2nd order theme, illustrative quotes, title and country
| 2nd order themes | Illustrative codes from first order data | Title | Country |
|---|---|---|---|
| a. Affordable design cost | “The cost of developing and designing NFTs and metaverses is economically viable” (Market News Publishing, February 8, 2022) | 3D Modelling Technology Provides Genesis for the Development Of the HAPEBEAST NFT Collection | Canada |
| “SEVA.LOVE's goal is to make art and philanthropy accessible, create recurring revenue for sustainable actions”(PR Newswire, October 28, 2021 page 1) | SEVA.LOVE, a Transformational Platform for Good, is Powering NFTs and the Metaverse on the Hedera Network | USA | |
| b. Decentralized database | “Blockchain allows metaverse users' and applications' data to be stored on its decentralized database management solution” (ACCESSWIRE, March 30, 2022) | Inery Introduces Cross-Chain Database Management in the Web3 Metaverse Space | USA |
| “XYZ sets the base for web3 future to enable value creation by seamlessly connecting with other systems, applications” (ACCESSWIRE, March 30, 2022) | Inery Introduces Cross-Chain Database Management in the Web3 Metaverse Space | USA | |
| 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) | A new breed of finance frontrunners face the future: SMBs embrace the metaverse and cryptocurrency | UK |
| “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) | The metaverse: welcome to the next online frontier | South Africa | |
| 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) | What is the metaverse? And why should we care? | USA |
| "Looking Glass Labs is a digital platform specializing in non-fungible token architecture, immersive extended reality metaverse design, and virtual asset royalty streams” (Proactive Investors (NA) January 4, 2022) | Looking Glass Labs says its subsidiary House of Kibaa joins DigiBC to further its NFT and metaverse opportunities in British Columbia | USA | |
| 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) | Facebook's transition to Meta: A bold and ambitious move, say experts | India |
| f. AR | “NAR Solutions is a metaverse company that develops and operates augmented reality (“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” (Business wire December 21, 2021) | Nextech AR Signs Multi-year Virtual Event and Marketplace Contract With Restaurants Canada | Canada |
| “And as we look beyond to augmented reality and rethinking the mall virtually, on how you're approaching the metaverse as well’ (Fair Disclosure Wire, February 22, 2022, Page 284) | Does Facebook, er Meta, now need stores | USA | |
| “Nextech AR Solutions is a Metaverse company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences' (Business Wire March 29, 2022 page 2) | Nextech AR Signs Multi-year Virtual Event and Marketplace Contract With Restaurants Canada | USA | |
| g. Blockchain integration | “By leveraging extended reality, blockchain, and artificial intelligence 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) | Company uses virtual reality and “opens the door to new metaverse city” | USA |
| “The Radio Caca USM Metaverse will jointly design and develop various concepts and cooperation with ITU and METU Blockchain Community on the following aspects” (GlobeNewswire release, February 11, 2022 page 2) | Cambridge University Blockchain Society Partners with Radio Caca (RACA) to Build Metaverse Education | UAE | |
| h. NFTs | “… To a certain extent, this may rely on non-fungible tokens (NFTs) as the foundation for value creation” (Impact News Service October 30, 2021) | What is the metaverse? And why should we care? | USA |
| “Another aspect of blockchain and cryptocurrency will be key in the metaverse: nonfungible tokens (NFTs) as the foundation for value creation” (Business Day (South Africa), December 7, 2021 page 2) | The metaverse: welcome to the next online frontier | South Africa | |
| “As an expansion of that platform, the firm will also make a Non-Fungible Token (NFT) alongside each investment” (PR wire April 1, 2022 page 2) | Mogo Announces Expansion into Metaverse with Investment in NFT Trading Platform NFT Trader | USA | |
| 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) | What is the metaverse? And why should we care? | USA |
| 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) | Meta plans to take a nearly 50% cut on virtual asset sales in its metaverse | NIGERIA |
| “StarHub's investment has put us on a better footing and brought new opportunities for value creation,” (Edge Singapore April 4, 2022, page 2 | Cover Story: Countdown to IPO | SINGAPORE | |
| k. Digital transformation | “Siemens and NVIDIA share a common vision that the industrial metaverse will drive digital transformation” (Cityam.com, October 21, 2022 | Siemens and NVIDIA partner to build the Industrial Metaverse | UK |
| “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; Page 5 | The case for a ministry for digital | AUSTRALIA | |
| “Blockchain allows metaverse users' and applications' data to be stored on its decentralized database management solution” (ACCESSWIRE, March 30, 2022) | Inery Introduces Cross-Chain Database Management in the Web3 Metaverse Space | USA | |
| l. Return on investment | “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; Page 5) | The case for a ministry for digital | AUSTRALIA |
| 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) | DatChat Enters Metaverse Development Joint Venture with MetaBizz | USA |
| “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 page 2) | Q4 2021 Gogo Inc Earnings Call – Final | USA | |
| 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) | Characteristics and Challenges of the Metaverse | USA |
| “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 page 1) | SEVA.LOVE, a Transformational Platform for Good, is Powering NFTs and the Metaverse on the Hedera Network | USA | |
| 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) | The Three Key Aspects of the Metaverse | UK |
| “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, page 2) | Sandcastles in cyberspace and the rise of the metaverse | Korea | |
| 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) | Mercedes-Benz and Microsoft Collaborate to Boost Efficiency, Resilience and Sustainability in Car Production | Indonesia |
| “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 page 2) | Global Metaverse Market to Reach US$758.6 Billion by the Year 2026 | Canada |
