS) safe, secure, and trustworthy can be considered challenging. Developing a security procedure to quickly detect physical and

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cyber attacks and threats is a challenging problem both politically and technically (AlDosari 2017). Developing Digital twins can help in the vast reduction of errors and improve planning, construction, and operational aspects of urban areas. However, while enabling digital twins, data fragmentation, data security, and information sharing remain challenging (Doughty 2022). Data security is considered one of the most important issues in recent technologies. However, there exists a tradeoff between security and performance always (AlDosari 2017).

14.2.1

Security Challenges

As a part of 4IR, most of the time, Metaverse-based Cyber-Physical Systems (CPS) are not designed with security in mind. The real-time data-natured information system requirement can affect the state of defense (Tyagi and Sreenath 2021). Scalability is an important performance measure, especially when users wanted to move from one class of Metaverse to another class of Metaverse, i.e., for example, from tourism Metaverse to social media Metaverse. The capacity of the end device (hence the focus on edge computing in IoT and Cloud-based computing in the context of designing cyber-physical systems) can become a bottleneck in transmitting big data over the present De-Militarized Zone (DMZ). Edge computing may have the potential to improve the capacity-per-cost value of end devices in designing perimeter-wise secured metaverses and better throughput gain from Multipath TCP protocol-based transport technology than single-path TCP (Lee et al. 2020).

14.2.2

Privacy Challenges

This section deals with privacy as a part of the discussion of privacy theory and frameworks towards making it applicable to the Metaverse-based cyber-physical system design scenario in passing to Wisniewski and Page (2022). Privacy is a complex concept with multidimensional aspects. A broad understanding of relevant privacy theory can provide a better relationship between research and practice. For example, Nissenbaum has developed a contextual integrity framework that describes privacy as appropriate information flow-based norms of a social context. When Cyber-Physical Systems are being designed, understanding the norms of different social contexts allows the designer to identify the expectations that people have established around privacy. When human values of different cultures and technology capabilities are being converged in Metaverse, it can lead to conflicts between various actors and make it complex to predict what kind of privacy norms should be incorporated. When the ethical legitimacy of privacy norms is based on individual and societal interests, values, functions, and purposes, the context becomes an important means to interpret any given information. Therefore Privacy by Design (PbD) has to be aimed to develop the integrated value of privacy right from the beginning of the design of systems

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up to the end. The Federal Trade Commission’s 2012 consumer privacy report expected companies to develop PbD, but it is a challenging problem to incorporate privacy with privacy-enhancing technologies. Privacy by Design should consider not only at the interface level but also at the communication protocol level. However, gaining trust towards Metaverse beyond data and responsibilities ethically while designing privacy may refer to contexts at different abstraction levels such as General Abstraction-Standardization-Customization-Personalization hierarchy framework in passing to AlSudairi & Vasista (2013) so that privacy can be customized to user-tailored privacy. It becomes a good attempt to see how researchers can help in developing what is called “intelligent privacy” design to meet users’ privacy needs because of protecting their different individual choices (Wisniewski and Page 2022). Challenges in Metaverse technologies could be energy-intensive, and hence an increase in energy demand might be prone to frequent changes in policies. Largescale implementation could take more time and cost, and there is a potential risk of misuse of personal data, which may intrude into the personal privacy zone. Formulating new kinds of cyber laws on different aspects of the Metaverse is possible. Gaming addiction, and ethical, and security issues may also arise (Allam et al. 2022).

14.2.3

Legal Challenges

The United Nations Commission on International Trade Law held its Fifty-fifth session in New York during 27 June—15 July 2022 to discuss Online Platforms for dispute resolution on the digital economy, adjudication, technology-related dispute resolution, and also a round table discussion on the way forward. The UNCITRAL LAW model on international commercial arbitration was discussed in paragraph 77. In conclusion, paragraph 79 states that any preparation of model clauses by any party should be based on existing UNCITRAL texts and address how their use could be amplified without the need to revise those texts (UN, A/ CN.9/1091, 2022). It is also important to work on Smart Contract related acts based on the UNCITRAL Model Law on Electronic Transferable Records-2017 and UNCITRAL Model Law on International Commercial Mediation and International Settlement Agreement Resulting from Mediation, 2018 (for conciliation aspects). It might require a new constitution of Metaverse based on the UNCITRAL Model of Law called the “Constitution of United National Metaverse” with various articles, cyber laws, and clauses.

14.3

Research Objective

The objective of this research is to explore the concept of 4IR, Metaverse, and digital technologies that could implement Metaverse using the concepts of cyberphysical systems, cognitive science and design thinking, gatekeeping theory within

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the scope and boundary of Metaverse, and contextual integrity theory. The research aims to address the problems and issues while implementing the fourth industrial revolution by adopting the concepts of Metaverse along with Cognitive Science and Design Thinking, as well as using emerging technological themes such as Artificial Intelligence and Machine Learning, Data Science and Big Data Analytics, Internet of Things, Cloud Computing, Cybersecurity, and Cyber Privacy, etc.

14.4

Literature Review of Previous Research Studies on Contributions of Metaverse Technologies

14.4.1

Artificial Intelligence and Machine Learning

Artificial intelligence (AI) and machine learning (ML) algorithms have the potential to improve the visual experience in the Metaverse. The Metaverse workflow can be accelerated using AI, as simple human movement and complex actions can be analyzed using ML and deep learning models of AI with sensor-based wearable devices and other human–machine interaction gadgets under an Internet of Things (IoT) environment. AI enhances the immersive experience and develops consumer-oriented services (Huynh-The et al. 2023). AI can analyze massive amounts of information at lightning speed and prompt action. AI can also help in 3D interpretations of chatbots that live in the Metaverse, and allow for recreating an accurate feel of touch in virtual reality. AI and ML can support voice navigation to communicate with virtual entities without using hand regulators (Kanaparthi 2022). AI helps in precisely capturing the features and information in the real world to transform them into the virtual world using the perception techniques of AI (Guo et al. 2022). AI also enhances hardware support, text interpretation, audio and video processing, and image processing, among others, while building the Metaverse (Cheng et al. 2022). For example, a chatbot can be considered an AI-based interface agent (Pereira 2021). AI and ML have the potential to facilitate human– machine interactions and learning, as well as draw insights from data with the support of digital twins and making avatars with better understanding capabilities of natural languages (Tan 2022).

14.4.1.1 Cognitive Studies with Case Example Cognitive studies can help determine the alertness of participants in facing real-life scenarios. For example, fast train drivers require special training for varied environmental situations that might occur at the operating stage. Creating cognitive links within learning environments provides an opportunity to perceive different track conditions, such as navigating a train that is moving from straight ways to sharp and complex curves with improved psychometric skills. It becomes possible when trained under a virtual environment embedded in the Metaverse. For instance, sensor-based signs can compensate for the insufficient skills that elderly

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workers have, with necessary cognitive support. The implementation of these innovative and special training methods provides real-time feedback and boosts driver productivity when Metaverse-based training is offered, especially in the aspects of situational awareness, decision-making, reaction time or responsiveness, information retention rate, and posture, compared to conventional training methods. In conventional training methods, the information rate and effectiveness are low due to the lack of mapping between the immersive experience and cognition (Danylec et al. 2022).

14.4.1.2 Ontology The presence of an environment in which a human actor is an ontological subject co-existing with artificial actors and algorithmic actions becomes an evolutionary factor of using AI. Developing ontology can offer perfect extensibility and interoperability support (Bassiliades et al. 2018), which might be necessary for the Metaverse (Valaskova et al. 2022). Ontological technology (e.g. XML and Semantic Web Services) may enhance a better conceptual understanding of domains, coordination, and interactions across various VR-based Metaverses and their applications (Abu-Salih 2022). 14.4.1.3 Integrated Value Chain with Collaborative Intelligence to Balance Supply and Demand According to Renato Scaff, the CEO of Accenture—North America, around 67 percent of supply chain management executives believe that the Metaverse will have a positive impact on their organization by transforming supply and demand through the creation of a “Metaverse Collaboration Room (MCR)” for retailers and their suppliers. When these teams gather virtually in this collaboration room, they can review the forecasting capability of sales, projected production plans, and possible limitations of the supply chain. With the immersive experience of the supply chain network map and by virtually walking through the inventory and key aspects of the supply chain (e.g. value chain), possible shipping delays can be identified and alternatives can be produced to move products to the right stores and shelves. Using edge computing, automatic replenishment, and routing decisions can be made to help shape demand, and prices can be adjusted automatically according to customer demands to increasing profit margins and overall profitability. When suppliers and customers view the entire supply chain network in the Metaverse, there is a possibility to balance supply and demand in real time (Scaff 2022).

14.4.2

Artificial Intelligence and Machine Learning

The Metaverse can extend the physical world with the technologies of VR and AR so that users can impeccably interact within real-time and simulation-based environments using Holograms and Avatars. The four aspects of Metaverse are: (i)

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the environment (ii) interface (iii) interaction and (iv) security & privacy (Dwivedi et al. 2022). The development of 5G and the rising popularity of Virtual Reality and Augmented Reality technologies promise to strongly support the Metaverse. According to Mordor Intelligence, by 2026, the global Virtual Reality industry is projected to reach $184.66 billion. Virtual Reality (VR) is one of the pillars that supports Metaverse and Web3 clusters. VR is about simulations, however, Metaverse includes both VR and Augmented Reality (AR), and a full-fledged digital world in which development and control become part of it. While VR might need VR headsets to experience, Metaverse won’t require VR headsets to experience (BlockchainCouncil 2022). Augmented Reality technology embeds virtual objects into the real world. VR uses 3D computer modeling to immerse in a 3D virtual environment. According to Morgan Stanley, by 2024, the combined market of AR/VR is expected to reach approximately 300 billion dollars (Tsimbal 2021).

14.4.3

Data Science and Big Data Analytics

14.4.3.1 Data Management in Metaverse Some of the data challenges include: overcoming data fragmentation, secured data exchange, seamless data flow, and semantic data integration, synthesizing data from various heterogeneous data sources, managing distributed architectures, managing buffers, maintaining data consistency, and data privacy. The big data analytics challenge with query processing and optimization becomes more complex in the Metaverse. For example, a wide range of varied user preference queries over a set of real-time objects needs to be designed. The query processing and optimization of algorithms have to become not only context-aware but also deviceaware. Metaverse may have to manage thousands of vector objects like polygons and virtual users who handle such objects. The Metaverse environment might need indexing capabilities with the new kind of structure called HDov-tree, which can harmonize the provision of excellent visual capabilities and performance on the degree of visibility of objects. HDov-tree can provide fine-grained level details that represent a collection of objects in a coarser form and further might be subjected to computational overhead, where the models do not fit into real-time memory (Shou et al. 2003). For this purpose, visualization, multimedia, networking, hardware, and very large databases have to come together. Tackling this kind of scenario poses a challenge (Tan 2022). Therefore, moving from reliable spatial digital twins consisting of BlockNet, and Hash Geocoding to parallel Metaverse through parallel Intelligence in passing Lv et al. (2022) might provide a better solution. With the exponential increase in data, an average control room operator can have up to 35 monitors simultaneously. In the next six years, the number of IoT devices in the world will double, and operators will no longer be capable of processing data without data fusion systems. Oversight is an eXtended Reality Software company from Israel, actively changing data management. To meet the challenges of data management in the modern world, it is on a mission to achieve complete ground

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situation awareness, by unifying all the visual and sensorial data in one, easyto-use Command-and-Control while providing operators real-time & real-world insights (Dalali 2022).

