Metaverse, ubi es? A transaction cost-based analysis of the state of the art of smart contracts in the Metaverse
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2024-01-03
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5038
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Fueled by recent technological developments and reinvigorated through the hype around the Metaverse concept, virtual worlds are becoming increasingly popular as platforms for social interaction, entertainment, and commerce. This study applies transaction cost theory to explore smart contracts' potential in virtual worlds, specifically Decentraland, Sandbox, and Roblox. By assessing process costs, we gauge the feasibility and usability of these decentralized worlds in line with the Metaverse vision. Our findings indicate that the concept and implementation of smart contracts are still nascent and require enhancements from technical, organizational, and user standpoints. Our study contributes to a better understanding of smart contracts' current value in virtual worlds and points to future research directions for optimizing their use.
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The Societal and Economic Dynamics of the Metaverse, Smart Contracts, and Non-Fungible Tokens, metaverse, smart contracts, transaction costs, virtual world
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10 pages
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Proceedings of the 57th Hawaii International Conference on System Sciences
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Attribution-NonCommercial-NoDerivatives 4.0 International
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