Metaverse Business Models and Framework: A Systematic Search with Narrative Synthesis

Abstract

This systematic search with narrative synthesis examines metaverse business models and their shift toward immersive virtual ecosystems. Following the PRISMA flow for identification and screening to structure transparency, we review 91 publications to map the shift from classical and digital models to metaverse models, highlighting new value propositions, revenue mechanisms, and the integration of VR, AR, and blockchain across the value chain. Our contributions are threefold: we articulate the transition patterns from classical and digital to metaverse business models; we propose a structured metaverse business framework with evaluation dimensions; and we compile a candidate metric set to support comparative analysis. Interpreting the evidence through a socio-technical systems lens, the synthesis indicates an emergent shift in how value is created, delivered, and captured. We identify five core dimensions for assessing metaverse business models: scalability, technological adaptability, user engagement and retention, ethical and sustainability practices, and economic viability as critical dimensions for future comparative analysis of metaverse business models. Building on these findings, we propose a metaverse business framework and a set of candidate KPIs to enable comparative evaluation and guide investment, design, and governance. The paper advances digital transformation theory and outlines a research agenda on dynamic capabilities and the long-term sustainability of metaverse business models.