Metaverse, ubi es? A transaction cost-based analysis of the state of the art of smart contracts in the Metaverse

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dc.contributor.authorMüller, Wieland
dc.contributor.authorRichter, Shahper
dc.contributor.authorLeyer, Michael
dc.contributor.authorRichter, Alexander
dc.date.accessioned2023-12-26T18:45:38Z
dc.date.available2023-12-26T18:45:38Z
dc.date.issued2024-01-03
dc.identifier.doi10.24251/HICSS.2024.604
dc.identifier.isbn978-0-9981331-7-1
dc.identifier.other8f80859c-72ed-437c-8bac-1b0f4a03651b
dc.identifier.urihttps://hdl.handle.net/10125/106989
dc.language.isoeng
dc.relation.ispartofProceedings of the 57th Hawaii International Conference on System Sciences
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectThe Societal and Economic Dynamics of the Metaverse, Smart Contracts, and Non-Fungible Tokens
dc.subjectmetaverse
dc.subjectsmart contracts
dc.subjecttransaction costs
dc.subjectvirtual world
dc.titleMetaverse, ubi es? A transaction cost-based analysis of the state of the art of smart contracts in the Metaverse
dc.typeConference Paper
dc.type.dcmiText
dcterms.abstractFueled 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.
dcterms.extent10 pages
prism.startingpage5038

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The Societal and Economic Dynamics of the Metaverse, Smart Contracts, and Non-Fungible Tokens