How Consulting Firms Leverage Dynamic Capabilities to Create Business Value in the Metaverse

The Metaverse, as a digital universe, enables users to interact with each other in real-time environments and offers new business opportunities. As this virtual space allows organizations to redefine their business value, firms need implications for responding to these challenges and opportunities. However, academia and practice require clarity on the specific dynamic capabilities needed for successful Metaverse adoption and whether sensing, seizing, or transforming holds greater importance. To address this phenomenon, this study investigates how consulting firms and freelancers leverage dynamic capabilities to create business value in the Metaverse. Through 18 semi-structured interviews with IT and strategy consulting professionals actively involved in Metaverse applications, the study highlights the importance of seizing, transforming, and both internal and external acquisition for successful Metaverse adoption. The contribution to literature distinguishes between organizations of varying sizes and expertise levels. Finally, this paper offers a practical roadmap for consultancies to develop dynamic capabilities toward Metaverse adoption.