| 2nd order themes | Illustrative codes from first order data | Title | Country |
|---|---|---|---|
| a. Affordable design cost | “The cost of developing and designing NFTs and metaverses is economically viable” (Market News Publishing, February 8, 2022) | 3D Modelling Technology Provides Genesis for the Development Of the HAPEBEAST NFT Collection | Canada |
| “SEVA.LOVE's goal is to make art and philanthropy accessible, create recurring revenue for sustainable actions”(PR Newswire, October 28, 2021 page 1) | SEVA.LOVE, a Transformational Platform for Good, is Powering NFTs and the Metaverse on the Hedera Network | USA | |
| b. Decentralized database | “Blockchain allows metaverse users' and applications' data to be stored on its decentralized database management solution” (ACCESSWIRE, March 30, 2022) | Inery Introduces Cross-Chain Database | USA |
| “XYZ sets the base for web3 future to enable value creation by seamlessly connecting with other systems, applications” (ACCESSWIRE, March 30, 2022) | Inery Introduces Cross-Chain Database | USA | |
| 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) | A new breed of finance frontrunners face the future: SMBs embrace the metaverse and cryptocurrency | UK |
| “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) | The metaverse: welcome to the next online frontier | South Africa | |
| 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) | What is the metaverse? And why should we care? | USA |
| "Looking Glass Labs is a digital platform specializing in non-fungible token architecture, immersive extended reality metaverse design, and virtual asset royalty streams” (Proactive Investors (NA) January 4, 2022) | Looking Glass Labs says its subsidiary House of Kibaa joins DigiBC to further its NFT and metaverse opportunities in British Columbia | USA | |
| 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) | Facebook's transition to Meta: A bold and ambitious move, say experts | India |
| f. AR | “NAR Solutions is a metaverse company that develops and operates augmented reality (“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” (Business wire December 21, 2021) | Nextech AR Signs Multi-year Virtual Event and Marketplace Contract With Restaurants Canada | Canada |
| “And as we look beyond to augmented reality and rethinking the mall virtually, on how you're approaching the metaverse as well’ (Fair Disclosure Wire, February 22, 2022, Page 284) | Does Facebook, er Meta, now need stores | USA | |
| “Nextech AR Solutions is a Metaverse company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences' (Business Wire March 29, 2022 page 2) | Nextech AR Signs Multi-year Virtual Event and Marketplace Contract With Restaurants Canada | USA | |
| g. Blockchain integration | “By leveraging extended reality, blockchain, and artificial intelligence 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) | Company uses virtual reality and “opens the door to new metaverse city” | USA |
| “The Radio Caca USM Metaverse will jointly design and develop various concepts and cooperation with ITU and METU Blockchain Community on the following aspects” (GlobeNewswire release, February 11, 2022 page 2) | Cambridge University Blockchain Society Partners with Radio Caca (RACA) to Build Metaverse Education | UAE | |
| h. NFTs | “… To a certain extent, this may rely on non-fungible tokens (NFTs) as the foundation for value creation” (Impact News Service October 30, 2021) | What is the metaverse? And why should we care? | USA |
| “Another aspect of blockchain and cryptocurrency will be key in the metaverse: nonfungible tokens (NFTs) as the foundation for value creation” (Business Day (South Africa), December 7, 2021 page 2) | The metaverse: welcome to the next online frontier | South Africa | |
| “As an expansion of that platform, the firm will also make a Non-Fungible Token (NFT) alongside each investment” (PR wire April 1, 2022 page 2) | Mogo Announces Expansion into Metaverse with Investment in NFT Trading Platform NFT Trader | USA | |
| 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) | What is the metaverse? And why should we care? | USA |
| 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) | Meta plans to take a nearly 50% cut on virtual asset sales in its metaverse | NIGERIA |
| “StarHub's investment has put us on a better footing and brought new opportunities for value creation,” (Edge Singapore April 4, 2022, page 2 | Cover Story: Countdown to IPO | SINGAPORE | |
| k. Digital transformation | “Siemens and NVIDIA share a common vision that the industrial metaverse will drive digital transformation” ( | Siemens and NVIDIA partner to build the Industrial Metaverse | UK |
| “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; Page 5 | The case for a ministry for digital | AUSTRALIA | |
| “Blockchain allows metaverse users' and applications' data to be stored on its decentralized database management solution” (ACCESSWIRE, March 30, 2022) | Inery Introduces Cross-Chain Database | USA | |
| l. Return on investment | “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; Page 5) | The case for a ministry for digital | AUSTRALIA |
| 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) | DatChat Enters Metaverse Development Joint Venture with MetaBizz | USA |
| “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 page 2) | Q4 2021 Gogo Inc Earnings Call – Final | USA | |
| 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) | Characteristics and Challenges of the Metaverse | USA |
| “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 page 1) | SEVA.LOVE, a Transformational Platform for Good, is Powering NFTs and the Metaverse on the Hedera Network | USA | |
| 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) | The Three Key Aspects of the Metaverse | UK |
| “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, page 2) | Sandcastles in cyberspace and the rise of the metaverse | Korea | |
| 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) | Mercedes-Benz and Microsoft Collaborate to Boost Efficiency, Resilience and Sustainability in Car Production | Indonesia |
| “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 page 2) | Global Metaverse Market to Reach US$758.6 Billion by the Year 2026 | Canada |
Source(s): Author's own elaboration
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