14.4.4

Metaverse with Blockchain Technology

Blockchain technology plays a predominant role in building the Metaverse economy, which is powered by cryptocurrencies, in terms of dealing with the future of finance and the digital economy (Akkus et al. 2022). The Metaverse provides unique developer tools such as Epic’s Unreal Engine, Unity, Amazon Sumerian, Autodesk’s Maya, and the open-source tool Blender, with a strong focus on digital identities, digital assets, and smart contracts (MacManus 2021, The New Stack; Takyar 2023; Lee-wayhertz.com). The New Metaverse Platform is an infrastructure layer of blockchain technology, which aims to contribute to the decentralization of the ecosystem. For example, the New Metaverse platform can use the Substrate modular framework, encompassing all the content knowledge and features of blockchain implementations (with cryptocurrencies like Bitcoins and Ethereum). Its functionalities include balances, governance, accounts, and smart contracts, which can be implemented using the plug-in library. Smart contracts are a core element of the Metaverse. Building a modular framework will facilitate the development of smart contracts on the Metaverse platform. While the “Substrate” runtime environment is used for running code, development teams can focus on how to work on developing various features of the Metaverse (mvs.org). When Metaverse environments contain decentralized assets like in-application currencies, these assets fall under the scope of blockchain technology (Ghantous and Fhakhri 2022). According to the research review citations conducted by Gadekallu et al. (2022) on blockchain technology, blockchain technology serves as a repository to store data anywhere in the Metaverse. Blockchain provides an economic transaction system between the virtual world of the Metaverse and the real world. Non-Fungible Tokens allow virtual goods to become physical objects (Arcenegui et al. 2021). Blockchain technology provides better control over user data with features like authentication, access control, and consensus mechanisms, and ensures data security and privacy (Shi et al. 2020). Blockchain technology allows conducting of validations and transactions of complete audit trails. The blockchain’s advanced encoding information system enables the seamless sharing of the Metaverse’s data and makes it more secure (Jio Tesseract 2022). It is possible to exchange data between two or more blockchains located in different Metaverses using a cross-chain interoperability protocol (Wang et al. 2019). The immutability feature of the blockchain ensures the data integrity of the Metaverse (Liu et al. 2022). Validation of transaction records and tracing the data becomes possible when Distributed Ledger Technology of Blockchain is adopted in developing Metaverse. Data acquisition becomes tamper-proof and resistant to cyber attacks as the majority of nodes in the ledger must approve any changes to the

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data (World Bank Docs 2020) in the Metaverse. Thus, blockchain technology provides data transparency, availability (Xu et al. 2021), and reliability. Blockchain data security is maintained using several encryptions and hashing techniques (Jiang et al. 2022). Blockchain nodes have the same concept as Doubly Linked Lists, where each node contains data represented by a hash, and the previous and next points of these blockchain nodes point to the hashes or addresses of the previous and next nodes (Ghantous and Fakhri 2022). Blockchain technologies provide guaranteed safety, security, and protection during data transactions (Tan 2022).

14.4.5 Web 3.0 and Metaverse The world has evolved to include digital interactions using Web 3.0 and Metaverse as the next internet platform, moving from mainframes to PCs to the web to mobile, and soon to include spatial web interaction in the next stage of evolution. Web 3.0 has the potential to reshape industries by focusing on the decentralization of organizations, finance, and metaverses, with the governance of the Metaverse happening through DAOs - Decentralized Autonomous Objects (Murray et al. 2022). Furthermore, DAOs use blockchains, tokens, and smart contracts to govern the network’s actions and behaviors (Qin 2022). In the Metaverse, the largest token holders can exert significant influence on the direction of the network, business models, and services (Arbanas et al. 2022). Currently, it is still in the nascent stage called the proof-of-concept stage (Funk et al. 2022) and can be affected by risks such as immature implementations, asset instability and inflation from investments, and investment deceptions (PGIM Insights 2022). Payment coherence is not yet finalized in terms of crypto-fiat currencies, and energy management issues are still in progress, with a green energy supply needed to power these protocols (Arbanas et al. 2022). However, the foundations of Web3 are already in place and will continue to seek value propositions and may overcome these challenges. For example, the Garner Report on Hype Cycle for Blockchain and Web3.0 (2022) estimated that cryptocurrencies could become mainstream in less than two years, with many Blockchain technology-based Distributed Ledger Technology (DLT) and Web 3.0 & Metaverse capabilities (Outlook Money Report 2022). Current Web 3.0 and Metaverse features that exist and those added in the future will continue to inspire the mobilization of enormous amounts of capital from digital investors toward successful platform outcomes, according to Arbanas et al. (2022).

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14.5

Two Proposed Manifesting Examples from the Middle East

14.5.1

Saudi Arabia Example

According to Asite-CEO Nathan Doughty, the Middle East has been moving forward to become a global hub for emerging technological advancements and developments in the form of building smart cities and developing digital twins - this is not surprising in the region’s northwest coastal place of the Kingdom of Saudi Arabia called Islands of NEOM. In NEOM, a flagship project worth $500 billion high-tech city is planned to be constructed as a part of Vision 2030.

14.5.2

Dubai Example

Director General of Dubai Municipality Dawood Abdul Rahman Al Hajri revealed that the Dubai Municipality is planning to invest in the development of a humancentered version of the city in the metaverse called ’One Human Reality’, which could fetch revenue of nearly $800 billion by the year 2024, as per the estimates of Bloomberg Intelligence (Oommen 2022).

14.6

Conclusion

The Metaverse is going to be the next-generation platform of the internet. It will be built around entertainment activities with friends and coworkers. It gives opportunities to create more jobs in the areas of emerging technologies that deal with computers and information technologies, focusing on design thinking, architectural engineering, artificial intelligence, machine learning, data science, cyber security, IoT, and Big Data analytics. As the metaverse is going to be the virtual replica of the real-world human space, initially, many meta universes such as social media metaverse (e.g. Facebook Meta), education metaverse, tourism metaverse, etc. will be emerging. As and when more metaverses are planned to be included, their interlinkage can form a meta-universe. It means that human society will have to operate in two modes of human existence: (i) human existence in the physical world, and (ii) human existence in the form of avatars in the virtual world. Therefore, physical governance has to deal with virtual governance too. Correspondingly, a new constitution for the metaverse might have to emerge under the UNCITRAL LAW model for quick and better arbitration so that citizens of the metaverse can focus more on their experiences of enjoyment rather than roaming for years around courts-metaverse to obtain justice against security, privacy, and legal aspects that might happen through evil cyber activities such as hacking and attacks on all kinds of physical computer components as well as on virtual space-based 3D vector and raster objects on which customers might have invested their time and cryptocurrencies to own such intangible assets in the metaverse.

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Since Blockchain and Distributed Ledger Technology are at their nascent stage, the World Bank Group (2018) is not recommending their immediate use, but to develop them based on the “Three-Layered Model” before attempting to develop especially financial services-related software (World Bank 2021).

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Metaverse and Skill Set: A Conceptual Investigation

15

Srishti Kaushik

Abstract

The metaverse is a virtual world where people can communicate, collaborate, and transact in a shared, immersive environment. It is an amalgamation of virtual reality, augmented reality, and artificial intelligence technologies and has the potential to revolutionize the way people work, play, and socialize. As the metaverse grows in popularity, it is becoming increasingly important to understand the skills needed to successfully navigate and utilize the new technology. The metaverse will require a variety of technical skills, including those related to computer programming, networking, and digital asset management. Additionally, individuals will need to understand how to use 3D modeling and animation software, as well as the various virtual reality and augmented reality tools. It is also important to be familiar with virtual and augmented reality platforms, such as Microsoft’s HoloLens and Google’s Daydream. In addition to technical skills, the metaverse will demand a variety of interpersonal skills. These include the ability to effectively communicate with others in the virtual world, as well as the ability to negotiate and resolve conflicts. Furthermore, individuals will need to be able to collaborate and create content in the metaverse, as well as demonstrate leadership and teamwork. Finally, individuals will need to possess business acumen and marketing expertise to be successful in the metaverse. This includes the ability to identify monetization opportunities and create strategies for generating revenue. Additionally, individuals will need to understand how to use social media and other online tools to promote their products and services. The metaverse is an exciting new technology that promises to revolutionize the way people interact and transact with one another. To be successful in the metaverse, individuals will need to possess both technical and interpersonal skills, as

S. Kaushik (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_15

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well as business acumen and marketing expertise. With the right combination of skills, they will be able to capitalize on the opportunities that the metaverse presents. Keywords

Metaverse • Virtual reality • Augmented reality modelling • Animation software

15.1

•

Artificial intelligence

•

3D

Introduction

The Metaverse is a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet.This review aims to define the 4 types of the metaverse and to explain the potential and limitations of its educational applications (Seongnam 2021). It is a shared, persistent, 3D virtual space that is populated by users, objects, and information and is accessible from anywhere in the world. It is a technological development that enables people to interact with each other and with virtual objects in a virtual environment. It is a platform where people can interact, share, create, and explore in a 3D world. It is also a platform where people can interact with one another using avatars or virtual representations of themselves. The Metaverse is an ever-evolving platform that is constantly being updated and improved upon and is becoming increasingly important for businesses, organizations, and individuals to interact and collaborate in a virtual space. Skills needed refer to the abilities and capabilities required to successfully perform a job or task. These may include technical skills, such as computer programming, or soft skills, such as leadership and communication. For example, a job in web development may require skills in HTML, CSS, and JavaScript, while a managerial role often requires strong communication and problem-solving skills. To succeed in any given role, it is important to have the right set of skills. The Metaverse is a virtual world where people from all over the world can interact with each other in a virtual environment. It is a 3D digital space powered by a combination of technologies such as virtual reality, augmented reality, and artificial intelligence. Augmentation technology refers to a technology that adds a new function to an existing real system (Classiting. 2021). It is a world where people can create their own virtual identities and explore different digital realms, such as games and virtual stores.The converse case on the virtuality continuum is therefore Augmented Virtuality (AV) (Ilgram and Kishino 1994). To make the most of a Metaverse experience, a person must have a strong understanding of technology and its implications. The Acceleration Studies Foundation (ASF), a representative metaverse research organization, announced the metaverse roadmap in 2006 (Han and Lim 2020). Having a good knowledge of computer programming, graphics design, networking, and animation will be necessary to create a truly immersive experience. Additionally, knowledge of 3D modeling, physics, and

