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The Metaverse Dilemma

Title Page

The Metaverse Dilemma: Challenges and Opportunities for Business and Society

EDITED BY

CHITRA KRISHNAN

Symbiosis Center for Management Studies Noida, Symbiosis International Deemed University, Pune, India

ABHISHEK BEHL

Keele University, UK

SNIGDHA DASH

Galgotias University, India

AND

PRASHANT DEV YADAV

Symbiosis Center for Management Studies Noida, Symbiosis International Deemed University, Pune, India

United Kingdom – North America – Japan – India – Malaysia – China

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Emerald Publishing Limited

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First edition 2025

Editorial matter and selection © 2025 Chitra Krishnan, Abhishek Behl, Snigdha Dash, and Prashant Dev Yadav.

Individual chapters © 2025 The authors.

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ISBN: 978-1-83797-525-9 (Print)

ISBN: 978-1-83797-524-2 (Online)

ISBN: 978-1-83797-526-6 (Epub)

Contents

About the Editors

Dr Chitra Krishnan serves as an Associate Professor of HR & OB at Symbiosis Centre for Management Studies Noida, affiliated with Symbiosis International University in Pune, India. She holds a Ph.D. and is a Certified HR Analyst from IIM Rohtak. With over 17 years of combined national and international teaching experience, Dr Krishnan is highly regarded for her teaching and research abilities. Before her academic career, she held various managerial roles in the industry. Dr Krishnan is deeply committed to advancing professional education and has actively pursued rigorous academic endeavors aimed at enhancing learners’ holistic development. She has authored several publications in renowned national and international journals and has presented her research at numerous conferences. Dr Krishnan’s passion for writing is evident in her six published books with international publishers. She also serves as a member of the review committee for reputable conferences and journals. Her research interests encompass a wide array of topics, including Human Resource Management, Organizational Behavior, Talent Management, Diversity Management, Employee Satisfaction, Knowledge Management, Artificial Intelligence, ChatGPT, and Emotional Intelligence.

Dr Abhishek Behl is a Senior Lecturer at Keele Business School, Keele University, UK. He has earned his second Ph.D. from Indian Institute of Technology, Bombay, where his research is in the area of crowdfunding and gamification. He is a winner of the prestigious “Naik and Rastogi Award for excellence in Ph.D.” from IIT Bombay. He holds a rich experience of teaching, research, and consultancy. He has taught subjects like Marketing Analytics, Gamification for Business, Marketing Research, and Qualitative Data Analytics. He has also served as a Senior Manager – Research at Centre for Innovation Incubation and Entrepreneurship, IIM Ahmedabad. His research is in the area of gamification, stakeholder engagement, sustainability, and e-commerce start-ups. He is an incoming president of Special Interest Group (SIG) – GAME of AIS. He is an Associate Editor of the Journal of Global Information Management; Journal of Global Marketing; International Journal of Manpower; International Studies of Management and Organization; South Asia Journal of Business Studies; Journal of Cases on Information Technology; Assistant Editor of Technology Forecasting and Social Change and is an Area Editor (South Asia) of the International Journal of Emergency Services. He features on the editorial board of many journals like International Journal of Information Management; Journal of Electronic Commerce in Organization; Journal of Promotion Management; Young Consumer; Management Decision; and Society and Business Review. He has edited three books. He has published in journals like Industrial Marketing Management; International Journal of Information Management; IEEE Transactions on Engineering Management; Production Planning and Control; Annals of Operations Research; Journal of Business Research; Technology Forecasting and Social Change; Journal of Knowledge Management; Computers in Human Behaviour; Internet Research; International Marketing Review; Journal of Enterprise Information Systems; and Industrial Management and Data Systems.

Dr Snigdha Dash has earned her MBA from Utkal University, Bhubaneswar, Odisha, India, and earned a Ph.D. in Management from the University of Mysore, Mysuru. She is presently associated as Professor with the School of Business, Galgotias University, Greater Noida. Her research interests include leadership, organizational citizenship behavior, organizational change, and technology adoption.

Prashant Dev Yadav holds a Ph.D. in Management from MLSU, Rajasthan. He is presently an Assistant Professor at Symbiosis Centre for Management Studies, Noida, Symbiosis International (Deemed University), Pune, India. His areas of interest are the role of technology in improving lives, technology adoption, and the decision-making style of individuals.

About the Contributors

Dr Sridharan A. is a Professor at the School of Business and Management at Christ University, India. He has done his Ph.D. in Marketing. After serving the industry for 30 years, he joined academia in 2009. During the last 14 years, he has published research papers in national and international journals and was twice awarded for best paper at two international conferences. He has published one case study in an internationally renowned journal, “Emerald Publishing,” and has three Scopus-indexed papers to his credit. He has also published three papers in UGC Care and ABDC Journals. ORCID: 0000-0002-0753-3585

