What Can we See Inside the Crystal Ball? Exploring Opportunities and Challenges for Metaverse and Circular Economy

Subhankar Das, Subhra Mondal, Florian Struck, Juliane Eissfeldt, Lydia Beernink, Vivien Sigouras, Stephan Hoose and Lukas Kopac

Academic Journal of Interdisciplinary Studies, 2023, vol. 12

Abstract: Metaverse is a virtual world that offers endless possibilities for entertainment, education, and social interaction. Whereas circular economy deals with the principle of reduce, reuse, and recycle which helps in waste elimination and boost continuous resource availability. However, there are challenges to promoting a circular economy in the metaverse. One of the challenges is ensuring that everyone has access to it, as there is still a digital divide. Additionally, it is challenging to track the lifecycle of virtual products and ensure they are properly recycled or reused. Finally, it is necessary to coordinate virtual and real-world initiatives to create a comprehensive circular economy system. Despite these challenges, many opportunities exist for promoting a circular economy in the metaverse. One opportunity is creating virtual marketplaces for second-hand goods. Another opportunity is using virtual reality to simulate the environmental impact of different products and production methods. Finally, researchers can develop virtual training and certification programs for sustainable practices in the metaverse. The challenges that need to be resolved to create a sustainable future for both the real and metaverse are discussed here. Overall, the implications of using the metaverse for the circular economy are promising but require careful consideration and collaboration between virtual and real-world efforts. Researchers can contribute to the development of a more equitable and sustainable future by understanding these concepts.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bjz:ajisjr:2498

DOI: 10.36941/ajis-2023-0165

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