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game engines will be beneficial for the development of interactive environments. To maximize the potential of the Metaverse, a person must have an eye for detail, an aptitude for problem-solving, and a passion for creating interactive experiences. Creativity is key in bringing the virtual world to life. A person must be able to develop compelling stories, create engaging characters, and design immersive environments. Finally, a person must have good communication skills to effectively collaborate with others. The Metaverse is a social space, and it is important to be able to work with others to create a unique experience. Being able to effectively communicate with other developers, artists, and users is essential for a successful Metaverse experience. The main objective is to explore the potential of Metaverse in enhancing professional skills and competencies, which is divided into several sub-objectives: (i) examine the potential of the Metaverse in developing professional skills and competencies; (ii) explore the impact of the Metaverse on the job market and career development; (iii) identify the most relevant skills and competencies needed to succeed in the Metaverse environment; (iv) assess the potential of the Metaverse in providing new opportunities for professional development; (v) analyze the advantages and disadvantages of using the Metaverse for developing professional skills; and (vi) determine the most effective ways of utilizing the Metaverse for enhancing professional skills and competencies.

15.2

Impact of Metaverse on Skills Needed

The impact of the Metaverse on skills needed is significant. As the Metaverse continues to evolve, so too do the skills needed to work within it. In the future, it will become increasingly important to have a good understanding of 3D modeling, scripting, and coding. Additionally, skills such as 3D animation, UX/UI design, and computer vision will become increasingly valuable. As the Metaverse continues to expand, there is also an increasing demand for professionals with experience in virtual reality, augmented reality, and blockchain technologies. Finally, the ability to understand and navigate the complex legal and ethical issues associated with the Metaverse will be essential.

15.3

Benefits of Metaverse on Skills Needed

(1) The Metaverse has the potential to revolutionize the way we learn, develop, and use our skills. By taking advantage of Virtual Reality (VR) and Augmented Reality (AR), the Metaverse enables us to interact with a virtual world and its inhabitants in a more interactive way. This provides us with more opportunities to learn, grow and develop our skills at a faster rate than ever before. With the Metaverse, we can create customized, immersive learning experiences tailored to our individual needs. This allows us to hone our skills more efficiently and effectively. Additionally, the Metaverse also provides us with access to a wider range of resources, which can help us to

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further develop our skills and knowledge. We can also use the Metaverse to collaborate with other users, which could help us to acquire the skills and knowledge from others who are more experienced. Due to changes in one’s work and interpersonal communications brought on by concerns for one’s health and safety, the COVID-19 pandemic situation has resulted in distance and remoteness from one another. With the use of computers, the internet, and software telecommunication platforms, many people were able to work from home or so-called “work from home.“ Everyone now needs to have a basic understanding of computers to build additional types of online enterprises during the lockdown, in addition to using them for communications. Making a virtual environment in the style of Second Life, which Philip Rosedale developed in 2007 and offers users a “Metaverse” to explore online in addition to the actual world, has gained popularity. Although the concept of augmented reality (AR) assumes that virtual material is placed between the viewer and the real world, the degree of this intermediation and how it is intended to improve the real-world experience vary depending on the tool and context. The relationships between an overlay and the real world might be tenuous or robust, and the importance of geography, teamwork, and mobility can differ greatly in different AR experiences. As the world of augmented reality offers so many options, educators need assistance in figuring out how to apply augmented reality to the classroom and enhance student learning. This article presents research that examined the views of pre-service and in-service teachers on the usage of augmented reality in their work. The ability to interact effectively in digital contexts requires a complex collection of cognitive, physical, social, and emotional skills, which are referred to as “digital literacy.“ More than merely using software or using a digital device is required. This situation calls for knowledge construction from non-linear, hypertextual navigation, “reading” instructions from graphical user interface displays, creating new, meaningful materials from old ones using digital reproduction, assessing the quality and validity of information, and having a mature and realistic understanding of the “rules” that govern cyberspace, among other skills. Virtual Reality (VR) experience getaways allow users to spend hours engaged in realistic virtual environments and engaging with content in the metaverse, a place that offers solace and the appearance of another reality. Few studies have examined the social, psychological, and physical effects of this immersive technology, as well as the decisions that consumers and organizations must make. Debates on possible concerns have mostly concentrated on usability difficulties. To analyze difficulties in the design and execution of virtual reality consumer experiences as escapes, this research provides a thorough examination of the literature on escapists. The future of networking will be influenced by the current developing trends of blending physical and virtual realities in cyberspace. With pandemic concerns at hand, virtual and augmented reality will certainly play a larger part in

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the future and develop into the concept of the Metaverse of Things, in which any individual, object, or another living thing will live concurrently across several synchronized realities. In this study, we introduce a novel architecture for future metaverse applications that consists of several synchronized data flows from numerous operators via numerous wearable devices with various quality requirements. They don’t speak out and are viewed as less capable than their gregarious and outgoing friends. These people are commonly ignored in school and later in their careers. Post-secondary education is in a unique position to take advantage of the immersive learning environments social virtual reality (VR) provides and prepare students for a future of work in which virtual collaboration will be essential, thanks to the rise of the metaverse and the democratization of VR technology. Science fiction and fantasy have made use of virtual reality (VR) and augmented reality (AR) headsets to create the Metaverse, a single, pervasive, immersive virtual world. By extending technology outside of our physical world, the Metaverse alters the human experience. The four categories that we use to organize metaverse definitions are environment, interface, interaction, and social value. A cybersecurity framework is needed for these devices as the world becomes more interconnected, and immersive technologies are used more often in commercial, governmental, and consumer sectors. The development of information and communication technology affects the media and teaching strategies that are employed. With the use of augmented reality technology, students may interact with actual objects while studying. The goal of this study was to ascertain if mobile augmented reality learning media with a metaverse were effective in enhancing student learning outcomes in science classrooms. Ninety-two primary school students from Cluster I, Depok Sub-district, make up the population. After that, the sample was obtained using the Slovin procedure until a total of 75 samples from fifth-graders had been collected. The Metaverse, the next generation of the internet, is a network of decentralized virtual environments where users may interact, study, and have fun. Also, consumers are switching from 2D graphics on flat displays to 3D graphics on HMD by utilizing other new technologies, like 5G, blockchain, and artificial intelligence. By the use of the extended reality platform, we will be able to explore interactive and virtual representations of the actual world thanks to the Metaverse. The creation of teaching materials is one of the most crucial elements in educational institutions that will promote student learning and aid in the accomplishment of academic goals and objectives. Since it enables users to study, interact with others, and cooperate in a networked 3D immersive virtual environment, the metaverse has grown to be one of the most well-liked research areas. To encourage study in this field, we give a thorough analysis of the various educational use cases and look into how enabling technologies like Extended Reality (XR) and the Internet

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of Everything (IoE) will significantly impact educational services in future metaverses. The coronavirus disease epidemic in 2019 has brought to light the urgent need for digital transformation in healthcare settings, including the usage of blockchain, the internet of things, telecommunication networks, and virtual platforms. A new era of immersive and in-the-moment experiences to encourage human-to-human social contact and connection has begun with the recent introduction of the metaverse, an interconnected online universe. This new technology joins the previously mentioned synergistic combination of augmented, virtual, and mixed reality. The metaverse is a virtual universe consisting of increasingly immersive digital spaces that promote student engagement in learning environments. As a means of synchronous communication, the metaverse allows a vast number of people to communicate and share their experiences. The conceptual model includes the Technology Acceptance Model (TAM) structures, user satisfaction, personal innovativeness, and adoption attributes such as trialability, observability, compatibility, and complexity. The article’s conceptual model, which links technological and personal elements, is what makes it unique. The authors of this article outline a preliminary Ph.D. research project that aims to understand how to enhance university teaching and learning environments based on experiences in immersive virtual worlds. The writers recognized that the present curricula do not meet the demands of our students. The education children receive through today’s educational methods frequently does not take into account their needs and viewpoints as they live in a networked and multitasking society. The Metaverse is a virtual platform that enables in-the-moment interactions and experiences that aren’t possible in the actual world by utilizing extended reality technologies, including augmented reality, virtual reality, mixed reality, 3D graphics, and other emerging technologies. Businesses are starting to understand the influence of the Metaverse and how it may help them maximize their profits. Each one includes an overview, potential outcomes, potential challenges, and a potential research agenda. The initial enthusiasm and appreciation that Meta Platforms’ conception of how the Metaverse may be realized inspired has given way to a continuing debate over the Metaverse’s impact on users, and organizations, as well as the societal and cultural ramifications of widespread usage. This research examines the marketing effects of a possible widespread adoption of the Metaverse, depending on the opinions of knowledgeable participants. We pinpoint fresh lines of inquiry and suggest a fresh paradigm that will help policymakers, practitioners, and academics alike. Digital technology has already become an indispensable element of our daily lives. They alter how we search for information, communicate with one another, and even interact with one another. This digital transition affects a wide range of fields, including education (all levels). The primary goal of

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this essay is to identify the potential impact of artificial technologies on talent transfer and to forecast potential changes in the educational landscape. The use of artificial intelligence in education is opening up new potential to provide students with the skills they need to succeed in their careers. Chatbots, virtual reality, robotics, the Metaverse, and smartphone apps are ushering in a new era of education. Students, instructors, parents, and educational institutions will all gain from artificial intelligence. (18) The Metaverse has a natural issue with how to safeguard its users’ digital material and data despite its appeal and advantages. Blockchain is a potential solution because of its distinct qualities of decentralization, immutability, and transparency. We want to offer a thorough review of blockchain applications for the Metaverse to better understand the role of blockchain in the Metaverse. The purpose of employing blockchain in the Metaverse is highlighted in the introduction to blockchain and the Metaverse. (19) Data on the effects of virtual nursing education are limited, even though it enhances nursing competency by bolstering metacognition. Because of this, the goal of this study is to find out how utilizing virtual reality to learn fundamental nursing skills affects performance ability, confidence, and practice satisfaction. The intradermal and intravenous injection techniques have to be practiced by each group. (20) Students are unable to fully participate in class due to this alteration. When it comes to replacing practical teachings that need both theoretical and empirical skills, video education in particular has limitations. Based on the stated methodology, we developed a simulation of aircraft maintenance, and we tested our system against a video training approach. To evaluate the success of the education, knowledge acquisition, and retention tests were given, and presence was determined by survey results.

