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

Sustainability is part of every aspect of our life, with climate concerns shaping the future. Thus, it is important to understand how metaverse will affect sustainability, as it is opening both challenges and opportunities for environmental sustainability. On the one side, replacing real-world interactions with 3D virtual and exchanging physical goods with digital ones are significantly less resource-intensive and more carbon-efficient. Therefore, this holds the promise of reducing the environmental pollution. On the other side, metaverse increases e-waste and energy consumption. Given this controversial impact, it is crucial for businesses and researchers to understand how to ensure that the metaverse develops sustainably. This book is popping out several questions: Do businesses understand the metaverse concept and perceive the benefits and advantages of implementing such technologies? How will the metaverse change business? Will metaverse change ourworking place and skills needed? How can companies get ahead of the change and mold it to their advantage? Will businesses use metaverse? Can metaverse create a more sustainable word? How can we make the metaverse better than what we have now? Is it going to affect environmental sustainability? Will it cause more severe climate problems, or would it be the solution? How can metaverse impact the achievements of SDGs? Preface Contents 1 Demystifying Metaverse in Business: A Conceptual Study 1.1 Introduction 1.1.1 Framework for Metaverse 1.1.2 What Metaverse Means for Business 1.2 Overview of Studies in Selected Areas 1.2.1 Metaverse in Healthcare Industry 1.2.2 Metaverse in Marketing 1.2.3 Metaverse in Banking Sector 1.3 Conclusion References 2 Relativity of Metaverse in Business Model: A Conceptual Analysis 2.1 Introduction 2.2 Framework of Metaverse and Business 2.3 Conclusion References 3 An Analysis of Future Prospects of Metaverse 3.1 Introduction 3.2 Metaverse, Its Applications, Benefits, and Future 3.2.1 Metaverse and Second Life 3.2.2 Metaverse in Business 3.2.3 Making Improbable Experiences Possible Improbable 3.2.4 Possibilities for Online Events 3.2.5 Metaverse in Learning and Education 3.2.6 Metaverse and Virtual Gaming Environment 3.2.7 Creative Advertising Methods 3.2.8 E-Wallets and Bitcoin Transactions 3.2.9 Health Care and Metaverse 3.2.10 Metaverse: Finance and Banking 3.2.11 Metaverse and Future 3.2.12 Cocooning in Metaverse 3.3 Conclusion References 4 Is Metaverse in Education Blessing in Disguise? 4.1 Introduction 4.2 Opportunities in Education 4.2.1 Connectivity to Students 4.2.2 Merged with Mirror World for Immersive Learning 4.2.3 Metaverse and Education Meets 4.3 Future Impact of Metaverse on Education 4.4 Conclusion References 5 Are You Ready to Take Avatar in Virtual Classroom—Metaverse in Education from Student’s Perspective 5.1 Introduction 5.2 Metaverse in Education 5.2.1 Advantages of Metaverse in Education 5.2.2 Applications of Metaverse in Edtech 5.2.3 Features of a Metaverse in Education 5.3 Review of Literature 5.3.1 Research GAP 5.4 Methodology of the Research 5.4.1 Respondent’s Survey Data Analysis and Discussion 5.4.2 Purpose of the Research 5.4.3 Adoption Status Among the Respondents 5.4.4 Opinion About Metaverse in Education 5.4.5 Students’ Opinion on Metaverse Education Benefits in Their Learning 5.4.6 Disadvantages of Metaverse Education in the Classroom 5.5 Conclusion References 6 XR and the Metaverse: New Opportunities in Education 6.1 Introduction 6.2 Extended Reality 6.3 Theoretical Foundations 6.4 The Metaverse 6.5 Technology Acceptance Model and the Metaverse 6.6 Metaverse in Educational Practice 6.7 Conclusion References 7 The Role of Accounting Disclosure of Sustainable Development Activities Using Metaverse in the Field of Education and Training 