Strategizing the Metaverse : A Dynamic Capabilities Perspective on Business Model Realization

The metaverse is reshaping how organizations create, capture, and deliver value by enabling novel, immersive forms of interaction within digitally mediated environments. However, the technological volatility, platform fragmentation, and institutional ambiguity that characterize metaverse ecosystems present significant challenges to the development and realization of viable business models. Moreover, there is limited guidance on how organizations can navigate these complexities. Therefore, this study adopts a dynamic capabilities perspective to examine how organizations develop the strategic capacities of sensing, seizing, and transforming in the context of metaverse initiatives. Drawing on a systematic literature review and 21 expert interviews across diverse industries, our study identifies thirteen microfoundations that underpin the development, implementation, and adaptation of metaverse-driven business models. These findings advance the understanding at the intersection of strategic management and digital innovation and provide actionable insights to support organizations in effectively designing and realizing metaverse-driven business models.