15.4

Conclusion

The metaverse has created an entirely new world where people can interact with each other, access knowledge, and manipulate the environment to their advantage. It has enabled the development of new skills, such as virtual reality and 3D modeling, which have been essential for the metaverse’s growth. These skills have allowed people to create more immersive and realistic experiences for users, enabling them to interact with objects and environments in ways that were not possible before. At the same time, the metaverse has also created a platform for new forms of learning and development. By allowing people to collaborate across physical and virtual boundaries, the metaverse has enabled the development of new skills such as coding, game design, and data analysis. The continued growth of the metaverse will only bring more opportunities for people to develop the skills necessary to create and navigate this new world.

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As the metaverse continues to evolve, the skills needed to take advantage of its potential will also evolve. As the metaverse continues to expand, people will need to develop new skills and knowledge to effectively interact with it. In the future, the metaverse will become an essential part of our lives, and the skills needed to use it will be even more important.

References Classiting (2021) Classiting Seoul: Artificial intelligence analysis screen for all subjects and distribution table of achievement change by unit [Internet]. https://www.classting.ai/. Accessed 29 Nov 2021 Han S, Lim CI (2020) Research trends on augmented reality education in Korea from 2008 to 2019. J Educ Technol 36:505–528. https://doi.org/10.17232/KSET.36.3.505 Ilgram P, Kishino F (1994) A taxonomy of mixed reality visual displays. IEICE Trans Inf Syst 77:1321–1329 Seongnam S (2021) Software Policy & Research Institute. Log in Metaverse: revolution of human × space × time (IS-115) [Internet] https://spri.kr/posts/view/23165?code=issue_rep orts. Accessed 29 Nov 2021

Metaverse Beyond the Hype: Possibilities and Challenges

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M. C. Lalrotluanga

Abstract

The Metaverse is a significant innovation in computer science that involves the participation of all fields of science. As a society, we have come a long way from traditional landline phones to mobile phones, LANs to the Internet. This tremendous improvement and growth in the technological world are due to the exceptional work of participating researchers and doers. Elon Musk, a famous entrepreneur and self-proclaimed scientist, has also mentioned that technology cannot improve by itself and requires a huge amount of effort to grow and develop. The Metaverse is not just any other software application; it includes a lot of contributions from big and renowned companies to make the secondary reality a mass success in the future. Every innovation has its pros and cons, and similarly, the Metaverse has its own. Logical and rational thoughts can identify these, and this paper aims to highlight a few of the most important pros and cons that can and are coming along with the Metaverse. Keywords

Metaverse • Virtual reality • Avatar • Internet • Possibilities • Technology

16.1

Introduction

The world has advanced significantly in the last century, and the effects of technology are clear and impossible to ignore. The introduction of modern computers began in the 1930s, the first cell phone was invented in 1973, and the Internet/World Wide Web in the 1990s. Although many technologies and instruments M. C. Lalrotluanga (B) Kristu Jayanti College Autonomous, Bengaluru, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_16

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have only recently been introduced, the growth is unavoidably rapid, and technical advancement in many fields is astounding. Many of the technologies and instruments that have been introduced in recent years have led to unavoidably rapid growth and astounding technical advancements in various fields. The introduction of social media, for example, was only a few years ago, yet it is now inevitable to live without it even for a single day. Ongoing innovation and technological development have also led to a revolutionary concept of socializing with people around the globe—the metaverse—which is significant. It is a platform that enables users to experience a virtual world in which their presence in the virtual world is enabled through devices like VR glasses and computers (and soon mobile phones). The introduction of social media was only a few years ago, yet it is now inevitable to live without it even for a single day, or so we thought. Ongoing innovation and technological development have led us to a revolutionary concept of socializing with people around the globe—the metaverse—which is significant. It is a platform that enables users to experience a virtual world in which their presence in the virtual world is enabled through devices like VR glasses, and computers (and soon mobile phones) in a big way. The word “Metaverse” is a closed compound word with two components: “Meta” (a Greek prefix meaning post, after, or beyond) and “universe”. A single, shared, immersive, persistent, 3D virtual realm where people can experience life in ways they couldn’t in the real world is what many in the computer industry refer to as the “metaverse” (GeeksforGeek 2022; https://www.gartner.com/en/art icles/what-is-a-metaverse). While some of the technologies that allow access to this virtual world, like virtual reality (VR) headsets and augmented reality (AR) glasses, are developing quickly, other essential elements of the metaverse, like sufficient bandwidth or interoperability standards, may never become a reality or are years away from becoming one (Adrian Ma 2022). The idea of the metaverse is not brand new. While work on the technologies that support an internet based on virtual reality has been ongoing for decades, novelist Neal Stephenson first used the word “metaverse” in his science fiction book Snow Crash in 1992 (GeeksforGeeks 2022). For the sake of simplicity, we can consider the metaverse as the next evolution of the internet, which began as unique message boards and autonomous online locations. These locations eventually developed into sites in a shared virtual environment, much like the metaverse (Adrian Ma 2022, GeeksforGeeks 2022). By utilizing virtual reality technology that enables people to be transported into a 3D environment, the Metaverse is made possible. To interact with virtual items in the Metaverse, motion tracking sensors are fastened to the user’s hands. The Metaverse can be used for various purposes, such as purchasing 3D virtual goods for avatars, playing immersive games, using e-commerce platforms to preview products before purchasing, and buying cryptocurrency tokens (Tucci 2022).

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Metaverse creates 3D avatars for users to represent themselves in their virtual world using virtual reality to create an alternative world for users to exist in Adrian Ma (2022). The Metaverse allows users to reside within a virtual parallel universe and do whatever they want, including learning, playing, attending meetings and concerts, and even traveling. This is achieved by integrating various aspects that require virtual reality and augmented reality (Tucci 2022). To gain a deeper understanding of the Metaverse, its capabilities, and trends in 2023, we will discuss the possibilities, trends, and opportunities in the following paragraphs.

16.2

Possibilities of Metaverse

The hype surrounding the metaverse has been present for several decades, with examples such as CyberTown, Second Life, and text-based multiuser dungeons dating back to the 1970s. The development of graphics, virtual reality, and augmented reality has led to speculation that the metaverse is resurfacing. The global pandemic has resulted in a lack of necessary human contact for over a year, creating a strong desire for a virtual world where we can still achieve social interaction (https://www.gartner. com/en/articles/what-is-a-metaverse). However, the question of what can be done in the metaverse is multifaceted. Rather than a single entity, the metaverse consists of numerous layers, indexes, places, and browsers that work together to form a comprehensive virtual reality. This complexity leads to countless possibilities, and in this article, we will explore the primary aspects of the metaverse. These aspects include the ability to create one’s own avatar (Lielacher 2022), meet up with friends and family (https://www.gartner.com/en/articles/what-is-ametaverse; Lielacher 2022), consume and create art (Lielacher 2022), create and play games (Lielacher 2022), host virtual events (https://www.gartner.com/en/ articles/what-is-a-metaverse), visit other realms (Lielacher 2022), access virtual markets (https://www.gartner.com/en/articles/what-is-a-metaverse), work inside the metaverse (Lielacher 2022), participate in collaborative working environments (https://www.gartner.com/en/articles/what-is-a-metaverse; Lielacher 2022), and engage in secondary life possibilities (GeeksforGeeks 2022; https://www.gar tner.com/en/articles/what-is-a-metaverse; Lielacher 2022). While this list is not exhaustive, it provides a glimpse into the vast range of opportunities available within the metaverse. Furthermore, the benefits of the metaverse extend far beyond the topics discussed here. Therefore, our subsequent topic will delve deeper into the advantages of the metaverse.

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Creat Our Own Avatar (Lielacher 2022)

When comes to virtual avatars, they are personalized identities in the metaverse that allow users to interact with other users and the virtual environment. We can change our avatar’s physique type, gender, accessories, and hair color, which is significant even though having our own avatar in the digital world is quite common. The difference between Metaverse characters and many other game characters is primarily the console and controlling options. Metaverse is like our secondary life where our virtual body is present, and we can access it through our virtual glasses and necessary devices, contrary to popular belief (Adrian Ma 2022). Our avatar can be controlled by us through our neural activity and physical actions through VR glasses and sensors implanted in suits, gloves, shoes, or all of them, which is significant.

16.2.2

Meet Up with Friends, Family, Etc. (https://www.gartner. com/en/articles/what-is-a-metaverse; Lielacher 2022)

As the metaverse is a virtual world with unlimited digital possibilities and the participation of many individuals, the program is very interactive and active. Numerous users mainly use it to talk, meet, and hang out with their friends as it gives an advanced level of simulation. Many online gamers are using the platform to meet new friends and get to know each other better through active participation in the software application. Virtual human interaction has never seemed so genuine, whether you’re conversing with friends on a couch or in a virtual cafe. No matter how far apart you are in real life, you can still go to concerts and live shows.

16.2.3

Consume and Create Digital Art (Lielacher 2022)

Visit virtual digital art galleries, view works of art, and even make your own in the metaverse. It tries to remove various creative forms’ barriers to entry so that people from all backgrounds can experiment with new things. Both NFTs and digital artists are already gaining a sizable audience, making the digital subgenre of art a significant thing.

16.2.4

Create and Play Games (Lielacher 2022)

Users of the metaverse can play and create their own games. For example, users on Sandbox can make free 3D games without any coding experience in addition to playing games there. Decentraland and Axie Infinity are two other metaverse games.

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Host Events Virtually (https://www.gartner.com/en/art icles/what-is-a-metaverse)

One way to make money off virtual property is to host virtual events there. Because guests can create avatars and transform into anyone they wish to be in cyberspace, metaverse events might be more entertaining than physical ones. Many renowned hospitality companies like Budweiser, Stella Artois, and Marriott Bonvoy have already joined the metaverse as opportunities are expanding widely.

16.2.6 Visit Other Realms (Lielacher 2022) Why not take a virtual vacation? We do it in the real world as well. This is possibly one of the most exciting responses to the question “What can you do in the metaverse?” Large digital corporations are eager to work together to create a future where mobility is conceivable, including Microsoft, Facebook, and others. The idea behind the metaverse is that you can effortlessly switch between several realms (i.e., locations) without having to worry about lineups or space constraints.

