Business Model Evolution in the Age of NFTs and the Metaverse

Abstract

The dynamic progression of technology has induced a profound metamorphosis within the realm of commerce, ushering in novel prospects and trials for enterprises spanning diverse sectors. In contemporary times, the rise in non-fungible tokens (NFTs) and the conception of the Metaverse have ensnared the focus of corporate entities and visionary proprietors alike. This article explores the transformation of business frameworks during the era of NFTs and the Metaverse. It delves into traditional paradigms, clarifies the unique characteristics of NFTs, and examines their potential impacts on commerce. This article investigates the convergence of virtual reality (VR), augmented reality (AR), and blockchain technology within the Metaverse. To investigate these transformations, this study undertakes a comprehensive literature evaluation. The findings highlight how NFTs and the Metaverse have introduced new avenues for generating revenue and creating value. These advancements are achieved through the utilization of smart contracts and adaptable strategies that cater to evolving consumer behaviors. This article also addresses significant challenges in this landscape and provides a forward-looking perspective on the anticipated trajectory.