From theory to practice: Empirical perspectives on the metaverse's potential

Metaverse, built on blockchain technology and artificial intelligence, involves virtual, extended, and augmented realities. Metaverse is a disruptive emerging technology that is still in its early stages. There needs to be more empirical research on the metaverse, making it difficult to fully understand its potential and guide future investigations. Therefore, this paper aims to address this gap by examining empirical studies focused on metaverse technology. A systematic review of 1342 papers identified 331 that focused on metaverse technology, with 40 providing empirical evidence about the metaverse's impacts. The results indicate that organizational and behavioral factors affect metaverse applications in healthcare, marketing, operations management, sustainable development, and supply chain management. Moreover, our findings demonstrate that the metaverse can enhance the performance of both individuals and organizations. The primary theories underpinning metaverse models are the technology acceptance model and cognitive theory. We propose that, within the context of organizational performance, the practice-based view theory offers a more comprehensive understanding of metaverse outcomes. Moreover, the social exchange theory can explain users' attitudes toward privacy and security more insightfully. This paper recommends that future research should provide empirical evidence on the metaverse, focusing on organizational capabilities (e.g., absorptive capacity and power structure) and behavioral aspects (e.g., privacy concerns and confidence). Future research has significant potential to address risk, resilience, and sustainable development through the metaverse.