16.2.7 Virtual Markets (https://www.gartner.com/en/articles/ what-is-a-metaverse; Lielacher 2022) Businesses are setting up digital malls and retail establishments in the metaverse, enabling consumers to go on shopping binges without ever leaving their homes. Marketplaces in the metaverse are locations where people can trade virtual products. For instance, you could use the Decentraland marketplace to offer a unique cool pair of sneakers or a rare fancy t-shirt (in the form of wearable NFTs). Companies like Adidas, Burberry, Gucci, Tommy Hilfiger, Nike, Samsung, Louis Vuitton, and even banks HSBC and JP Morgan are buying up space in the metaverse so that they can set up shop there in the coming future. Many companies have already opened their stores in the metaverse, and many more will continue to do so.

16.2.8 Work Inside the Metaverse (Lielacher 2022) The metaverse economy, like the actual world, provides a variety of jobs to match the need for services. Therefore, it is possible to get employment in the metaverse as an event planner, real estate attorney, or real estate developer. For instance, the Tominoya Casino in the play-to-earn metaverse gaming platform Decentral Games has recruited actual hosts to help players who drop by for a game of blackjack or roulette.

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Collaborative Working Environment (Tucci 2022; https:// www.gartner.com/en/articles/what-is-a-metaverse; Lielacher 2022)

Although many businesses continue to allow the option of working from home today, more people than ever, after the Covid Pandemic, are doing so. It’s a blessing for some. Others, though, see it more as a curse. It is the goal of the metaverse to close that gap and make it a reality for everyone. The metaverse contains a no-Zoom area. Why? Because you don’t require it! Stop looking at your coworkers as tiles on a screen. You can all attend the virtual office thanks to the virtual reconstruction of the environment. This opportunity and the unlimited possibilities provided through the metaverse will encourage many people to come together and contribute more toward their goals and come up with a solution for a problem at a faster pace than the usual office work as accessibility is much easier than commuting to a distant workplace. The growth of the metaverse as a collaborative working environment will, in one way or the other, lead to a better result in whatever they are working on, and it also has the potential to generate more employment opportunities as many big companies are signing up for the metaverse and playing a major part in creating the secondary life a reality and making it a replica of our real life.

16.2.10 Secondary Life Possibilities (GeeksforGeeks 2022; Lielacher 2022) Through extensive digitalization, the metaverse has made it possible to carry out all real-world activities, including owning property, vehicles, companies, brands, etc. This is a significant development. For example, the fact that several celebrities own real estate in the metaverse shows how popular these virtual worlds have become. On the Sandbox metaverse, Snoop Dogg has his realm named Snoopverse. In addition, tennis player Stanislas Wawrinka, model Sara Sampaio, and Paris Hilton own virtual properties in metaverses. This land or property can be monetized by renting it to real estate developers, or investors can hold onto their virtual land and potentially sell it in the future for a profit. However, it is important to recognize that these possibilities are not directly beneficial unless they are used in a purposeful and goal-oriented manner. It is necessary to understand and acknowledge the benefits that the Metaverse can deliver or has delivered. The next few pages will provide a brief overview of the benefits associated with the Metaverse.

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Benefits of Metaverse

In comparison to Facebook (now Meta) and online gaming platforms, Metaverse has relatively fewer users as of now, according to data from Statista and Metaverse-Statistics in 2023. Only 50,000+ users have adopted this newer part of the metaverse, while Facebook (Meta) has 2.97 billion users and Esports users summing up to 250 million (Petrosyan 2022). However, even though the user rate is comparatively lower, the benefits that come with Metaverse are undeniably revolutionary and it will be one of the leading renovative systems in the coming years. The leading benefits derived from the Metaverse worldwide in 2021 and 2022 are as follows: (i) Overcoming obstacles, such as disabilities, that prevent us from doing something in real life (ii) Enhancing creativity and imagination (iii) Traveling the world without moving (iv) Increasing technological literacy and skills (v) Connecting with new people without feeling awkward (vi) Creating completely new job opportunities (vii) Meeting your loved ones whenever you want (viii) More possibilities in education (ix) Giving opportunities for self-expression (Petrosyan 2022)) These points need not be elaborated further. Instead, according to Statista, other benefits include improvement in the medical field, possibilities of mass employment opportunities, new business opportunities, educational advancement, advancement in research and scientific studies, and many more. Let’s elaborate on these few points to understand how the Metaverse will lead to improvement or development in various areas.

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Improvement in Medical Fields (Pratt 2018; https://www. researchgate.net/publication/359114705_Healthcare_S ystem_Reimagined_in_Metaverse_Healthcare_and_Metave rse_Healthcare_and_NFTs)

As technology advances rapidly in both the real world and the virtual world, people’s wants and expectations change quickly over time. The recently introduced concept of the metaverse is expected to have a significant impact on many different industries, including healthcare. A wide range of metaverse-based technological tools is already being adopted in the medical field (Pratt 2018). The following points illustrate how the metaverse will impact the medical field: (a) Improved Services: The Metaverse will ultimately enhance the medical services offered by various hospitals through automation and the possibility of remote consultations through the platform. With an increase in skilled technicians, doctors, and officials, the improvement in the services of healthcare will be enormous. (b) Medical Learning: The traditional practice of memorizing books page by page is slowly becoming less effective, and most medical institutions promote the adoption of more practical knowledge. The Metaverse will be one of the biggest contributors to the change in the field of medical education. (c) Research, Diagnosis, and Treatment: Though hospitals and healthcare have made significant improvements, there is still a long way to go. The world is evolving every day, and with it, diseases and illnesses also advance. COVID19 is proof that we, as one human society, still have a long way to go in medical sciences. The Metaverse will hopefully play a significant role in making many impossibilities possible by contributing to medical research, and diagnosis through its advanced imaging technology, and conducting accurate research and diagnosis in treating diseases and illnesses. The role played by human capital will still be crucial to the success of the Metaverse in the field. (d) Managing Pain and Suffering: With the Metaverse, it is possible to reduce barriers to pain for people suffering from different types of diseases. One way is through effective and advanced diagnosis using the possibilities of virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). The second way is by making use of virtual reality’s capabilities in treating severely injured patients. Patients under treatment for skin grafting, dressing, and injections can bear it better by adopting a non-pharmacological method, which eventually reduces the time spent in hospitals/clinics and alleviates the pain and suffering of patients (Pratt 2018; https://www.researchgate.net/ publication/359114705_Healthcare_System_Reimagined_in_Metaverse_Hea lthcare_and_Metaverse_Healthcare_and_NFTs).

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Mass Employment Opportunities in Metaverse (Tucci 2022; HQ Hire 2022)

The birth of the Metaverse has created new jobs to make the Metaverse a reality, and you can play a part in building it. The majority of these jobs may allow for scheduling and location flexibility, allowing you to work in the environment where you are most productive. There are plenty of job opportunities available because the virtual world has more technologically advanced potential and is a true representation of the physical world. We can earn real money and virtual money through the metaverse. For many influencers like Jake Paul and other NFT hunters, it is a money-making application. Metaverse will soon establish several jobs that currently exist in the actual world. (Tucci 2022). Several people both inside and outside of the realm now have professions thanks to the metaverse, including 2D/3D Metaverse artists who make between $30,000 and $200,000 annually designing the metaverse for firms like Nvidia, Microsoft, and others. As the metaverse materializes during the coming decades, the industry is anticipated to expand (HQ Hire 2022). For the metaverse to succeed, there is a significant demand for virtual reality designers, and the platform needs constant upkeep and examination from top to bottom. Many graphic designers are studying for this position because it pays well at the moment. The Metaverse is thought to contain actual world identities and realities that go beyond our mere imagination because it aims to be an exact reproduction of the real world. Many companies are establishing malls where they will need avatars to work as managers, security, salesmen/saleswomen, etc. The metaverse also offers commercial opportunities, and many businesses are already operating there. Many corporate professions already exist and are expected to do so in the future as the metaverse simplifies the intricacy of how things work in the actual world. Many people would choose to use the metaverse to work from home because it offers much greater opportunities and faster work delivery times than the everyday trip from one place to another.

16.3.3

New Business Opportunities (Tucci 2022; Lielacher 2022; HQ Hire 2022)

Looking at the current scenario, where NFTs, cryptocurrency, cyber real estate, blockchains, and tokens are popular new trends in business and investment opportunities, as stated earlier in the article, we will also be able to do real estate business in the virtual world. This will ultimately provide more opportunities for the younger generation to participate in the business economy than the real world’s capabilities. Many content creators are already monetizing every social media application and have gained enormous wealth through it, which one can’t fathom. Businesses based on real-world applicability and new businesses that we cannot comprehend at the moment will surely be the next big thing in the metaverse.

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Some of them will be bubbles, while some will be a consistent game-changer with fluctuations. What the Metaverse will bring to the table is still beyond our comprehensive understanding. To be included among the inclusive modern technology, we have to adapt to various skills and technological knowledge, which will help us conquer our place in the modern era of technological advancement and the leap-frogging social media world.

16.3.4

Educational Advancement—Advancing in Research and Scientific Studies (Tucci 2022; https://www.researchg ate.net/publication/359114705_Healthcare_System_Rei magined_in_Metaverse_Healthcare_and_Metaverse_Hea lthcare_and_NFTs)

Mark Zuckerberg, the owner and CEO of Meta Vision, has envisioned timetraveling through the Metaverse, which would allow traversing back to the bygone era within the virtual realm via the pictorial depiction in historical textbooks and the interpretation of artificial intelligence about the past world. The proposed concept could be highly beneficial to historians, archeologists, and researchers as they can have unprecedented access to ancient civilizations, lifestyle, technology, and religions. The obscure historical places, which are merely existing in theories, could be revived by this imaging technology, and many ambiguities such as the Greek myths, advanced techniques of ancient Egyptians, and questionable architectural advancements could be comprehended more lucidly. With the presence of virtual laboratories in the Metaverse, scientific experiments could be conducted in a more secure and exhilarating way than they ever were. The tests, which were deemed dangerous in the real world, could potentially be performed in these labs, and the disciplines of biology, chemistry, and physics could benefit profoundly from the unlimited tests and a safer environment for research and experimentation (https://www.researchgate.net/publication/359114705_Healthcare_System_ Reimagined_in_Metaverse_Healthcare_and_Metaverse_Healthcare_and_NFTs). Nevertheless, it is irrefutable that currently, the Metaverse is a particular niche and its usability for research is restricted to virtual focus groups and interviews. Karlien Kriegler, the co-founder and research director at Hello Ara, stated that “people are visiting metaverse environments for a particular function or reason, rather than randomly hanging out there, so you need to recruit them and bring them in. If you have not been in such an environment, it takes a while to orientate and navigate.” (Tucci 2022). The preparation and recruitment of people with the essential technical expertise to execute research projects in the Metaverse would be vital. Charlotte Smith, the global head of qual at Basis, recommends that “there are going to continue to be a lot of questions around best practices and how to conduct research in the

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’right’ way. This will have to be an ongoing and adaptive learning process for all involved” (Tucci 2022).

