Opportunities and Challenges in the Metaverse and NFTs for Business Model Innovation: A Managerial Point of View

This article examines the role that the metaverse and nonfungible tokens (NFTs) play in innovating the business model of firms. We employed qualitative data collected through a survey, which included more than 100 managers at both small and medium-sized enterprises and large enterprises representing over 20 different industrial sectors, and through a panel of experts. The empirical outcomes show that the metaverse and NFTs can be significantly leveraged by firms to innovate the building blocks of their business models in different ways, as summarized in the framework we have developed, which provides a guide to best practices when adopting these emerging technologies. In addition, this work also highlights the major challenges faced in the adoption of such technologies. In doing so, our aim is to advance overall scientific understanding of the metaverse and NFTs, which facilitates conscious implementation, and to highlight the potential for innovation that should be considered to favor business development.