Anubha Anubha is a Professor of Marketing at Jaipuria Institute of Management, Ghaziabad, India. Her research interests include social media marketing, Islamic marketing, electronic word of mouth, advertising, and consumer behavior. She has published many scholarly “ABS 3 level,” “ABDC,” and Scopus-indexed research papers in various journals of Wiley, Emerald, Taylor & Francis, and Sage publications, including Psychology and Marketing, Journal of Islamic Marketing, Journal of Internet Commerce, Global Knowledge, and Memory & Communication. She has been an active reviewer of journals from Elsevier and Emerald. She has presented papers at various national and international conferences at MDI Murshidabad, IIM Indore, IIT Delhi, XLRI Jamshedpur, and Curtin University. Recently her edited book, Data-Driven Approaches for Effective Managerial Decision Making, indexed in Scopus, was published by IGI Global. ORCID: 0000-0002-2719-7697

Ivan Salazar Chang obtained a Ph.D. in Psychology. He is an expert in Economic Psychology and Sports Psychology and is a Manager at International Relations of the Chair of Sport of the Polytechnic University of Valencia. He is also CEO Manager at The Next Generation Sports and a Director of the Master’s Degree in Coaching and Leadership (University of Valencia).

Nimisha Rana Chaudhary is an Academician and Research Scholar at Dayalbagh Educational Institute, Agra. She has more than five years of teaching and research experience. She has completed her Graduation from Lady Irwin College, University of Delhi, and her Postgraduate from Banasthali Vidyapith and is currently pursuing her Ph.D. in Textiles. She has been awarded a Gold Medal from Banasthali Vidyapith in her Postgraduate work. She has authored three books, published five research papers in national and international journals, and presented six research papers in national and international conferences and seminars. She has one patent in the field of Plasma Treatment of Textiles under the Department of Industrial Policy & Promotion, Ministry of Commerce and Industry. She has authored the book Innovation and Recent Advancement in Fashion and Textiles (South India Book Trader, 2023) in the field of Metaverse.

Rishi Chaudhry holds a Ph.D. in Management focusing on HSIDC and Industrial Development of Haryana from IMSAR, MDU, Rohtak, Haryana. Complementing his doctoral degree, he obtained an MBA in Finance & Marketing and an LL.B. from IMSAR and the Department of Law, MDU, respectively. With a rich academic background, Professor Chaudhry has served as both an Associate Professor and an Assistant Professor at IMSAR, MDU, Rohtak, Haryana. His expertise spans various domains of finance, including Corporate Finance, Financial Investment, Behavioral Finance, Micro Finance, Banking, and Insurance and Accounting. He is renowned for his adept teaching in subjects such as Financial Management, Cost and Management Accounting, Indian Financial System, and Business Statistics. In addition to his teaching responsibilities, he has actively contributed to university administration. He has held key positions including Dean of the Faculty of Management Sciences & Commerce, MDU, and Dean of the Centre for International Academic Affairs, MDU. He has been a pivotal figure as a member of the Court of University, MDU, and various other administrative bodies such as UGBOS & PGBOS, Faculty of Management Sciences & Commerce, MDU. His roles also extend to chairing significant committees including the Academic and Administrative Audit Committee, as well as the Investment Committee, at MDU. With a robust academic portfolio and administrative acumen, Professor Chaudhry continues to shape the academic and administrative landscape of MDU.

Gaurav Duggal has nearly two decades of experience and is currently EVP in Jio Platforms Limited. He is an accomplished leader, a passionate problem solver, and a lifelong student. He has written numerous papers in journals that are well-known around the world and possesses close to two dozen patents. He has spoken at numerous conferences, including ODSC, Oracle World, Agile Conferences, and others.

Rim Gafsi is a Doctor in Management Sciences from the University of Sousse in Tunisia. Her research focuses on entrepreneurship, corporate strategy, family business, business management, and innovation.

Manoj Garg is working as a Senior Innovation Lead in Jio Platforms Limited. He has experience of around 12 years in technology and management. He worked for major technology giants like Samsung. He holds a Master’s degree in Electronics and Communication. He has multiple international and national grants and published patents and research papers in various technologies. Along with innovation management, he has worked on multiple industry projects.

Dr Seema Garg is an Associate Professor in Amity International Business School, Amity University, Noida, India. She has obtained her Ph.D. degree from Jamia Millia Islamia University, Delhi, India. Previously, she has done her MPhil and MSc degrees in Operational Research from the University of Delhi, Delhi, India. She has significantly contributed to enhancing scientific understanding by participating in several national and international conferences by participating and chairing technical sessions. Her publications are in the areas of data envelopment analysis, supply chain management, modeling, and efficiency optimization in banking using data envelopment analysis application of DEA in various journals. She is a actively involved in curriculum development and maintaining the quality of assignments. She is a Merit certificate holder from CBSE and a recipient of a National Scholarship for academic performance. She has also received the Best Teacher award from MLA of Delhi.

Dr Aditya Kumar Gupta is an Associate Professor at Amity University, Noida, India. He was a certified case trainer from Harvard Business School and IIM- Ahmedabad and a marketing research teacher at IIM-Lucknow. He has two decades of teaching experience in marketing and international business domains to undergraduate students, postgraduate students, and research scholars. He had been associated with the Open University, United Kingdom, as a visiting faculty. He is an editor of Amity Case Research Journal, the Wiley book series, and many journals of repute. He had presented research papers at various international conference levels at IITs and IIM. He had been part of the reviewer board of many journals of international repute. He has international teaching experience with Anglia Ruskin University, Singapore Campus. He was invited to train at Delhi University and BIMTECH in neuro marketing and literature review of software applications. He has been actively involved in training programs, workshops, and FDPs for industry, academia, and scholars.