7.1 Introduction 7.2 Sustainable Development 7.2.1 Sustainable Development Goals in the Education and Training Sector 7.2.2 Axes of Development for Sustainable Development 7.2.3 The Importance of Applying Sustainable Development in Educational and Training Institutions 7.2.4 Difficulties in Achieving Disclosure of Sustainable Development Activities 7.2.5 Requirements for Achieving Disclosure of Sustainable Development Activities 7.2.6 Metaverse and Sustainable Development in the Field of Education and Training 7.3 Conclusion References 8 An Analysis of the Impact of Metaverse on Climate Change 8.1 Introduction 8.1.1 Objectives 8.2 Metaverse and Climate Change: An Overview 8.3 Conclusion References 9 An Exploratory Study on Metaverse and SDGs 9.1 Introduction 9.1.1 Significance of the Study 9.1.2 Objective 9.2 Methodology 9.3 Findings 9.3.1 Metaverse and Goal of End Poverty 9.3.2 Metaverse and Goal of Zero Hunger 9.3.3 Metaverse and Goal of Good Health and Well-Being 9.3.4 Metaverse and Quality Education 9.3.5 Metaverse and Gender Equality 9.3.6 Metaverse and Clean Water and Sanitation 9.3.7 Metaverse and Affordable and Clean Energy 9.3.8 Metaverse and Economic Growth 9.3.9 Metaverse and Industry, Innovation and Infrastructure 9.3.10 Metaverse and Goal of Reducing Inequality 9.3.11 Metaverse and Sustainable Cities and Communities 9.3.12 Metaverse and Responsible Consumption and Production 9.3.13 Metaverse and Climate Change 9.3.14 Metaverse and Life Below Water 9.3.15 Metaverse and Life on Land 9.3.16 Metaverse and Peace, Justice, and Strong Institutions 9.3.17 Metaverse and Partnerships for the Goals 9.4 Conclusion 9.4.1 Scope for Further Research Direction References 10 Opportunities and Risks of the “Metaverse” for Environmental Sustainability 10.1 Introduction 10.2 Metaverse and the Environment 10.2.1 Understanding Environmental Sustainability 10.2.2 The Threat of Global Warming 10.2.3 Metaverse: A Solution for Entertainment and Environment Problems 10.2.4 Metaverse: Transforming Advertising 10.2.5 Metaverse: Enabling Sustainable Live Reporting and Big Data Monetization 10.2.6 Metaverse and Environmental Sustainability: Benefits and Challenges 10.2.7 Opportunities and Challenges 10.3 Conclusion References 11 Metaverse as a Tool for the Achievement of SGDs: Challenges, Opportunities, and Applications 11.1 Introduction 11.2 The 17 SDGs and Their Relevance to the Metaverse 11.2.1 The Metaverse and Goal 1: No Poverty 11.2.2 The Metaverse and Goal 2: Zero Hunger 11.2.3 The Metaverse and Goal 3: Good Health and Well-Being 11.2.4 The Metaverse and Goal 4: Quality Education 11.2.5 The Metaverse and Goal 5: Gender Equality 11.2.6 The Metaverse and Goal 6: Clean Water and Sanitation 11.2.7 The Metaverse and Goal 7: Affordable and Clean Energy 11.2.8 The Metaverse and Goal 8: Decent Work and Economic Growth 11.2.9 The Metaverse and Goal 9: Industry, Innovation, and Infrastructure 11.3 Case Studies and Examples 11.3.1 Case Study 1 on Goal 6 Clean Water and Sanitation: Virtual Water Management in the Metaverse 11.3.2 Case Study 2 on Goal 15 Life on Land: Virtual Land and Ecosystem Management in the Metaverse 11.3.3 Case Study 3 on Goal 13 Climate Action: Virtual Disaster Response and Recovery in the Metaverse 11.3.4 Case Study 4 on Goal 3 Good Health and Well-Being: Virtual Health Care in the Metaverse 11.3.5 Case Study 5 on Goal 4 Quality Education: Virtual Education and Training in the Metaverse 11.3.6 Conclusion 11.4 Ethical and Social Implications 11.4.1 The Potential Impact of the Metaverse on Society and Individuals 11.4.2 Ethical Considerations Related to the Metaverse and the SDGs 11.4.3 Case Studies and Examples 11.4.4 Recommendations 11.5 Conclusion References 12 Metaverse and Tourism Industry: A Conceptual Proposition 12.1 Introduction 12.2 Tourism Business 12.3 What Exactly is the Metaverse? 