The Impact of the Metaverse on the Economic Development of Manufacturing Industry

Research Article
Open access

The Impact of the Metaverse on the Economic Development of Manufacturing Industry

Rong Huang 1*
  • 1 China Agricultural University    
  • *corresponding author 2022505030301@cau.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/33/20231655
AEMPS Vol.33
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-087-5
ISBN (Online): 978-1-83558-088-2

Abstract

Since social media Facebook announced its renaming to Meta in October 2021, Metaverse has become a widely discussed topic. After Facebook, companies such as Nike and BMW announced plans to launch Metaverse. A large number of cases have shown that the Metaverse plays an important role in the development of the real economy. Based on existing research, the goal of this article is to study the important role of the Metaverse in the development of the manufacturing real economy and how to promote the development of the manufacturing industry. This article studies the characteristics of the virtual and real combination and decentralization of the Metaverse through qualitative analysis and case study. Meanwhile, it was further discovered how the Metaverse promotes the economic development of the manufacturing industry by influencing its research and development, production, and marketing processes. Research has shown that, the Metaverse can affect the entire process of manufacturing product research and development, production and manufacturing, and marketing. Therefore, through the Metaverse, enterprises can achieve digitalization, cross time and space, and collaborate with multiple departments for research and development, production, and marketing. Thus, enterprises can achieve the goal of improving production efficiency and efficiency while improving consumer experience. On this basis, feasible policy recommendations were proposed.

Keywords:

Metaverse, manufacturing industry, economic development

Huang,R. (2023). The Impact of the Metaverse on the Economic Development of Manufacturing Industry. Advances in Economics, Management and Political Sciences,33,194-199.
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References

[1]. Smart, JM., Cascio, J., Paffendorf, J.: Metaverse Roadmap Overview. Acceleration Studies Foundation (2007).

[2]. Wei, A.S., Zhou, Y., Xie, L.: Virtual Reality Technology and Its Application in Manufacturing Industry. 2nd edn. Mold technology(05),54-58 (2004).

[3]. Zhang, S.Y, Zhang, T, Han, Y.F .: Analyze the impact of VR technology on economic development. Financial theory and teaching (03), 67-69+84 (2018).

[4]. Sun, Y.: Analysis of the Impact of VR Virtual Reality Technology on the Economic Market under the Background of Informationization. China's management informatization (15), 100-101 (2019).

[5]. Qin, C.: AR Technology: A Solution to Labor Shortage in Manufacturing Industry. INTELLIGENT MANUFACTURING (09), 22-23+25 (2018).

[6]. Kshetri, N.: Metaverse and Developing Economies. IT PROFESSIONAL 2(5), 99–110 (2016).

[7]. Yuan, Y., Yang, Y.: Towards the Metaverse: The Mechanism and Logic of a New Digital Economy. JOURNAL OF SHENZHEN UNIVERSITY (HUMANITIES AND SOCIAL SCIENCES EDITION) (01), 84-94 (2022).

[8]. Li, Y.: The Integration and Development of the Metaverse and the Real Economy: Theoretical Logic, Implementation Path, and Policy Suggestions. REFORM AND STRATEGY (05), 24-41 (2022).

[9]. Yao, X.F., Ma, N.F., Zhang, J.M., Wang, K.S., Yang, E.F., Faccio, M.: Enhancing wisdom manufacturing as industrial Metaverse for industry and society 5.0. Journal of Intelligent Manufacturing, 1-21 (2022).

[10]. Zheng, M.Industrial Metaverse Opens New Space for Digital transformation of Manufacturing Industry. Zhangjiang technology review(02), 42-44(2022).

[11]. Wang, C., Yu, C.J., Li, Y. Toward Understanding Attention Economy in Metaverse: A Case Study of NFT Value. IEEE Transactions on Computational Social Systems, 1-12 (2022).

Cite this article

Huang,R. (2023). The Impact of the Metaverse on the Economic Development of Manufacturing Industry. Advances in Economics, Management and Political Sciences,33,194-199.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN：978-1-83558-087-5(Print) / 978-1-83558-088-2(Online)
Editor：Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.33
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Smart, JM., Cascio, J., Paffendorf, J.: Metaverse Roadmap Overview. Acceleration Studies Foundation (2007).

[2]. Wei, A.S., Zhou, Y., Xie, L.: Virtual Reality Technology and Its Application in Manufacturing Industry. 2nd edn. Mold technology(05),54-58 (2004).

[3]. Zhang, S.Y, Zhang, T, Han, Y.F .: Analyze the impact of VR technology on economic development. Financial theory and teaching (03), 67-69+84 (2018).

[4]. Sun, Y.: Analysis of the Impact of VR Virtual Reality Technology on the Economic Market under the Background of Informationization. China's management informatization (15), 100-101 (2019).

[5]. Qin, C.: AR Technology: A Solution to Labor Shortage in Manufacturing Industry. INTELLIGENT MANUFACTURING (09), 22-23+25 (2018).

[6]. Kshetri, N.: Metaverse and Developing Economies. IT PROFESSIONAL 2(5), 99–110 (2016).

[7]. Yuan, Y., Yang, Y.: Towards the Metaverse: The Mechanism and Logic of a New Digital Economy. JOURNAL OF SHENZHEN UNIVERSITY (HUMANITIES AND SOCIAL SCIENCES EDITION) (01), 84-94 (2022).

[8]. Li, Y.: The Integration and Development of the Metaverse and the Real Economy: Theoretical Logic, Implementation Path, and Policy Suggestions. REFORM AND STRATEGY (05), 24-41 (2022).

[9]. Yao, X.F., Ma, N.F., Zhang, J.M., Wang, K.S., Yang, E.F., Faccio, M.: Enhancing wisdom manufacturing as industrial Metaverse for industry and society 5.0. Journal of Intelligent Manufacturing, 1-21 (2022).

[10]. Zheng, M.Industrial Metaverse Opens New Space for Digital transformation of Manufacturing Industry. Zhangjiang technology review(02), 42-44(2022).

[11]. Wang, C., Yu, C.J., Li, Y. Toward Understanding Attention Economy in Metaverse: A Case Study of NFT Value. IEEE Transactions on Computational Social Systems, 1-12 (2022).

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