Astha Gupta, MBA, Ph.D., NET Qualified having over 20 years of experience in industry and academia. Currently working with Amity University since 2010, she is a passionate researcher in the fields of Consumer Behavior, Artificial Intelligence, Machine Learning, and Human Intelligence. She has been session chair and featured speaker at international conferences of repute. She has four books on HR to her credit and has published research work in Scopus-indexed journals. She has experience organizing Springer and IEEE Conferences in Singapore and India. She carries extensive experience in internationalization and organizing conferences in the U.S.A., Singapore, and Australia.

Dr Arif Hasan Ph.D., M.Phil., PGDBM, MBA, UGC-NET is working as an Associate Professor at Amity University Madhya Pradesh. He has over 12 years of academic, research, and industry experience. He was the awardee of the UGC Fellowship for the Doctoral Research program. His area of specialization is marketing management, research methodology, consumer behavior, and retail marketing. ORCID: 0000-0002-2716-7332

Ahdi Hassan is a Researcher at Global Institute for Research Education & Scholarship, Amsterdam, Netherlands, and IGI Commissioning Editor. From 2013 to present, he has been Associate or Consulting Editor of many publications and on editorial review boards. His articles and research papers span many fields. He has been invited as a keynote speaker over 50 times to international conferences. He used modern and scientific methods to study the relationship between the written and spoken formats of various Asian/European languages, developed artificial languages that are compatible with modern English, and scientifically analyzed ancient written material to determine its origin. He teaches English for Young Learners, English for Academic Purposes, English for Science, Technology, and Engineering, English for Business and Entrepreneurship, Business Intensive Course, Applied Linguistics, interpersonal, verbal, and nonverbal communication,cross cultural competence, language and humor, intercultural communication, culture and humor, language acquisition, and language use.

Dr Nirma Sadamali Jayawardena is an Assistant Professor in Marketing at University of Bradford, United Kingdom. She completed a Ph.D. in Marketing and Graduate Diploma of Business Research from Griffith University, Australia. She pursued a BSc in Business Management with a first-class honours from NSBM Green University, Sri Lanka and MBA in International Business from University of Colombo, Sri Lanka. She has published her work in prestigious journals and has been the recipient of several national and international awards, grants, and scholarships.

Dr Poornima Jirli is a seasoned Information Technology professional with over 15 years of experience in the industry and holds a Doctorate of Business Administration (DBA) in Strategic Innovation from SSBM Geneva. She has spent her career focused on driving technological advancements and strategic initiatives within various organizations.

Dr Astha Joshi is currently working as an Associate Professor at Amity University, Madhya Pradesh. She has 12 years of extensive teaching and research expertise in the field of management. She has been awarded a Ph.D. and presented research papers at various international and national conferences and seminars. She has also published papers in various reputed journals. ORCID: 0000-0002-2572-7252

B. Dinesh Kumar is a Research Scholar in the Department of Management Studies at the National Institute of Technology Tiruchirappalli. His research interests include Brand Management, Customer Engagement, Augmented Reality Marketing, and Consumer Behavior.

Dr Sunita Kumar is an Associate Professor in the School of Business and Management at CHRIST University, India. Her doctoral thesis was on brand strategies in retail marketing. She has published articles in various international and national refereed journals. Her areas of research interest include social media marketing, branding, advertising, and neuromarketing. ORCID: 0000-0002-0628-1873

Dr Anchal Luthra is an Assistant Professor, at AIBS, Amity University, Noida, India. She has done a Ph.D., MBA in HR, M.Phil., and M.Ed. She carries a rich 12 years of experience in industry, research, and academia. Her area of specialization is human resource management, data analytics, and research methodology. She has presented her research work at various national and international conferences and won two best paper awards along with the Best Teacher Award and Excellence in Research award. She has published research papers in Scopus and ABDC-listed journals and successfully delivered two industry consultation projects in the area of HR and is also engaged in academic consultation.

Dr Firdous Ahmad Malik is an Assistant Professor (Economics) at the University of People in Pasadena, California. He formerly worked as a research fellow at the National Institute of Public Finance and Policy and a senior research associate at the Jindal Centre for the Global South, O.P. Jindal Global University, Sonipat–Haryana. Dr Firdous earned his Ph.D. and M.Phil. in Economics from Lucknow’s Babasaheb Bhimrao Ambedkar University. He earned a post-grad in economics from Kashmir University. His research interests include microfinance, financial inclusion, and financial literacy. His national and international publications in Springer, Elsevier, Taylor & Francis, and Scopus-indexed journals have helped the academic world. Dr Firdous has published six books in addition to research articles. The titles are Financial Inclusion Schemes in India – Springer Publications, Financial Behaviour of Urban Dwellings – Notion Press, Asymmetry of Information and Lending Risk Street Vendor Behaviour in India – Books Clinic, and Health System in Jammu and Kashmir: Challenges and Opportunities – Shineeks. His sixth Springer book is Repatriation Management and Competency Transfer in a Culturally Dynamic World. His work Economics of Financial Inclusion will be released by Routledge soon. Dr Firdous is affiliated with the Young Scholars Initiative to promote research among young people. He continues to promote research by presenting, chairing, and reviewing panels at national and international conferences. He received two best paper presentations from the Jindal Centre for Global South and a best reviewer award from AIBPM Malaysian conference organizers in June 2023 for his relentless promotion of young academics.

