Economic Management Strategies in Virtual Platforms and the Metaverse
DOI:
https://doi.org/10.51903/a8x6fw54Keywords:
Metaverse, Digital Economic Strategy, NFT, Platform Governance, Community ParticipationAbstract
The metaverse has emerged as a new domain within the digital economy, offering decentralized and participatory ecosystems driven by digital assets such as NFTs, tokens, and cryptocurrencies. Platforms like Decentraland, Roblox, and The Sandbox represent varied models of economic governance and user engagement. However, effective economic management strategies in these virtual environments remain underdeveloped. This study explores how the three platforms manage digital economies, focusing on asset governance, community incentives, and risk dynamics. Using an exploratory qualitative approach, data were collected through semi-structured interviews and document analysis, and then thematically analyzed using NVivo software. Results show decentraland emphasizes DAO-based transparency, Roblox relies on centralized monetization, and The Sandbox balances both in a hybrid model. The study concludes that successful economic strategies in the metaverse require integrating governance structures, incentive mechanisms, and social user interaction. These findings offer insights for building more adaptive, inclusive, and sustainable digital economic frameworks in virtual ecosystems.
References
Adisa, M. O., Oyedeji, S., & Porras, J. (2024). The nexus between ICT, top-down and bottom-up approaches for sustainability activities: A systematic mapping study. Journal of Cleaner Production, 449, 141768. https://doi.org/10.1016/j.jclepro.2024.141768.
Anthony Jnr, B. (2023). A developed distributed ledger technology architectural layer framework for decentralized governance implementation in virtual enterprise. Information Systems and E-Business Management, 21, 437–470. https://doi.org/10.1007/s10257-023-00634-2.
Baird, K., Nuhu, N., & Jiao, L. (2024). The effect of Porter’s competitive forces on competitive advantage and organisational performance and the moderating role of management accounting practices. Journal of Management Control, 35, 303–332. https://doi.org/10.1007/s00187-024-00375-4.
Ballarini, E., D’Adamo, R., Pazienza, G., Zaggia, L., & Vafeidis, A. (2021). Assessing the applicability of a bottom-up or top-down approach for effective management of a coastal lagoon area. Ocean & Coastal Management, 200, 105417. https://doi.org/10.1016/j.ocecoaman.2020.105417.
Bhattacharya, P., Saraswat, D., Savaliya, D., Sanghavi, S., Verma, A., Sakariya, V., Tanwar, S., Sharma, R., Raboaca, M. S., & Manea, D. L. (2023). Towards Future Internet: The Metaverse Perspective for Diverse Industrial Applications. Mathematics, 11(4), 941. https://doi.org/10.3390/math11040941.
Campbell, K., Orr, E., Durepos, P., Nguyen, L., & L Li. (2021). Reflexive thematic analysis for applied qualitative health research. The Qualitative Report, 26(6), 2011–2028. https://doi.org/10.46743/2160-3715/2021.5010.
Crnogaj, K., & Rus, M. (2023). From Start to Scale: Navigating Innovation, Entrepreneurial Ecosystem, and Strategic Evolution. Administrative Sciences, 13(12), 254. https://doi.org/10.3390/admsci13120254.
Cutolo, D., & Kenney, M. (2021). Platform-Dependent Entrepreneurs: Power Asymmetries, Risks, and Strategies in the Platform Economy. Academy of Management Perspectives, 35(4), 584–605. https://doi.org/10.5465/amp.2019.0103.
Dwivedi, Y. K., Hughes, L., Baabdullah, A. M., Ribeiro-Navarrete, S., Giannakis, M., Al-Debei, M. M., Dennehy, D., Metri, B., Buhalis, D., Cheung, C. M. K., Conboy, K., Doyle, R., Dubey, R., Dutot, V., Felix, R., Goyal, D. P., Gustafsson, A., Hinsch, C., Jebabli, I., … Wamba, S. F. (2022). Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 66, 102542. https://doi.org/10.1016/j.ijinfomgt.2022.102542.
Dwivedi, Y. K., Hughes, L., Wang, Y., Alalwan, A. A., Ahn, S. J., Balakrishnan, J., Barta, S., Belk, R., Buhalis, D., Dutot, V., Felix, R., Filieri, R., Flavián, C., Gustafsson, A., Hinsch, C., Hollensen, S., Jain, V., Kim, J., Krishen, A. S., … Wirtz, J. (2023). Metaverse marketing: How the metaverse will shape the future of consumer research and practice. Psychology and Marketing, 40(4), 750–776. https://doi.org/10.1002/mar.21767.