16.4

Challenges of Metaverse

What the metaverse will bring to the world and how it will impact society as a whole is beyond our imaginations, beyond our research papers, and many top-tier companies also believe in its upcoming success and continue to support and contribute to building the metaverse (https://lucidrealitylabs.com/blog/7-challenges-ofthe-metaverse). Our first concern as humans over a new thing is often “What will be our benefits?” We rarely consider the negative side of anything when it is first introduced. This is why in the early days, many medicines with critical side effects are only recognized after they show their true colors, and many nicotine products were advertised with many inaccurate health claims until they showed their true colors. Similarly, the metaverse is also believed to have negative impacts on society, individuals, and as a whole (Marr 2022). It is essential to look into the challenges or the possible negative effects with our rational minds and make each other aware of where this new technology will lead us.

16.4.1

Privacy Concerns and Monitoring of Children (https://luc idrealitylabs.com/blog/7-challenges-of-the-metaverse; Agbaghe 2022; Marr 2022)

Many people or groups are suing corporations over safety issues, and the CEOs of many social media and internet companies, including browsing sites, are now regularly seen in front of Congressmen or judicial boards. Privacy is going to be a big issue as more and more things become digitized. If we look at the data that is collected by the majority of mobile applications we use, it is genuinely frightening because they have a lot of access to the data on our phones. With all of this in mind, the metaverse will raise more privacy-related issues and numerous conspiracies, as happened with the alleged “Facebook” (now Meta) (Agbaghe 2022; Marr 2022). As social media platforms need to generate money somehow, one could conclude that they “feed off our thoughts, then they send targeted adverts our way”. As we enter the metaverse, a vast amount of data would be gathered on us by businesses (Marr 2022). We should re-evaluate the risk that comes with it in terms of safety if we consider the Virtual Reality Glasses with their cutting-edge eye-movement tracking technologies and how much data they will collect from us through our daily interactions on the metaverse (https://lucidrealitylabs.com/blog/7-challenges-of-the-met averse).

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It will make it harder for parents to monitor their children’s activity as it has to be accessed personally and the independence of one data to another, even though restrictions are believed to be present, it can and will make more young children fall into the trap of various addictions due to the immersive experience it can offer (Marr 2022).

16.4.2

Substituting the Real World for the Metaverse (Petrosyan 2022; Weforum 2022; Agbaghe 2022)

The world population as a whole spent a whopping 2 h 25 min and 3 h 32 min on social media platforms every day for two years, which is very high compared to the amount of time spent on other activities. Individually, many people are spending most of their time on these platforms. We can somehow blame the Covid pandemic for such a massive amount of average screen time. If the screen time rate on these platforms keeps increasing, it is a big concern for future Metaverse users, as it can have many negative impacts on the human body, societies, and even our economy, individually, as a society, state, and even on the global level (Petrosyan 2022). The way we work, shop, and communicate on the internet and social media, however, has changed as a result of travel restrictions and lockdowns. Companies without an online presence found it difficult to establish one, and businesses chose internet solutions to stay current. Soon enough, individuals might perform all their daily activities and spend more time in the Metaverse than in the real world. If the promise of a fully immersive environment in the Metaverse is realized, there may not be a discernible difference between the real world and a virtual one. It might be said that the Metaverse and virtual reality will eventually become commonplace.

16.4.3

Barriers to Entry- Access Inequality (Agbaghe 2022; Marr 2022)

Accessing the Metaverse is not going to be cheap. The price of just a normal iPhone series ranges from $300 to $1500, depending on the model and type. The gadgets required to access modern entry-level Virtual Reality simulations will cost us at least $2500, which is not cheap. These budget gadgets are just entry-level and are not compatible with many gaming applications, and some of them are specifically designed for particular uses only. To build a modern PC that is entrylevel, the complete build of the CPU alone with the cheapest brand-new parts will cost at least $800-$1500, depending on the builder’s preferences of manufacturers. These systems might not be fit to access the Metaverse. Modern supercomputers used for gaming and working purposes are extremely powerful and very expensive with all the components one would desire. It will be a challenge for the Metaverse to generate software that will be applicable even for entry-level computers and Virtual Reality Simulators without losing its quality. For this reason alone, many

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users will be uninterested as it is no fun to play any game or simulation with low-tier graphics or gadgets (Agbaghe 2022; Marr 2022). A very high-speed internet, non-fluctuating, and smooth uploading and downloading speed are required to access any online games or applications. Many underdeveloped and developing countries, on average, are still struggling to access smaller online games like Pub-G, Mobile Legends, Apex Legends, and many others due to their weak internet connection. It’s going to take time to achieve a powerful internet connection that is cheaper compared to the rising costs and prices at the moment. Developing Virtual Reality gadgets and systems that are real enough is going to take another long journey as it is a very complex scientific and electronic process involving a lot of tests, perspectives, and failures. Making sure that the Metaverse is accessible to everyone in the world will be more of an impossible task. As of now, only 50,000+ are accessing the Metaverse, which is still under development, and raising this number, it’s going to take a lot of effort.

16.4.4

Health Concerns-Negative Effects on Health & Accidents and Errors (https://www.weforum.org/agenda/2022/01/ metaverse-risks-challenges-digital-safety/; Agbaghe 2022)

We’ve heard tales and cautions about how the growing usage of mobile devices and the internet could have negative effects on our health ever since they were widely used. According to research on the subject, there is currently no proof that using a cell phone causes cancer or speeds up tumor growth. It could be true and very dangerous in the long run, or it might be false, but there are many proven negative effects of the use and misuse of mobile phones. We don’t know how the Metaverse will affect our human body yet, even though topics on predictions and possibilities are given by researchers. The negative impact it will have will only be revealed after a certain period when the Metaverse becomes a common platform for everyone. One certain thing is that accessing it for very long hours continuously will have negative impacts on health. Many health issues caused by mobile phones and computers are common, and the Metaverse is also believed to increase the potential of health hazards among users according to recent trends. Accessing the Metaverse would not be very simple, as it’s going to include the use of Virtual Reality Glasses and movement restrictors. If you had come across the movie Johnny English, where Rowan Atkinson plays an MI7 agent, he once used a simulator to attack a villain’s mansion to take him out and arrest him. You can see how virtual reality works and how important it is to take safety measures and concerns, and how easily things can go wrong. A few incidents of accidents are reported while accessing virtual reality simulators. This is one of the challenges in the Metaverse too in terms of health concerns, where bigger accidents can happen, and more safety measures are needed.

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Desensitization and Metaverse Law (Agbaghe 2022)

The younger generation of society loves playing mobile and computer games that are violent and inappropriate. The tendency to play war games, fighting games, and bullying games are more common in young boys compared to young girls. The rate of boys playing Call of Duty Modern Warfare is much higher than that of girls. Games like the Grand Theft Auto series, God of War, Manhunt, etc., are very common in the gaming community, where many unethical, violent, and inappropriate contents are easily accessible. This pattern of gaming is common, as mentioned earlier, and with the possibilities of the Metaverse revolutionizing the gaming world, desensitization among the younger and upcoming generations will be a threat to society. As our interests reflect our actions and contributions to society, one major concern is the Metaverse law. It will be much easier to perform illicit practices and get away with them without even being subjected as a wrong-doer in the Metaverse. Violent activity, virtual robbery, cyberbullying, hacking, etc., will soon be a common thing after the Metaverse. To cope with these negative possibilities, it is a crucial task to prepare Metaverse law, which will hopefully be effective and preventive of any of the mentioned risks that come along with accessing the Metaverse (Agbaghe 2022).

16.4.6

Identity Errors (https://lucidrealitylabs.com/blog/7-challe nges-of-the-metaverse; Weforum 2022; Agbaghe 2022; Marr 2022)

Identity hacking is a common cybercrime that people commit every day. Social media is rife with fake accounts where one pretends to be someone else. Many people do so to frame someone or even expose someone’s deep secrets. It is also used as a weapon to scam people. Anonymous users who are using fake identities are often cyberbullies and hackers. Identity issues will be one of the biggest challenges in the metaverse. With avatars in action, if identity hacking or false identification happens, one can wrongfully terminate or criminalize someone else. Security in terms of identity must be a focus to reduce virtual reality cyber crimes and deep fakes. There are many potential dangers and problems with the metaverse and many issues that we need to think through and regulate metaverse law accordingly as this technology evolves.

16.5

Conclusion

It is true that the metaverse will significantly advance human knowledge and technology and have far-reaching effects on human society. The metaverse is a very broad idea with limitless potential.

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As a society and as individuals, we must be prepared to adjust to the changes that the metaverse will bring. To fully benefit from it, we must be well-informed, technologically savvy, and mentally prepared. From this study, it is clear that there are still many obstacles to overcome and that there is still a long way to go before the metaverse can reach its full potential. Although the metaverse appears to be a fascinating and opportunity-giving platform, it also has many difficulties and drawbacks that can have a terrible influence on people and society. Therefore, we should be cautious about its potential for disaster and take the necessary precautions to adapt to change.