Sridhar Manohar currently works at the Doctoral Research Center of Chitkara Business School, Chitkara University, Rajpura, Punjab. They completed their Doctorate in the area of services marketing from VIT Business School, VIT University, and hold a Bachelor’s degree in Technology and dual Master’s degrees in Business Administration and Organizational Psychology. The author is also certified with FDP at IIM-A and possesses expertise in service marketing, innovation and entrepreneurship, scale development process, and multivariate analytics. Their interests lie in teaching business analytics, innovation and entrepreneurship, research methodology, and marketing management. The author has published around 20 research papers that include Scopus-listed and ABDC-ranked international journals such as Society and Business Review, Benchmarking: An International Journal, Electronics Market, Corporate Reputation Review, International Journal of Services and Operations Management, and International Journal of Business Excellence. They have also presented papers and ideas at numerous international conferences.

Dr Rishi Manrai is a Mechanical Engineer with an MBA and Ph.D. in Finance. Prof Rishi has authored several research papers in double-blind peer-reviewed journals of international and national repute. He also has about 40 papers published by various national and international conferences to his credit. Recently, he won the prestigious EMERALD LITERATI AWARD 2020 for his research article “Factors Influencing Adoption of Payments Banks by Indian Customers: Extending UTAUT with Perceived Credibility” published in the Journal of Asia Business Studies.

Jasmine Mariappan is a dedicated educator currently serving as a Lecturer in the Department of Business Studies at the esteemed University of Technology and Applied Sciences, Ibra. With a rich academic background, she holds an M.Phil. in General Management, as well as a Master of Commerce (M.Com) and Bachelor of Commerce (B.Com) degrees. She has an experience of more than 17 years in the field of teaching. Her specialization lies in the dynamic field of Marketing, where she has honed her skills and contributed significantly to the academic community. Her passion for continuous learning and research is evident in her diverse range of interests. She is particularly focused on areas such as marketing, E-marketing, and blended learning, where she seeks to explore innovative strategies and emerging trends. Her commitment to academic excellence is further underscored by her impressive publication record. Ms Mariappan has authored numerous articles and papers, which have been featured in leading journals and presented at international conferences.

Udgam Mishra is an Assistant Professor at Tribhuvan University, where he has established himself as a leading expert in consumer behavior. With over a decade of professional experience, Udgam has made significant contributions both in academia and in administrative roles. As an accomplished researcher, he has published numerous papers in prestigious international journals and contributed to book series, enriching the global discourse on consumer behavior and management. Throughout his career, he has demonstrated exceptional leadership and mentorship, guiding various projects to fruition. His ability to blend theoretical knowledge with practical applications has made him a sought-after mentor and collaborator. Udgam’s administrative expertise has also been pivotal in shaping institutional strategies and fostering an environment of academic excellence.

Amit Mittal has over two decades of domestic and international experience in academic leadership, teaching, research, consulting, training, and mentorship. His current mandate is to manage the Ph.D. programs offered at Chitkara University. Sixteen scholars have been awarded Ph.D. degrees under his guidance, and he has published over 60 Scopus/SSCI-indexed papers with a number of these included in the ABDC/ABS journal list. He was the recipient of the Chitkara University Excellence Award 2021 (February) for the highest cited author and publications with the highest H-index (Business School category). His areas of research and consulting expertise are International Marketing and Emerging Market Studies, Consumer Behavior, Brand Management, Shopping Behavior, and Business Research Methods. He is an active resource person for FDPs, MDPs and Corporate Training. He is a member of the thesis review board of several universities. He presently reviews for reputable journals such as Technological Forecasting and Social Change (Elsevier), Public Health (Elsevier) Benchmarking (Emerald), Technology Analysis and Strategic Management (Taylor and Francis), International Journal of Consumer Studies (Wiley), Journal of Public Affairs (Wiley), Routledge Studies in Global Student Mobility, International Journal of Emerging Markets (Emerald), Sustainability (MDPI), Management Decision (Emerald), and IIM KSMR (Sage).

Dr Ganesan Muruganantham is working as a Professor in Management Studies at the National Institute of Technology, Tiruchirappalli, Tamil Nadu. He has the corporate experience in Cipla Ltd., and Dabur India Ltd. His areas of interest in teaching, research, and consultancy include branding, consumer insights, and quality management. He has received the best paper award for presenting his research paper in the USA, London, Australia, and India. His research works are available in Emerald, Inderscience, and Taylor and Francis publications.