Eicken, H., Danielsen, F., Sam, J. M., Fidel, M., Johnson, N., Poulsen, M. K., Lee, O. A., Spellman, K. V., Iversen, L., Pulsifer, P., & Enghoff, M. (2021). Connecting Top-Down and Bottom-Up Approaches in Environmental Observing. BioScience, 71(5), 467–483. https://doi.org/10.1093/biosci/biab018.
Enrique, D. V., Lerman, L. V., Sousa, P. R. de, Benitez, G. B., Bigares Charrua Santos, F. M., & Frank, A. G. (2022). Being digital and flexible to navigate the storm: How digital transformation enhances supply chain flexibility in turbulent environments. International Journal of Production Economics, 250, 108668. https://doi.org/10.1016/j.ijpe.2022.108668.
Ghosh, A., Lavanya, Hassija, V., Chamola, V., & Saddik, A. El. (2024). A Survey on Decentralized Metaverse using Blockchain and Web 3.0 technologies, Applications, and more. IEEE Access, 12, 146915–146948. https://doi.org/10.1109/ACCESS.2024.3469193.
Goldberg, M., & Schär, F. (2023). Metaverse governance: An empirical analysis of voting within Decentralized Autonomous Organizations. Journal of Business Research, 160, 113764. https://doi.org/10.1016/j.jbusres.2023.113764.
H E Abou, Z., & Brik, B. (2023). Next-power: Next-generation framework for secure and sustainable energy trading in the metaverse. Ad Hoc Networks, 149, 103243. https://doi.org/10.1016/j.adhoc.2023.103243.
Hadi, R., Melumad, S., & Park, E. S. (2024). The Metaverse: A new digital frontier for consumer behavior. Journal of Consumer Psychology, 34(1), 142–166. https://doi.org/10.1002/jcpy.1356.
Hammad, A., Li, M., & Vrcelj, Z. (2025). Reinterpreting Privacy and Community: Social and Spatial Transformations from Traditional Arabian Neighbourhoods to Contemporary Gated Communities. Buildings, 15(7), 1111. https://doi.org/10.3390/buildings15071111.
Hanisch, M., Goldsby, C. M., Fabian, N. E., & Oehmichen, J. (2023). Digital governance: A conceptual framework and research agenda. Journal of Business Research, 162, 113777. https://doi.org/10.1016/j.jbusres.2023.113777.
Ivanov, D., Tang, C. S., Dolgui, A., Battini, D., & Das, A. (2021). Researchers’ perspectives on Industry 4.0: multi-disciplinary analysis and opportunities for operations management. International Journal of Production Research, 59(7), 2055–2078. https://doi.org/10.1080/00207543.2020.1798035.
Kassen, M. (2021). Understanding decentralized civic engagement: Focus on peer-to-peer and blockchain-driven perspectives on e-participation. Technology in Society, 66, 101650. https://doi.org/10.1016/j.techsoc.2021.101650.
Koohang, A., Nord, J. H., Ooi, K. B., Tan, G. W. H., Al-Emran, M., Aw, E. C. X., Baabdullah, A. M., Buhalis, D., Cham, T. H., Dennis, C., Dutot, V., Dwivedi, Y. K., Hughes, L., Mogaji, E., Pandey, N., Phau, I., Raman, R., Sharma, A., Sigala, M., … Wong, L. W. (2023). Shaping the Metaverse into Reality: A Holistic Multidisciplinary Understanding of Opportunities, Challenges, and Avenues for Future Investigation. Journal of Computer Information Systems, 63(3), 735–765. https://doi.org/10.1080/08874417.2023.2165197.
Krüger, K., Weking, J., Fielt, E., Böttcher, T., Kowalkiewicz, M., & Krcmar, H. (2025). Value Drivers for Metaverse Business Models: A Complementor Perspective. Journal of Management Information Systems, 42(1), 143–173. https://doi.org/10.1080/07421222.2025.2452679.
Li, T., & Fu, Z. (2024). From Constructing Future Landscapes to Developing Conceptual Narratives: Promoting Design Innovation in the Vehicular Metaverse through Forecasting and Backcasting. Systems, 12(7), 258. https://doi.org/10.3390/systems12070258.
Lin, J., Li, Q., Wang, C., & Hu, Z. (2024). Product Development and Design Framework Based on Interactive Innovation in the Metaverse Perspective. Applied System Innovation, 7(4), 58. https://doi.org/10.3390/asi7040058.
musrifah, F., & Hasanah, I. A. (2025). Ethical Implications of AI-Driven Recruitment: A Multi-Perspective Study on Bias and Transparency in Digital Hiring Platforms. Journal of Management and Informatics, 4(1), 599–616. https://doi.org/10.51903/jmi.v4i1.140.
