The Metaverse Industry Ecosystem: A Keyword and Startup Network Analysis

This study examines the ecosystem of global metaverse startups using Crunchbase data. Data on 1,873 metaverse-related startups were collected from Crunchbase, and keywords were extracted by applying the fine-tuned T5 Transformer to the startups' full descriptions. These keywords were then used to construct two distinct networks: a keyword network and a startup network. Both networks were clustered using the Paris algorithm to identify the products/services and industrial ecosystem of Metaverse startups. The 10 clusters of the keyword network were classified into three categories: metaverse application services, essential technology, and additional supporting services. This categorization provides insights into the current focus areas and potential future directions of product and service development within the metaverse industry. The 12 clusters of the startup network were evaluated based on the scale of funding amount from industries and major companies to identify the investment ecosystem of the metaverse industry. The findings obtained from both network analyses can serve as directions to formulate robust investment and technology strategies in the rapidly evolving metaverse industry.