Arjun J. Nair is working as a Professor with St. Lawrance College, Ontario, Canada as well as affiliated to Chitkara Business School, Chitkara University, Punjab, India. He has completed a Master of Science degree in Hospitality and Tourism Management from Madurai Kamaraj University, an MBA in Human Resources and Finance Management from the National Institute of Business Management in India, a Bachelor’s Degree in Hotel Management, and a Diploma in Hospitality Management from the American Hotel and Lodging Association in the United States. He holds professional memberships in several organizations, including the International Management Research and Technology Consortium in New York, the International Association of Innovation Professionals, the American Management Association, the National Human Resources Association, and the Institute of Research Engineers and Doctors (Senior Member of the Universal Association of Arts and Management Professionals). With over 15 years of practical work experience in a variety of industries, such as education, exporting, hotel food and beverage, restaurant management, and management training, he offers expertise in curriculum development, project management, lecturing, tutoring, general management, business administration, business development, staff management, and public relations. He is a strategic thinker who has made significant contributions to training and facilitation, business development, and the operations and management aspects of various organizations.

Daviender Narang is working as a Professor and Director in Jaipuria Institute of Management, Ghaziabad. He has worked on a World Bank-supported project on capacity building in Ethiopia for two years. He has published several research papers in various journals of repute. He is also associated with business firms as a corporate trainer on various financial modules. He has presented several research papers at various national and international conferences.

Prof Achint Nigam holds a Ph.D. in Marketing from the Indian Institute of Management, Lucknow and is Distinguished Professor in BITS Pilani. His areas of research interest are Metaverse, business (marketing) applications of Big Data, Blockchain, and Artificial Intelligence; Gamification; Sports Marketing, Digital Marketing; Pricing and Promotions. He has published in various journals of repute, like the Journal of Business Research, Journal of Strategic Marketing, and Industrial Management and Data Systems, among others.

Dr Namrata Pancholi is an Assistant Professor of Strategy, and International Business, at Amity University Uttar Pradesh, Noida, India. She completed her Doctorate in 2007 from M.L.S. University, Udaipur. She has over 20 years of teaching experience in Management. She has taught in several institutions, the most prominent among them is Birla Institute of Technology and Science, Pilani (Raj). She has presented papers at over 25 national and international conferences including Scopus-indexed and IEEE conferences. She has published 25 research papers, case studies, and book chapters in Scopus indexed, ABDC, UGC indexed journals, Scopus indexed books, case centers. She is also a member of the editorial board and reviewing panel of a few journals.

Dr Supriya Lamba Sahdev, Associate Professor, Alliance University, Bengaluru, Karnataka, India, is a certified academician, researcher, and coach with 12+ years of experience in marketing and international business. She had worked at Amity University, Uttar Pradesh for 10+ years. She earned two bachelors and two masters in commerce and education. She earned a Ph.D. in Management on Open Innovation in Indian Food Processing SMEs. Peer-reviewed publications in international and national journals, book chapters, and conference presentations in top management journals improve your research portfolio. She has over 50 UGC and SCOPUS research papers in reputable national and international journals and hundreds of research involvement in international/national conferences. She serves on several conference and journal review/editor committees. As Co-Convener, she has led over four international conferences. She chaired special sessions at over 6 international conferences. She is the Lead Editor for 10 journals. She has given invited presentations and workshops at national and international platforms. She published three patents, two of which were granted, and edited one book as the first author. Head of International Programs, Dr Supriya Lamba Sahdev has shown excellent leadership and a global view in forging international connections. Her academic expertise spans Research Methodology, Digital Marketing, Service Marketing, Marketing Analytics, Gamification in Marketing, International Marketing, Open Innovation, International Business, Trade Analytics, International Documentation and Logistics, International Trade, Big Data Analytics, and Artificial Intelligence in International Business and Marketing. Dr Supriya has championed technical advances in academia throughout her career. She is a leading expert in her field, contributing to research, teaching, and worldwide collaboration.

K. K. Shihab is an innovative and accomplished professional with over 14 years of experience, specializing in Artificial Intelligence, Machine Learning, and Data Analytics. Throughout his career, Shihab has demonstrated a strong aptitude for orchestrating teams in the end-to-end deployment of AI and ML algorithms. His dedication to driving organizational excellence is evident through his collaborative efforts with leadership teams, leading to the generation of significant revenue for the organizations he has worked with, including major MNCs like First Advantage, Harman Connected Services (A Samsung Company), and Tata Consultancy Services (TCS), catering to different industries spread across geographies. With a Ph.D. in progress, an MBA, and a Bachelor’s degree in Mathematics, Shihab brings a unique blend of academic rigor and business acumen to his endeavors. He is passionate about leveraging his expertise to drive transformative initiatives and achieve business success in senior leadership roles. ORCID: 0009-0004-8202-7270

Dr Anuja Shukla is working as an Associate Professor at Jaipuria Institute of Management, Noida. She has more than 12 years of teaching experience with over 24 paper publications. Her research articles have been published in the International Journal of Information Management (A*), Psychology and Marketing (A), VISION (C), and FIIB (ABS 1). She has also won best research paper awards at FMS, Symbiosis, and Amity. Her areas of research interest include eWOM, Consumer Behavior, m-Commerce, AR/VR, and emerging technologies.

