Table 2 Representative supporting data... | Emerald Publishing

Table 2

Representative supporting data for each theme

Second order themes	Illustrative quotes from first-order data
a. Affordable design cost	“The cost of developing and designing NFTs and metaverses is economically viable” (Market News Publishing, February 8, 2022)
a. Affordable design cost	“SEVA.LOVE's goal is to make art and philanthropy accessible, create recurring revenue for sustainable actions” (PR Newswire, October 28, 2021)
b. Decentralized database	“Blockchain allows metaverse users' and applications' data to be stored on its decentralized database management solution” (ACCESSWIRE, March 30, 2022) “XYZ sets the base for web3 future to enable value creation by seamlessly connecting with other systems, applications” (ACCESSWIRE, March 30, 2022)
c. Cryptocurrency as medium of exchange	“The research found that finance officers within SMBs are increasingly embracing cryptocurrencies and the metaverse as digital payments technology forces an evolution” (News Bites–Western Europe: United Kingdom, April 19, 2022) “Every virtual economy needs money, so there is an enormous opportunity for blockchain and crypto assets to move to the mainstream. Cryptocurrencies work like virtual cash in virtual worlds. Transactions are almost instantaneous and the blockchain technology behind them is designed to build trust and ensure security” (Business Day (South Africa) December 7, 2021)
d. Extended reality	“The idea is that ‘extended reality’ – the combination of augmented, virtual, and mixed reality – will become a key medium for social and business engagement” (Impact News Service, October 30, 2021) “Looking Glass Labs is a digital platform specializing in NFTs architecture, immersive extended reality metaverse design, and virtual asset royalty streams” (Proactive Investors (NA) March 17, 2022)
e. VR	“I think it is smart thinking by the company as the rebranding is of the parent company and not of individual brands. It positions the company as one which is looking at harnessing the opportunities that metaverse presents by creating a holistic and immersive experience for consumers deploying AI, VR, AR and new Internet technologies that are seeking to blur the divide between physical and virtual worlds” (Ad Gully November 1, 2021)
f. AR	“NAR Solutions is a metaverse company that develops and operates “AR” platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360 portals to its audiences, altering e-commerce, digital advertising, hybrid virtual events and learning and training experiences in AR” (Market News Publishing March 29, 2022) “And as we look beyond to AR and rethinking the mall virtually, on how you're approaching the metaverse as well” (Fair Disclosure Wire, February 22, 2022) ‘Nextech AR Solutions is a Metaverse company that develops and operates “AR” platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences’ (Business Wire March 29, 2022)
g. Blockchain integration	“By leveraging extended reality, blockchain, and AIe technologies, we aim to create a metaverse that focuses on the principles of create, experience, and share which enhances the human experience” (News Shopper January 19, 2022) “The Radio Caca USM Metaverse will jointly design and develop various concepts and cooperation with ITU and METU Blockchain Community on the following aspects” (MENAFIN press release, February 11, 2022)
