The Business Models in Metaverse : an Analysis of Virtual Real Estate Key Success Factors and Monetization Strategies
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Date
2023
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Abstract
AI-GENERATED ABSTRACT: Abstract: This academic paper aims to analyze the various business models in the Metaverse's real estate industry. It explores the potential opportunities and challenges that businesses may face, providing valuable insights into how the Metaverse could impact the real estate sector. By investigating research questions such as potential virtual real estate models, factors driving demand for virtual properties, as well as opportunities and challenges in the Metaverse platform, this study offers an analysis of new business approaches in the virtual real estate sector within the Metaverse. The research aims to identify the key success factors and monetization strategies and how new technologies, such as VR and AR, might impact the business model of virtual real estate in Metaverse platforms. The paper also provides an insight into the virtual universe development over time from two perspectives: literature and technology background. The study found that the virtual real estate market in the Metaverse has strong growth orientation offering opportunities for businesses to generate alternative income through different types of business models like sale and rental of virtual properties, which mainly cause the demand driving of virtual property. Furthermore, the study highlights the challenges associated with security threats, legal and regulatory considerations. The study concludes that further research is necessary to fully understand the implications of the Metaverse for businesses and entrepreneurship. Keywords: Business models, Metaverse, virtual real estate, key success factors, monetization strategies, VR, AR, COVID-19, Industry 4.0, immersive virtual world, digital visualization technologies, technology, business opportunities, customer connections