With significant industry interest and funding toward the metaverse, it is also important to understand the opportunities, challenges and threats (OCT) of metaverse adoption. Considering the novelty of the technology and its limited existence in the real world, this study aims to identify the driving forces (opportunities) and restraining forces (challenges and threats) of metaverse adoption using force field theory and their linkages through expert study.
An empirical-qualitative research design is applied based on 30 cross-disciplinary experts’ views in the digitalization area from various industries.
A total of 11 salient factors were obtained, and the linkage and key driving factors were analyzed using total interpretive structural modeling (TISM) and MICMAC. The variables that fall in level VII is “Cyber Threat” and, in level VI, the variables include “Digital Novice” and “Technostress.” Level V includes the variable “Interactivity,” and Level IV includes “Enjoyment.” Variables that fall under Level III include “Switching Cost” and “Social Acceptance,” and Level II comprises “Escapism” and “Cyber Sickness” and Level I comprises “Convenience” and “Swift Guanxi.”
The study establishes contextual linkages between the identified metaverse variables using a TISM-MICMAC-based approach along with force field analysis theory. TISM results in a digraph representing the structural relationship among the factors, and the classification of these factors based on their dependence and driving powers are obtained using MICMAC analysis. The division of levels for variables in the proposed TISM model and their interconnections across multiple hierarchies provide valuable insights for researchers.
The study may help brands to take measures to adopt the metaverse in their organizations, gain full benefit and secure a strategic position in the market by gaining a competitive advantage. Further studies can extend the results by analyzing and contrasting the OCT variables of metaverse adoption.
This paper contributes to the body of knowledge to explore and link the OCT of metaverse adoption in businesses that require strategic attention and offers the groundwork for future investigations into adopting Metaverse. Prioritizing interventions can be strategically mapped out by understanding the hierarchy and relationship of these variables. The study also contributes to the force field analysis theory by applying it to the metaverse context, which is used within limits.