Dr Anamica Singh has a Ph.D. in Management from the Birla Institute of Technology, Mesra. Before her Ph.D., her academic qualifications included a Master of Business Administration (MBA) from the Indian Institute of Information Technology & Management (IIITM), Gwalior, and a Bachelor of Technology (B.Tech) in Information Technology from J.S.S. Academy of Technical Education, Noida. She comes with a rich industry experience of more than 10 years. She has academic experience and her areas of expertise include various domains of Information Technology and management. She is currently serving Amity University, Noida as an Assistant Professor in AIBS. She has presented various research papers at both national and international conferences. She has a commendable track record of publishing papers in prestigious journals indexed in SCOPUS and SCI (Science Citation Index). Her publications in these esteemed journals underscore the high quality and relevance of her research contributions to the academic community.

Dr Govind Nath Srivastava has more than 19 years of corporate and academic experience. He started his academic career with the Institute of Chartered Financial Analysts of India and served various reputed organizations in different capacities. He is extensively engaged in research and consultancy and has published more than 20 research papers in various reputed conferences and national and international journals, including numerous Scopus-indexed journals listed in ABDC. He primarily works in consumer psychology, neuromarketing, sensory marketing, and public transportation. He is a member of the Centre for Management of Urban Affairs (CMUA) and working on the project “Public Transportation in Smart Cities.”

Dr Saranya Thaloor holds a Ph.D. in Mass Communication, and an M.A. in Public Administration, as well as a NET/JRF qualification in Mass Communication. Her primary areas of expertise in the media industry are mass media research and development communication. She has worked as a professional journalist and is an avid researcher. In both national and international journals, she has published and presented numerous research articles in the fields of media and many other subjects. Additionally, news processing, editing, and strategic communications are her areas of interest. Previously she has published chapters on feminism in entertainment media concerning digital media. ORCID: 0000-0002-4568-2987

Dr Reema Varshney, Professor and Director at Vidya Institute of Fashion Technology, Meerut has been leading the institute for the past 11 years. She is a multidisciplinary individual with 25 years of teaching and research experience. She has several national and international publications to her credit. She has one patent in the field of Plasma Treatment of Textiles under the Department of Industrial Policy & Promotion, Ministry of Commerce and Industry. She is a convener for the Fashion Design curriculum at Dr APJ Abdul Kalam University, Lucknow. She is also a counselor in IGNOU for an MBA course.

Dr Anil Vashisht is the Offg. Vice Chancellor Amity University, Madhya Pradesh, and Director – Amity Business School. Dr Vashisht has worked with leading business Groups in India, like Reliance Industries Ltd. and Trident Group. He is actively involved in various corporate training and consultancy assignments both at the industry and institution levels. He has traveled across some of the best universities and business schools in the world such as Wharton University, Columbia University, MIT Sloan, Harvard Business School, NYU Stern, and Kellogg’s Business School to name a few, and has incorporated some of the best practices in academics and administrative fields. ORCID: 0009-0002-9712-2460

Foreword

The metaverse is a concept for a future digital economy where a virtual world overlaps with our physical reality. Imagine using AI and XR technology to work, shop, and socialize in immersive virtual spaces. Blockchain and potentially quantum computing will underpin this world, allowing users to trade virtual goods and services using cryptocurrencies. Although there is a huge excitement and hope for the metaverse, there are potential downsides. It is critical to emphasize the need for a human-centered approach to metaverse development, focusing on user well-being and ethical considerations. Responsible regulations will also be crucial to creating a sustainable and positive metaverse experience for everyone.

This book, The Metaverse Dilemma: Challenges and Opportunities for Business and Society, is an invaluable compass for navigating this uncharted territory and understanding the diverse facets of the metaverse’s potential impact. For businesses, the metaverse represents a paradigm shift. It opens new windows for the opportunity of a future digital economy and alternative opportunities for enhancing learning and training through immersive simulations. This book delves into these possibilities and explores the strategies businesses must adopt to thrive in this new environment.

This book also explores the critical synergy among key technologies such as AI, AR/VR/XR in the context of Metaverse. For example, imagine AI-powered virtual assistants catering to our needs within these digital spaces. Also imagine AI-powered AR (augmented reality) solutions bringing new experiences that blur the lines between reality and virtual, creating a truly “Phygital” experience. Despite the positive prediction of the impact of the metaverse on our society, however, the metaverse is not without its shadows. The book tackles the concept of ESG (Environmental, Social, and Governance) within the metaverse, examining how we can build a sustainable and equitable virtual world. Furthermore, the book addresses the challenges and opportunities around NFTs and blockchain technology, exploring their potential as the foundation of a robust metaverse economy. Crucially, the book deals with the question of governance and explores the need for robust frameworks to ensure responsible development and use of the metaverse. In addition, the book confronts the dark side head-on, exploring potential issues around user protection and addiction. It delves into the ethical considerations necessary to ensure a safe and inclusive virtual environment.