h. NFTs	“… To a certain extent, this may rely on NFTs as the foundation for value creation” (Impact News Service October 30, 2021) “Another aspect of blockchain and cryptocurrency will be key in the metaverse: NFTs as the foundation for value creation” (Business Day (South Africa), December 7, 2021) “As an expansion of that platform, the firm will also make a NFT alongside each investment” (PR wire April 1, 2022)
i. Social and business engagements	“Central to the concept of the metaverse is the idea that virtual, 3D environments that are accessible and interactive in real time will become the transformative medium for social and business engagement” (Impact News Service October 30, 2021)
j. New entrepreneurial opportunities	“As we build for the metaverse, we're focused on unlocking opportunities for creators to make money from their work” (The Nation (Nigeria), November 21, 2021) “StarHub's investment has put us on a better footing and brought new opportunities for value creation” (Edge Singapore April 4, 2022)
k. Digital transformation	“Siemens and NVIDIA share a common vision that the industrial metaverse will drive digital transformation” (Cityam.com, October 21, 2022) “The digital transformation of government offers a historic opportunity to build a whole ecosystem of investment, innovation and services and business systems that frames the public sector as a key economic player” (AFR online March 22, 2022) “This thinking transforms government from being a cost centre, managing the steam trains, to a far more dynamic model as a platform for growth and real value creation” (AFR online March 22, 2022)
l. Return on investment	“The company believes that this value creation and ROI is leading to the rapidly growing demand for the Company's 3D technology” (Market News Publishing, March 29, 2022)
m. Strategic initiatives	“The company continues to innovate and implement strategic initiatives to increase the adoption of blockchain technology and advance its Social Network+ and metaverse initiatives” (West Corporation, Apr 26, 2022) “We continued our strategic initiatives to drive penetration of our future-proof AVANCE platform with a 46% increase in installed base in 2021” (Fair Disclosure Wire, March 3, 2022)
n. Social media presence	“Persistence (no obvious “on ” s or “off ” to access), synchronicity (existing in real-time) and interoperability, as well being populated by content and experiences by both individuals and businesses” (Impact News Service October 30, 2021) “While the NFT world is incredible, it is still evolving, and we saw a gap in the market to build a community and create a transparent exchange that allows people to make a real social impact via the metaverse” (PR Newswire, October 28, 2021)
o. Interoperability	“Three key aspects are said to exist within the metaverse: presence, interoperability, and standardization” (News Bites–Western Europe: United Kingdom April 28, 2022) “As more established gaming companies begin to explore the metaverse, Borget insisted that the core of the metaverse remained decentralization, interoperability and creator-generated content” (Forkast.News February 18, 2022)
p. Product simulation	“MCB can simulate and refine manufacturing processes infinitely in the Microsoft Cloud before bringing them to the shop floor to enhance efficiency and minimize its environmental impact amid constant change and uncertainty” (Just-auto global news, October 12, 2022) “Roblox capitalized on the draw of metaverse and its own strength of user base by hosting exclusive product launches from luxury fashion brands” (Globe Newswire, February 22, 2022)