References Adrian Ma (2022) What is the metaverse, and what can we do there? The Conversation. https://the conversation.com/what-is-the-metaverse-and-what-can-we-do-there-179200 Agbaghe O (2022) The metaverse: 5 disadvantages and challenges, Metarficial. https://metarficial. com/challenges-disadvantages-metaverse/ GeeksforGeeks (2022) What is metaverse? (2022) GeeksforGeeks. https://www.geeksforgeeks. org/what-is-metaverse Gartner_Inc (no date) what is a metaverse? And should you be buying in? Gartner. https://www. gartner.com/en/articles/what-is-a-metaverse Healthcare system reimagined in Metaverse ... researchgate (no date). https://www.researchgate. net/publication/359114705_Healthcare_System_Reimagined_in_Metaverse_Healthcare_and_ Metaverse_Healthcare_and_NFTs HQ Hire (2022) Top metaverse job opportunities (that pays well):2023. https://hqhire.com/metave rse-job-opportunities/ Lielacher A (2022) What can you actually do in the metaverse today? crypto.news. https://crypto. news/learn/what-can-you-do-in-the-metaverse/ Labs LR: 7 challenges of the metaverse. https://lucidrealitylabs.com/blog/7-challenges-of-the-met averse Marr B (2022) 7 important problems & disadvantages of the metaverse, Bernard Marr. https://ber nardmarr.com/7-important-problems-disadvantages-of-the-metaverse/ Petrosyan A (2022) Benefits of the metaverse 2021, Statista. https://www.statista.com/statistics/ 1285117/metaverse-benefits/ Pratt MK (2018) Metaverse pros and cons: top benefits and challenges/, Lifelike experiences, equal access, better collaboration and new business opportunities, yet there’s the potential for higher costs, privacy violations, bullying and addiction. J Metaverse 4(1–20) Social Metaverse Company.Meta. https://about.meta.com/ Tucci L (2022) what is the metaverse? An explanation and in-depth guide, WhatIs.com. TechTarget. https://www.techtarget.com/whatis/feature/The-metaverse-explained-Everythingyou-need-to-know World Economic Forum (2022) How to address digital safety in the metaverse. https://www.wef orum.org/agenda/2022/01/metaverse-risks-challenges-digital-safety/

Application of Metaverse and Its Underlying Challenges in the 21st Century

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Sonia Mukherjee

Abstract

With the advancement of technology, the concept of the Metaverse has risen in the twenty-first century. Emerging technologies like artificial intelligence, blockchain technology, and others have made a significant impact, particularly after the onset of the COVID-19 pandemic. This study focuses on the various applications of the Metaverse in different fields. It is observed that the Metaverse is now being widely used in areas such as environmental sustainability, urban resource management, smart city planning, and legal frameworks. Many businesses are rapidly increasing their investment in the Metaverse. Notably, cities such as Singapore and South Korea have provided examples of leveraging digital technology after the pandemic in the provision of public services. The study acknowledges that, despite the benefits and advantages, the Metaverse presents some issues such as privacy concerns, an increase in greenhouse gas emissions, data storage concerns, and potential imitation of behavior at the virtual level. Therefore, it is crucial to address these issues and establish proper guidelines for the ethical and responsible use of the Metaverse technology. Keywords

Metaverse ● Digital technology ● Challenges

S. Mukherjee (B) MIT World Peace University, Pune, India e-mail: [email protected] © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023 R. El Khoury and A. Bahaaeddin (eds.), How the Metaverse Will Reshape Business and Sustainability, Contributions to Environmental Sciences & Innovative Business Technology, https://doi.org/10.1007/978-981-99-5126-0_17

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Concept of Metaverse

The concept of the metaverse has been shared as a determined and shared digital universe where individuals can engage in effective communication with one another and conduct numerous forms of business meetings. The concept of the metaverse is a blend of the physical world and the virtual world. It will assist people in engaging in an online 3D platform or spatial web. The experience obtained by an individual will be similar to the experience gained during conducting real-life activities. The concept of metaverse has been on the rise with the reemphasis of the term “Meta”. Presently, the big tech companies have the highest stake in the Metaverse market place and diverted more economic resources towards the growth and expansion of newer technologies in the form of virtual augmented and mixed reality (Allam et al. 2022). Numerous forms of technology have evolved, such as artificial intelligence, blockchain technology, virtual reality, and augmented reality headsets. Such technology will allow an understanding of the key metaverse roles in today’s time. However, in reality, the concept of the metaverse seldom exists in the truest sense. With time, some technology-intensive firms are making an initial investment in the emerging field of the metaverse. In other words, diverse enterprises are building their form of the metaverse. In the coming future, businesses expect the role of the metaverse to be more prominent and can become the next version of the web. Additionally, it will also attract potential investment opportunities. Big knowledge-based and technologyintensive industries (i.e., Meta, Tesla, and IBM) have already devoted billions of dollars to investment in metaverse platforms. Similar to the above firms, other non-technological businesses such as Walmart and Gap have entered into a similar venture and started investing in the metaverse. The notable examples of metaverse businesses in the future are in the form of decentralized social media and online services. The other prominent examples of applications of the metaverse are in the form of wearing a 3D headset and experiencing it as if you are in an identical office as a coworker in a different nation. Other examples include discovering an exoplanet with families and loved ones in an online game. Users enjoying the new experience will be able to share some amazing experiences in real time with their friends, family members, or anyone they want to share. In other words, the metaverse will be an enabler of a richer social experience compared to the internet and modern gaming platforms. The concept of the metaverse accompanies certain impossible experiences that could not be attained in real life. For example, only a few people can venture into outer space or have the experience of climbing heights in the Himalayan range or surfing the waves in the ocean. Through the help of the metaverse, it is possible to get lifelike and immersive experiences that would otherwise not be possible. In today’s time of climate change and global warming, it is sometimes not possible to travel to places subject to environmental hazards or lie in the red zone.

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A prominent example in the Indian context is the Himalayan district named Joshi math. Recently, travelers have been restricted from overcrowding the Himalayan district named Joshi math because of the sinking of the land which has caused an alarm. According to reports, Joshi’s math has already sunk around 5.4 cm. The reason attributed to the sinking of Joshi math is the flash floods which took place 15 km away from Tapovan. Hence, tourists have been banned from entering the place. In such a situation, tourists willing to visit the Himalayan district can get a similar experience of traveling via artificial technology using the metaverse. Sometimes there are tougher situations, such as lockdown situations, especially during the Covid-19 pandemic or financial constraints. Against this scenario, people experiencing restrictions in movements or travel challenges can use the Metaverse platform to get similar real-life traveling experiences. Tourists willing to travel longer distances with severe disabilities might also get a similar reallife experience using Metaverse technology. Leisure and business travel, both air and ground-based, can be experienced through Metaverse technology. Air travel accounted for around 2.5% of global emissions before the onset of the pandemic. The use of video conferencing can be used for numerous purposes, from team meetings to virtual happy hours, instead of air travel, thereby reducing the pollution level. Metaverse will be capable of mimicking the fundamentals of real-world social interactions in numerous ways, giving the feeling as if the individual is present in physical form. A prominent example is conducting a complex surgery, where a physician located in any part of the world may carry out a complex surgery using the platform of virtual reality. The experience would assume an experience as if he was present in the room during the entire operation, carried out successfully. Another prominent example of Metaverse would be if an individual is buying a car and visits the car dealer in a fully immersive spatial web to examine the car models. Furthermore, test drives would also be possible using Metaverse technology, as in real-world situations. With the onset of the Covid-19 pandemic, firms, companies, and businesses have adopted remote working models. People have isolated themselves from huge social gatherings. The most prominent technology in today’s times is the VR. A VR headset is all that is needed to augment the real-world things around you virtually. Other technologies are also on the rise such as Artiifcal Intellegence, Cloud of Things, IoT, Big Data and other forms of Technologies. The embracing of all the newer forms of technologies have been on the rise in reponse to the COVID-19 pandemic (Sharifi et al. 2021). With more technological advancements, Metaverse will be applied intensively across the world. Keeping this background in mind, the study will discuss the prominent cases where Metaverse is being applied in real life. In the next section, we will be discussing how Metaverse can be used in attaining Sustainable Development Goals (SDG). SDG goals are important for increasing the welfare of the economy.

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Role of Metaverse and Sustainable Development Goals (SDGs)

The SDG goals call for a wide range of action. The main objective of the SDGs is to end hunger, reduce poverty, promote sustainable agriculture, provide an equitable education to all, achieve gender equality, promote sustainable management of water, and ensure affordable energy for all. In addition, the SDG goals call for sustainable investment, sustainable consumption, and sustainable industrialization. In matters of attaining SDG goals, Metaverse has a wide range of applications. Metaverse can help in achieving the SDG goals. Metaverse can promote digital entrepreneurship, especially in sectors such as small-scale and cottage industries. The Metaverse concept through VR can help in providing tutorials for complex and expensive agricultural machinery and blockchains for securing and distributing food products. Furthermore, with the help of Metaverse, some immersive tutorials, gamification, and simulations can be used for educating a greater section of the population, especially students with severe disabilities. Metaverse hubs can promote the use of water through sensor-enabled smart water services and pumps. In times of high energy demand, energy crisis, and the need for renewable energy resources, the idea of Metaverse can be applied through artificial intelligence, IoTs, Big Data, and Blockchains to achieve and attain optimal energy consumption. For building resilient infrastructure, and promoting inclusive and sustainable industrialization, Metaverse technologies can be used to support and promote Industry 4.0 and Manufacturing 4.0. Furthermore, the Metaverse capabilities can be used for production, inventory management, and further supply chain improvements. Apart from the application of Metaverse in SDGs, there are several areas where the application of Metaverse is growing in demand. They are as follows.

17.2.1

Application of Metaverse and Environmental Sustainability

There are various positive environmental aspects of the application of the metaverse in real life. For example, the need for unnecessary travel is reduced. The pollution generated will be greatly reduced and business meetings can be conducted online through virtual avatars. However, the usage of Metaverse has some downsides. The use of metaverse could lead to an increase in greenhouse gas emissions. It is seen that virtual reality technology and data centers use Artificial Intelligence (AI) and cloud services, releasing large amounts of energy. A recent study found that AI models could generate 626,000 pounds of carbon dioxide, equivalent to five times the amount of greenhouse gases emitted by a car during its lifetime. Another application named Cloud gaming, necessary for Virtual Reality, might increase carbon emission levels by the year 2030. Continuous development of

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Virtual Reality will motivate people to buy newer technology, indicating a high influx of e-waste, which could pollute the environment, such as soil, groundwater, and landfills. However, Facebook and Microsoft have promised to achieve net-zero emissions through “environmental investments.” Software companies are trying to make their products more efficient, and data centers and hardware businesses are working towards better efficiency. A major example of data centers’ innovation is the positioning of liquid cooling immersion. The adavnatge of the green cooling technology is reflected in the form of higher efficiency and enables data centers to keep pace with rising processor demand. Compared to previous online technologies, Metaverse draws more electricity from dirty sources like coal and diesel. Thus, indirectly, Metaverse is contributing to global warming. The metaverse is promoting the use of electronic devices, and India does not have a solution to deal with the increase in e-waste compared to high-income countries such as the United States. Post-consumer electronic devices are seldom recycled, and the heavy chemicals used in these devices cause permanent damage to nature. Hence, there is a need for effective e-waste management and recycling facilities in the future period. Lastly, there is also a need for immense data storage requirements. We have to plan for a transition towards cloud-based systems and make a steady transition towards the use of renewable energy sources for less energy consumption in data centers. In the future period, there are chances that the Metaverse will be completely dependent on renewable energy sources. The reason behind this is that more and more businesses are advocating the concept and are transitioning toward achieving carbon neutrality. For example, Meta has committed itself to switch to renewable energy. This will further help in net-zero emissions by the year 2030. Other notable companies such as Microsoft are also discovering the potential of Metaverse. Recently, the company has vowed over USD$70 billion to launch newer games and improved software through the help of Metaverse.