Finally, the book presents exciting, specific use cases of the metaverse such as (1) how wellness tourism can be revolutionized by mixed reality healthcare approaches, (2) the potential of the metaverse as a game-changer, reshaping the fashion industry, and (3) the dawn of a new era in education, with virtual worlds creating cutting-edge hybrid learning experiences. As one of the academics who has been genuinely interested in XR and Metaverse and conducted academic-industry collaborative research projects for the past decade, I believe that this book will be a useful guide as well as a good resource for researchers, businesses, and governments who want to explore the Metaverse.

Professor Timothy Jung

Chair Professor of XR, Manchester Metropolitan University, UK

President of IAITI (International Association of Immersive Technology Innovation)

Conference Chair, Annual International XR-Metaverse Conference

Preface

The Metaverse Dilemma: Challenges and Opportunities for Business and Society is a masterpiece book that desires to provide its reader with a complete scope of understanding on the new type of metaverse that is developing at a faster pace. As the chasms amid the virtual and physical lands continue to get narrow, it is urging that we move through the complex universe with innovation and considerate power.

This book has the following objectives:

1. The book seeks to explore the early conceptualization and realization of the metaverse to the current status and future status of the metaverse.

2. The book offers guidelines for actions to key concerned groups in varied sectors, including policy, business, learning, and technology. The book realization level of analysis provides the action strategy at the macro level, while the learning implications from other contemporary technologies give action at the micro level.

3. The book also calls for responsible innovation within the metaverse so that precautions are taken and one feels safe while in the metaverse.

The Metaverse Dilemma is, therefore, a foundational book on the metaverse issue that offers its readers a guide that will grant them a comprehensive scope and wisdom to navigate and exploit technology. We are excited to take you through the book.

Chapter 1: Introduction of Metaverse in Business. This chapter provides readers with the necessary information to comprehend the origin and development of the metaverse. The chapter provides a detailed explanation of the uses and possibilities of metaverse-based virtual and augmented reality technologies in the future. Brands can now engage with customers at a completely new level of interaction through Metaverse, which can’t be achieved within current marketing channels. Immersive XR environments may require decision-makers to re-examine customer journeys, demographic characteristics, and customer personas.

Chapter 2: The Impact of Metaverse on Businesses. This chapter examines the impact of the metaverse on the business environment, providing valuable insights into operations, consumer interaction, and broader industry patterns. This chapter demonstrates the suitability of the metaverse in business by presenting case studies and examples of how firms and businesses are adopting metaverse solutions to stay up to date with digital transformation trends. Readers currently acquire knowledge through online stores and engaging marketing efforts that provide an immersive experience. This highlights the significant impact of incorporating the metaverse into corporate operations.

Chapter 3: Augmented Reality: Shaping the Metaverse. This chapter considers augmented reality and its critical role in actualizing a digital experience within the metaverse. Here, readers understand the practical applications of AR technologies in driving digital engagement and the power it holds across industries such as retail, healthcare, and entertainment. This chapter identifies the new level of interaction and user engagement in virtual spaces using case studies and use case scenarios.

Chapter 4: Artificial Intelligence and the Metaverse. This chapter presents the evolution of the metaverse accompanied by artificial intelligence technologies. The presented solutions may assist in creating individual recommendations and dynamic content and enhance the metaverse’s immeasurability and responsiveness. This chapter may further be based on the metaverse and touch upon the moral side of AI, like data privacy, the issues of bias, and algorithmic transparency.

Chapter 5: Metaverse and Internet of Things: A Way to Smart Cities. The chapter reveals the application of the Internet of Things into the metaverse and its possible application to the Internet of Things to build a sustainable and smart city network in the future. Occupied with sensors and IoT devices, smart cities utilize the technology to monitor and act in real-time on the data on infrastructure, transportation, and other areas. This section can focus on the benefits and downsides of the IoT application to the metaverse that goes further into daily life and can be interpreted differently.

Chapter 6: Unleashing Digital Frontiers: Bridging Realities of Augmented Reality, Virtual Reality, and the Metaverse. It combines augmented reality, virtual reality, and the metaverse, constructing an image of how such developments run together to impact modern digital reality. The chapter makes it possible to understand how these concepts can coexist and enhance each other more innovatively and creatively.

Chapter 7: Non-Fungible Tokens and Blockchain: Foundations for a Sustainable Metaverse Economy. This part of the book underlines the more in-depth aspects of the non-fungible tokens and blockchain role in the foundation of the metaverse sustainable economy; by employing NFTs developed around a blockchain ledger accounting approach, unique digital assets can safely be sold and traded. The chapter outlines the NFT paradigm and examines how it transforms digital possession and monetization in digital space, particularly in the metaverse, from digital artwork and collectibles to virtual real estate and game objects.