Second order themes	Illustrative quotes from first-order data
a. Affordable design cost	“The cost of developing and designing NFTs and metaverses is economically viable” (Market News Publishing, February 8, 2022)
a. Affordable design cost	“SEVA.LOVE's goal is to make art and philanthropy accessible, create recurring revenue for sustainable actions” (PR Newswire, October 28, 2021)
b. Decentralized database	“Blockchain allows metaverse users' and applications' data to be stored on its decentralized database management solution” (ACCESSWIRE, March 30, 2022)“XYZ sets the base for web3 future to enable value creation by seamlessly connecting with other systems, applications” (ACCESSWIRE, March 30, 2022)
c. Cryptocurrency as medium of exchange	“The research found that finance officers within SMBs are increasingly embracing cryptocurrencies and the metaverse as digital payments technology forces an evolution” (News Bites–Western Europe: United Kingdom, April 19, 2022)“Every virtual economy needs money, so there is an enormous opportunity for blockchain and crypto assets to move to the mainstream. Cryptocurrencies work like virtual cash in virtual worlds. Transactions are almost instantaneous and the blockchain technology behind them is designed to build trust and ensure security” (Business Day (South Africa) December 7, 2021)
d. Extended reality	“The idea is that ‘extended reality’ – the combination of augmented, virtual, and mixed reality – will become a key medium for social and business engagement” (Impact News Service, October 30, 2021)“Looking Glass Labs is a digital platform specializing in NFTs architecture, immersive extended reality metaverse design, and virtual asset royalty streams” (Proactive Investors (NA) March 17, 2022)
e. VR	“I think it is smart thinking by the company as the rebranding is of the parent company and not of individual brands. It positions the company as one which is looking at harnessing the opportunities that metaverse presents by creating a holistic and immersive experience for consumers deploying AI, VR, AR and new Internet technologies that are seeking to blur the divide between physical and virtual worlds” (Ad Gully November 1, 2021)
f. AR	“NAR Solutions is a metaverse company that develops and operates “AR” platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360 portals to its audiences, altering e-commerce, digital advertising, hybrid virtual events and learning and training experiences in AR” (Market News Publishing March 29, 2022)“And as we look beyond to AR and rethinking the mall virtually, on how you're approaching the metaverse as well” (Fair Disclosure Wire, February 22, 2022)‘Nextech AR Solutions is a Metaverse company that develops and operates “AR” platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences’ (Business Wire March 29, 2022)
g. Blockchain integration	“By leveraging extended reality, blockchain, and AIe technologies, we aim to create a metaverse that focuses on the principles of create, experience, and share which enhances the human experience” (News Shopper January 19, 2022)“The Radio Caca USM Metaverse will jointly design and develop various concepts and cooperation with ITU and METU Blockchain Community on the following aspects” (MENAFIN press release, February 11, 2022)
h. NFTs	“… To a certain extent, this may rely on NFTs as the foundation for value creation” (Impact News Service October 30, 2021)“Another aspect of blockchain and cryptocurrency will be key in the metaverse: NFTs as the foundation for value creation” (Business Day (South Africa), December 7, 2021)“As an expansion of that platform, the firm will also make a NFT alongside each investment” (PR wire April 1, 2022)
i. Social and business engagements	“Central to the concept of the metaverse is the idea that virtual, 3D environments that are accessible and interactive in real time will become the transformative medium for social and business engagement” (Impact News Service October 30, 2021)
j. New entrepreneurial opportunities	“As we build for the metaverse, we're focused on unlocking opportunities for creators to make money from their work” (The Nation (Nigeria), November 21, 2021)“StarHub's investment has put us on a better footing and brought new opportunities for value creation” (Edge Singapore April 4, 2022)
k. Digital transformation	“Siemens and NVIDIA share a common vision that the industrial metaverse will drive digital transformation” (Cityam.com, October 21, 2022)“The digital transformation of government offers a historic opportunity to build a whole ecosystem of investment, innovation and services and business systems that frames the public sector as a key economic player” (AFR online March 22, 2022)“This thinking transforms government from being a cost centre, managing the steam trains, to a far more dynamic model as a platform for growth and real value creation” (AFR online March 22, 2022)
l. Return on investment	“The company believes that this value creation and ROI is leading to the rapidly growing demand for the Company's 3D technology” (Market News Publishing, March 29, 2022)
m. Strategic initiatives	“The company continues to innovate and implement strategic initiatives to increase the adoption of blockchain technology and advance its Social Network+ and metaverse initiatives” (West Corporation, Apr 26, 2022)“We continued our strategic initiatives to drive penetration of our future-proof AVANCE platform with a 46% increase in installed base in 2021” (Fair Disclosure Wire, March 3, 2022)
n. Social media presence	“Persistence (no obvious “on ” s or “off ” to access), synchronicity (existing in real-time) and interoperability, as well being populated by content and experiences by both individuals and businesses” (Impact News Service October 30, 2021)“While the NFT world is incredible, it is still evolving, and we saw a gap in the market to build a community and create a transparent exchange that allows people to make a real social impact via the metaverse” (PR Newswire, October 28, 2021)
o. Interoperability	“Three key aspects are said to exist within the metaverse: presence, interoperability, and standardization” (News Bites–Western Europe: United Kingdom April 28, 2022)“As more established gaming companies begin to explore the metaverse, Borget insisted that the core of the metaverse remained decentralization, interoperability and creator-generated content” (Forkast.News February 18, 2022)
p. Product simulation	“MCB can simulate and refine manufacturing processes infinitely in the Microsoft Cloud before bringing them to the shop floor to enhance efficiency and minimize its environmental impact amid constant change and uncertainty” (Just-auto global news, October 12, 2022)“Roblox capitalized on the draw of metaverse and its own strength of user base by hosting exclusive product launches from luxury fashion brands” (Globe Newswire, February 22, 2022)

Source(s): Author's own elaboration