Organizational and interorganizational processes, business models, and strategies

Abstract

This chapter examines how Web3 technologies like blockchain and the metaverse are transforming organizational functions and business models. The metaverse is enhancing human resource processes such as recruitment through immersive job previews, virtual interviews/job fairs, and innovative training via VR simulations, gamification, and AI assistants. In manufacturing, the industrial metaverse enables cost savings, quality improvements, flexibility, faster delivery, and sustainability by leveraging capabilities like digital twins and real-time facility reconfigurations. Web3 and the metaverse are reshaping business models by providing immersive digital marketing channels and virtual product testing grounds, especially appealing to Gen Z. Companies are generating new revenue streams through metaverse initiatives like Nike's Nikeland featuring virtual goods sold as NFTs. The blockchain's trustless verification can prevent opportunistic behavior in interorganizational relationships by transparently enforcing agreements. Examples include using NFTs to certify product data impacting resale value and incentivizing authorized after-sales service channels.