Chapter 8: Sustainability in the Metaverse: Challenges, Implications, and Potential Solutions. The book identified that the environment of the metaverse might be an immensely significant issue; hence, this chapter directly analyzes that topic. Furthermore, it looks at the environmental, social, and economic perspectives of digital consumption and virtual correspondence. The chapter defines the ecological circumstances of the digital world, including the environmental costs of wind or data center possession and workers’ servers, to create a better awareness of what an environmentally sustainable metaverse demands. Solutions and suggestions for using the metaverse and the best usage are given.

Chapter 9: Metaverse and ESG Governance: Addressing Social and Environmental Challenges in the Virtual World. In the following analysis, we will explore the relationship between the concept of metaverse and ESG (Environmental, Social and Governance). This examination will also clarify how virtual interaction can affect the social responsibility and conservation efforts of businesses and service providers. We will also discuss how the principles of metaverse can be utilized to encourage socially responsible behavior and conservationism. Furthermore, the analysis will elaborate on how rational and market principles, as well as regulatory mechanisms, can influence ethics and accountability.

Chapter 10: Metaverse: Transformative Pathways for Skilling, Reskilling, and Upskilling in the Digital Age. This chapter covers the metaverse’s transformative possibilities in meeting the digital age’s various skilling demands and needs. Hence, learning and training in virtuous environments, readers can explore the various virtual exposure and learning experiences that can be employed to gather the necessary skills. It requires creativity, collaborative spirit, and continuous learning exposure linked to individual distinctive learning needs.

Chapter 11: Metaverse and Wellness Tourism: An Investigation on Mixed Reality (MR) Health Care Approaches in the Tourism Industry. The chapter introduces the metaverse concept and how it is closely linked to wellness tourism in the hospitality sector. Hotels and healthcare providers can also use mixed reality for healthcare. Doing so would enable the delivery of personalized experiences and provide health services to individuals while being miles in the sky in an aircraft. The chapter gives insight into the possible advantages and disadvantages of the use of MR in the wellness tourism and hospitality industry.

Chapter 12: Metaverse: A Game Changer for Reshaping Fashion Industry. It analyses the disruptive nature of the metaverse in the fashion sector. Virtual reality has dramatically changed how fashion brands interact with their customers. It has allowed the audience to try out –outfits to determine what suits them.

Additionally, people can now attend fashion events in digital rooms. The paper highlights the potential pros and cons if the fashion industry integrates the SR into its operations.

Chapter 13: Metaverse in Education: Pioneering Virtual World for Cutting Edge Hybrid Learning Experiences. This chapter evaluates how the metaverse as a partial learning platform has been tested and found helpful in cutting-edge learning. The chapter explains that people are no longer compelled to arrive in class physically. Furthermore, students would play classroom games and “result in field trips” without having to be physically present in the classroom. The chapter elaborates on the pros and cons of Metaverse integration into the hospitality industry.

Chapter 14. Creative Synergy: Unleashing the Potential of Artificial Intelligence and the Metaverse. This chapter highlights the “creative synergy” between the metaverse and artificial intelligence. In other words, the authors focus on how AI-powered tools and algorithms can assist with content creation, curation, and collaboration within virtual reality. Most notably, AI-generated content and virtual assistants are instrumental in helping creators and developers work faster and push the boundaries of creative liberty. Automated concierges and personalized experiences, as well as automated content moderation and generation and recommendation systems, are among the examples described by the authors regarding the applications of AI in the metaverse.

Chapter 15: Good Governance and Implementation. This chapter provides an approach to good governance and implementation arrangements for adequately developing and using the metaverse. Through different examples and relevant regulatory frameworks, you will learn the approaches governments, agencies, or groups can take to enforce ethical integrity conduct, responsiveness, and reporting on the virtual setup. The chapter also describes the relevance of industry norms and self-regulated systems at the beginning of the metaverse and future aspects, especially content regulation, individual protection, data protection, and information security.

Chapter 16: The Dark Side of the Metaverse and User Protection. The final chapter considers the dark side of the metaverse, which includes various potential risks and threats for a person spending time in this virtual space. Cyberbullying, digital identity theft, and the severe spread of digital dependencies give a complete picture of why user-focused policy and cybersecurity, in general, are so important. At the same time, the part includes several likely actions and steps that can help people and organizations protect themselves from threats and adversaries presented in the metaverse. They include encryption, multi-factor authentication, digital hygiene and self-care, safety rules, and education.

The Metaverse Dilemma is a book that provides a comprehensive definition and editorial analysis of the metaverse era, including its historical beginnings, profound influence on our lives, and innovative approaches that have shaped it. The concept of the metaverse encompasses the utilization of augmented reality and virtual reality, allowing individuals to navigate digital spaces instead of physically traversing conventional rivers and engaging in face-to-face meetings. This book provides comprehensive information on blockchain technology, including blockchain-based non-fungible coins, globalization, and the ethical challenges associated with online work. The company also recognizes the potential of the metaverse to have a good impact on inclusivity, particularly in the domains of education, health, tourism, and fashion, where they excel. It is necessary to establish a governance framework and implement user protection measures in virtual spaces. This book is well-suited for individuals who aspire to behave responsibly and exhibit inventive thinking in the realm of digital technology in the future.

Chitra Krishnan

Abhishek Behl

Snigdha Dash

Prashant Dev Yadav