The Metaverse: The Essence, Research Streams, and Potential Applications in Marketing

Objective: The objective of this article is to identify the main research streams and research gaps relating to the metaverse in management sciences, particularly in the field of marketing. Research Design & Methods: The researchers employed a systematic analysis of the literature to achieve their objective. They reviewed and examined various sources to identify the essence of the metaverse and ascertain the areas and directions of research pertaining to this concept. Findings: The metaverse is envisioned as a virtual universe comprising numerous 3D virtual worlds where consumers, their avatars, and brands coexist and interact. Initially, the metaverse concept emerged in computer games set in complex, closed universes. However, in 2021, major technology companies like Facebook determined that the metaverse would be the next stage in virtual environment development, resulting in heightened interest from both practitioners and researchers. Despite being the subject of research across multiple scientific disciplines for years, the conceptualisation of fundamental metaverse concepts and its essence remains in an early stage, lacking a consensus. Implications / Recommendations: The findings of this study emphasise the need for further research and exploration in the field of management sciences, particularly within marketing, to comprehensively understand and define the metaverse. The evolving nature of the metaverse calls for collaborative efforts from both practitioners and scientists to unravel its potential implications for businesses and consumers. Contribution: This study contributes to the existing literature by presenting a systematic analysis of the metaverse concept within the context of management sciences, focusing on marketing. By identifying gaps and highlighting key areas of investigation, the research lays the groundwork for future studies in this rapidly evolving domain.