Notaro, A. (2022). All that is solid melts in the Ethereum: the brave new (art) world of NFTs. Journal of Visual Art Practice, 21(4), 359–382. https://doi.org/10.1080/14702029.2022.2129204.
Parcu, P. L., Rossi, M. A., Innocenti, N., & Carrozza, C. (2023). How real will the metaverse be? Exploring the spatial impact of virtual worlds. European Planning Studies, 31(7), 1466–1488. https://doi.org/10.1080/09654313.2023.2221323.
Poposki, Z. (2024). Valuing the virtual: a semiotic-psychoanalytic investigation of NFT art value and perception. Cogent Arts and Humanities, 11(1), 2430897. https://doi.org/10.1080/23311983.2024.2430897.
Putri, D., Ramadhani, S., Sulaiman, H. R., Angraeni, A. W., & Aisyah, S. (2025). The Effectiveness of E-Government Services in Enhancing Public Trust: A Comparative Study Across ASEAN Countries. Journal of Management and Informatics, 4(1), 649–667. https://doi.org/10.51903/jmi.v4i1.150.
Rafique, W., & Qadir, J. (2024). Internet of everything meets the metaverse: Bridging physical and virtual worlds with blockchain. Computer Science Review, 54, 100678. https://doi.org/10.1016/j.cosrev.2024.100678.
Ruggeri, A. G., Marella, G., & Gabrielli, L. (2024). Market Value or Meta Value? The Value of Virtual Land during the Metaverse’s Digital Era. Land, 13(8), 1135. https://doi.org/10.3390/land13081135.
Schwiderowski, J., Pedersen, A. B., Jensen, J. K., & Beck, R. (2023). Value creation and capture in decentralized finance markets: Non-fungible tokens as a class of digital assets. Electronic Markets, 33(45), 1–16. https://doi.org/10.1007/s12525-023-00658-z.
Settembre-Blundo, D., González-Sánchez, R., Medina-Salgado, S., & García-Muiña, F. E. (2021). Flexibility and Resilience in Corporate Decision Making: A New Sustainability-Based Risk Management System in Uncertain Times. Global Journal of Flexible Systems Management, 22(2), 107–132. https://doi.org/10.1007/s40171-021-00277-7.
Sriasih, S. D., Razak, F. A., & Ikhsan, H. al I. (2025). AI-Driven Sentiment Analysis of Retail Investor Behavior during Market Volatility: A Study of Twitter Data in Southeast Asia. Journal of Management and Informatics, 4(1), 741–756. https://doi.org/10.51903/jmi.v4i1.179.
Sung, E., Kwon, O., & Sohn, K. (2023). NFT luxury brand marketing in the metaverse: Leveraging blockchain-certified NFTs to drive consumer behavior. Psychology and Marketing, 40(11), 2306–2325. https://doi.org/10.1002/mar.21854.
Tingelhoff, F., Schultheiss, R., Schöbel, S. M., & Leimeister, J. M. (2024). Qualitative Insights into Organizational Value Creation: Decoding Characteristics of Metaverse Platforms. Information Systems Frontiers, 27, 467–486. https://doi.org/10.1007/s10796-024-10494-x.
Törnberg, P. (2023). How platforms govern: Social regulation in digital capitalism. Big Data and Society, 10(1), 1–13. https://doi.org/10.1177/20539517231153808.
Truong, V. T., Le, L., & Niyato, D. (2023). Blockchain Meets Metaverse and Digital Asset Management: A Comprehensive Survey. IEEE Access, 11, 26258–26288. https://doi.org/10.1109/ACCESS.2023.3257029.
Vidal-Tomás, D. (2023). The illusion of the metaverse and meta-economy. International Review of Financial Analysis, 86, 102560. https://doi.org/10.1016/j.irfa.2023.102560.
Xavier, L. H., Giese, E. C., Ribeiro-Duthie, A. C., & Lins, F. A. F. (2021). Sustainability and the circular economy: A theoretical approach focused on e-waste urban mining. Resources Policy, 74, 101467. https://doi.org/10.1016/j.resourpol.2019.101467
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Farhat Abdul Razak, Hussein al-Ikhsan, Sutriani Dewi Sriasih, Mohammad Akbar Nafir, Fikri Hilal
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
.png)