17.2.2

Application of Metaverse in Smart Cities

According to the United Nations, cities are facing a togher competition and are on the front line of handling with the pandemic and its long-term effects. Allover the world, the influence of COVID-19 pandemic has been undesirable. It has been threatening the cities and societies, jeopardizing public health. The fabric of the economy has also been affected and hampered due to the pandemic situation (Nations 2020). Humanbeingss have grown cities and urban areas as a power house for economic growth. Cities have developed historically and is paving ground for communal interaction, financial gain and association requirements. The action continues today and presently they are using modern technology to follow and develop transformation of cities, which will make them ‘smarter’ and further increasing the level of wealth and income.

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The start of technology was encouraged by the Western Industrial Revolution from mid seventeenth century onwards till the early eighteenth century. The revolution created a basis for today’s digital revolution. Cities started experiencing changes and transformation charcterised by “digital transformation accompanied with innovation”. There have been wide range of benefits. The main benfits due to digital transformation are increased communication competences within dissimilar platforms and augmented alterations in industrial sectors where data usage have increased manifold (Allam and Dhunny 2019; Allam 2020c). Cities have been beneficial as a result of new possibilities like virtual conservation of artistic legacy and tradition (Di Giulio et al. 2019), newer forms of transport services, independent automobiles, advanced use of devices and television camera to control the volume of traffic, developments in CCTV monitoring and recognitions systems. With the onset of the Covid-19 phase, there have been a different sub-revolution. With maintaining of social distancing and work from home policy have necessitated the human activityand social interactions to be conducted via digital platforms (Allam 2020a, b, c, d). In today’s times, cities are positioning technologies in the form of augmented and mixed reality, the Internet of Things (IoT), digital twins, and blockchains. This will help many important functions ranging from tourism to resource management. Metaverse can be used in simple actions like moving government services online to other applications such as Metaverse 3D capabilities. These applications could be used to see the impacts of decisions on the cities.Digital Twins can be defined as a computer package that permits the depiction of digital replicas of bodily objects, processes, or amenities in the virtual or digital world. With the help of this process, there can collection of data, simulations of the model, tests, and predictions can be obtained regarding a given product, process, or service. Digital Twins will assist companies, businesses, and other institutions in urban planning. Digital twins are also being steadily applied to the city’s physical environment and will impact things like traffic congestion, environmental emissions, and sea-level rise (Allam et al. 2022). In Massachusetts, the planning agency has created a digital twin to help to map the city’s landscape, from marine and drainage systems to tree coverings. Pittsburgh, PA, has also installed adaptive traffic signals. The signals change the lights based on actual traffic volume to reduce commuting times and avoid unnecessary fuel consumption. With the introduction of the smart traffic system, traffic delays in Pittsburgh have been reduced by nearly 20 percent. Studies have also found that the positive impact of these devices could reduce total emissions by 39,000 tons annually (Allam et al. 2022). Cities can also use Metaverse applications in ways such as moving government services online to more advanced applications, such as Metaverse’s 3D capabilities to anticipate the impacts of decisions on our cities. With further technological advancements, more cities will have the opportunity to apply newer versions of the Metaverse. Metaverse will have an unparalleled influence on simulating and modeling day to day events that take numerous forms, such as torrents, fires, changing energy demands, and changing urban populations and traffic movements in peak

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and off-peak seasons. It will be possible to predict climate-related hazards before the incident. Digital technology has unlimited potential for organizations. The application of Metaverse will allow digital technology to enable live data. Realistic simulations or modeling of products, processes, and cities will exhibit the same behavior as the physical world. Possible clients, individuals and the public will interrelate with goods or potential progresses in the digital atmosphere. This experience is similar to that in the real world or landscapes. The Metaverse stage will assist DT technology to overcome certain barriers in matters of storing, processing, and apprising competencies of charts in real time. A digital copy of a bodily thing can be permanently stored in the Metaverse with unlimited access anytime, anywhere. Examples of blockchains using Metaverse are as follows: (i) Tezos is an energy-efficient blockchain as it is classified as an environmentally friendly blockchain. The platform will help build games, apps, and further reduce transaction times and generate fewer carbon footprints. (ii) EOSIO is an eco-friendly blockchain that offers carbon–neutral minting. (iii) Abris.io is a sustainable NFT marketplace. Customers can sell and purchase on the NFT marketplace. (iv) Kusama network (KodaDot) aims to become a carbon-negative gallery for global reforestation. Further, it hosts an NFT gallery that focuses on sustainability.

17.2.3

Application of Metaverse and Urban Resource Management

The idea of resource management is an important factor in the management of natural resources and also in intricate urban planning. With the increase in the urban population, the issue of urban resource management has come to the forefront. Research findings indicate that urban zones are accountable for the consumption of over 75 percent of worldwide resources. In addition to this, it will also contribute substantially to environmental degradation. The metaverse signifies an idea of a imaginary “similar virtual world” that personified habits of living and at work in virtual cities as an substitute to smart cities planned in the future period of time. The developing advanced technologies such as AI, Big Data, the IOT and Digital Twins are providing some progressive understanding of the social conduct and performance. The Metaverse has the possible capacity to redefine city scheming activities and provison of updated services for increasing the level of urban efficiencies, answerabilities, and excellence performance. The study by Allam et al. 2022, was intended to help urban policy makers to better understand the opportunities and challenges of the application of Metaverse on urban agendas and assess the pros and cons of the techno-urban vision (Allam et al. 2022).

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With urbanization, the challenges to urban infrastructure will increase. The important resources, including the availability of water, traffic congestion, parking issues, increase in pollution, dwindling of marine resources, loss of mineral reserves, and forests, will be some of the notable challenges over time. Migration to tier-1 cities and urban areas will increase urban consumption and further result in depletion of the valuable ecological assets. Hence, there is an urgent need for urban resource management. South Korea has become one of the nations to perform a diversity of public services and social events on the Metaverse platform. With the onset of the pandemic in the year 2020 and the need for social distancing, the country launched the Digital New Deal initiative. The objective was to launch a metaverse message ecosystem for the purpose of filing civil complaints and get into discussions at the civic level. Further, this would help improve access to public services and reduce the need for face-to-face interaction. The benefits of technology have reached the population via enhanced access to public goods and services. The Shanghai city department has also unveiled plans incorporating the metaverse in the use of public services, business offices, and other areas of importance. The government is planning to use sensors, real-time interactions, and blockchain for urban planning. A pioneering city such as Singapore is introducing digital twin technology for an accurate 3-dimensional model and data platform. They have been termed Virtual Singapore, and the models intend to develop sophisticated tools and applications for test-bedding concepts and services planning and decision-making. Singapore is a relatively small country, and its hard work with using metaverse and its applications such as digital twins signify an motivating opportunity for other nations to influence other digital knowledges similarly. As cities increasingly adopt the newer technologies in the form of digital solutions and newer innovations achieving the tag of Smart cities, newer technologies will impact the cities directly. Saad et al. (2020) in their study noted that 6G technology will have a potential tp not only increase the efficiency and performance of urban areas but will also provide newer experiences in unchartered technological terrains.

17.2.4

Application of Metaverse in Legal Proceedings

A Colombian court lately held its first legal trial in the metaverse. The experience was more real as compared to a video call. As per the Reuters report, the court held a court case relating inidviduals in the traffic dispute case and conducted it in the Metaverse platform. The case brought by a regional transport union against the police and lasted for 2 h. The case is progressing partly in the metaverse. The individuals convicted took the form of avatars in the virtual courtroom. Colombia has been one of the first nations to test legal proceedings in the metaverse. A new survey released by Coin wire on Jan 16 found that 69% of respondents accept as true that the metaverse will ultimately alter the social lifestyle due to novel approaches taken for entertainment and events Report (cointelegraph.com).

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Challenges to Applications of Metaverse

Metaverse environment offers many advantages as compared to the obsolete technologies in the form of 2D screen based platforms in mainly two areas (Matthews 2018; Sommer et al. 2018; Hillmann 2021). They are as follows. There are several advantages of greater remote allocation, sharing and cooperative prospects. The main benefit is offering aids above outdated CAVE systems including the chances of increased affordability and better interactivity with the partcipants (Cordeil et al. 2017). Infinite space to visualize data are shown to recall things better (Krokos et al. 2019) and understanding of measurement and scale (Lee et al. 2021). Metaverse environemnts are known to offer excellent multidisciplinary collaborative possibilities. Players can interact with themselves in the virtual gaming worlds. The prominent examples are Minecraft or Fortnite. Collaborators around the globe can perform tasks in a collective 3D vitual space. There are important applications such as XR bioinformatics vosulaization applications which are still being reviewed (Goddard et al. 2018; El Beheiry et al. 2019; Calvelo et al. 2020). The 3D visualization competences of XR give themselves well to image-based applications where the deepness insight and luxury of communication with 3D objects can expand and increase the swiftness and accurateness (Timonen et al. 2021). Within the non-imaging instances, single-cell knowledges and skills allow complete transcriptional profiling of cell populations. Here an important step is to reduce the data to two or three sizes to produce charts of cells. 3D decreases can be beneficial for big and multifaceted datasets to resolve meeting groups and visualizing multiple reductions at the same time. Cellexal VR (Legetth et al. 2021) is a VR application that does this type of work and help the other tools to broadly imagine and examine the single-cell data. Other include Thiea (Bressan et al. 2021) which is capable of handling volumetric data, and singlecell VR (Stein et al. 2021) and further offers conjuring up using the Google Cardboard. Despite the advantages and applications of the metaverse in today’s digital world, there are numerous challenges associated with the concept of the metaverse. They are as follows: (i) Metaverse presents potential challenges, and as a result, there are several limitations. It is challenging to identify people in the Metaverse, and one must verify users through an avatar’s voice, facial expressions, and other related features. Sometimes, scammers or bots can try to damage someone’s name and pretend to be an avatar to achieve their desired goals. (ii) Another prominent challenge is privacy concerns. VR and AR devices are capable of leaking personal data as they are equipped with camera abilities and exclusive identifiers. (iii) Metaverse-related technologies are capable of influencing users’ cognition, emotions, and behaviors. There are risks associated with AR falling under

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categories such as physical well-being, health and safety aspects, psychology, morality and ethics, and data privacy. Numerous accidents using AR-based applications have been reported, such as information overload, illegal expansion, and wrong views and ideas. Sometimes, in matters of data gathering and allocation with the other parties have the broadest consequences concerning cyber security and privacy. Metaverse actors can be curious to collect users’ biometric mindset based on user information and sentiments, used for unintended behavioral inferences that fuel algorithmic bias. Sometimes, extended VR use might lead to habit of addiction, social remoteness, lonliness and self-denial from real, physical life collective with neglecting bodily requirements. Artificial intelligence, blockchain, and cloud computing will drive up data center activity and its corresponding carbon emissions.

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