12.4 Impact of Metaverse on Tourism 12.4.1 Benefits of Metaverse 12.4.2 Metaverse and Tourism Examples 12.5 Conclusion References 13 The Price Determinants of NFTs: The Case of Metaverse 13.1 Introduction 13.2 Non-fungible Tokens (NFTs) and Metaverse 13.3 Literature Review 13.4 Methodology and Data 13.4.1 Adaptive Neuro-Fuzzy Network Modeling 13.4.2 Data 13.5 Findings 13.6 Conclusion References 14 Role of Metaverse in the Fourth Industrial Revolution for Providing Customer Experiences 14.1 Introduction 14.1.1 The Fourth Industrial Revolution 14.1.2 The Metaverse 14.1.3 The Digital Twins (DT) 14.2 Some Key Challenges 14.2.1 Security Challenges 14.2.2 Privacy Challenges 14.2.3 Legal Challenges 14.3 Research Objective 14.4 Literature Review of Previous Research Studies on Contributions of Metaverse Technologies 14.4.1 Artificial Intelligence and Machine Learning 14.4.2 Artificial Intelligence and Machine Learning 14.4.3 Data Science and Big Data Analytics 14.4.4 Metaverse with Blockchain Technology 14.4.5 Web 3.0 and Metaverse 14.5 Two Proposed Manifesting Examples from the Middle East 14.5.1 Saudi Arabia Example 14.5.2 Dubai Example 14.6 Conclusion References 15 Metaverse and Skill Set: A Conceptual Investigation 15.1 Introduction 15.2 Impact of Metaverse on Skills Needed 15.3 Benefits of Metaverse on Skills Needed 15.4 Conclusion References 16 Metaverse Beyond the Hype: Possibilities and Challenges 16.1 Introduction 16.2 Possibilities of Metaverse 16.2.1 Creat Our Own Avatar (Lielacher 2022) 16.2.2 Meet Up with Friends, Family, Etc. (https://www.gartner.com/en/articles/what-is-a-metaverse; Lielacher 2022) 16.2.3 Consume and Create Digital Art (Lielacher 2022) 16.2.4 Create and Play Games (Lielacher 2022) 16.2.5 Host Events Virtually (https://www.gartner.com/en/articles/what-is-a-metaverse) 16.2.6 Visit Other Realms (Lielacher 2022) 16.2.7 Virtual Markets (https://www.gartner.com/en/articles/what-is-a-metaverse; Lielacher 2022) 16.2.8 Work Inside the Metaverse (Lielacher 2022) 16.2.9 Collaborative Working Environment (Tucci 2022; https://www.gartner.com/en/articles/what-is-a-metaverse; Lielacher 2022) 16.2.10 Secondary Life Possibilities (GeeksforGeeks 2022; Lielacher 2022) 16.3 Benefits of Metaverse 16.3.1 Improvement in Medical Fields (Pratt 2018; https://www.researchgate.net/publication/359114705_Healthcare_System_Reimagined_in_Metaverse_Healthcare_and_Metaverse_Healthcare_and_NFTs) 16.3.2 Mass Employment Opportunities in Metaverse (Tucci 2022; HQ Hire 2022) 16.3.3 New Business Opportunities (Tucci 2022; Lielacher 2022; HQ Hire 2022) 16.3.4 Educational Advancement—Advancing in Research and Scientific Studies (Tucci 2022; https://www.researchgate.net/publication/359114705_Healthcare_System_Reimagined_in_Metaverse_Healthcare_and_Metaverse_Healthcare_and_NFTs) 16.4 Challenges of Metaverse 16.4.1 Privacy Concerns and Monitoring of Children (https://lucidrealitylabs.com/blog/7-challenges-of-the-metaverse; Agbaghe 2022; Marr 2022) 16.4.2 Substituting the Real World for the Metaverse (Petrosyan 2022; Weforum 2022; Agbaghe 2022) 16.4.3 Barriers to Entry- Access Inequality (Agbaghe 2022; Marr 2022) 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) 16.4.5 Desensitization and Metaverse Law (Agbaghe 2022) 16.4.6 Identity Errors (https://lucidrealitylabs.com/blog/7-challenges-of-the-metaverse; Weforum 2022; Agbaghe 2022; Marr 2022) 16.5 Conclusion References 17 Application of Metaverse and Its Underlying Challenges in the 21st Century 17.1 Concept of Metaverse 17.2 Role of Metaverse and Sustainable Development Goals (SDGs) 17.2.1 Application of Metaverse and Environmental Sustainability 17.2.2 Application of Metaverse in Smart Cities 17.2.3 Application of Metaverse and Urban Resource Management 17.2.4 Application of Metaverse in Legal Proceedings 17.3 Challenges to Applications of Metaverse References