Babylonian Journal of Internet of Things

Metaverse Revolution in Higher Education: The Rise of Metaversities and Immersive Learning Environments

Pushan Kumar Dutta

School of Engineering and Technology, Amity University, Kolkata, India

https://orcid.org/0000-0002-4765-3864

Denis Sekiwu

Department of Foundations of Education, Kabale University, Kabale, Uganda

Omega John Unogwu

Space Geodesy and Systems Division, Centre for Geodesy and Geodynamics, National Space Research and Development Agency, Nigeria

https://orcid.org/0000-0001-6415-8892

Ankar Tersoo Catherine

Department of Economics, College of Education Oju, Benue State, Nigeria

https://orcid.org/0009-0000-8945-3994

Amr Hosny Helal

Institute of Arab Research and Studies, Cairo, Egypt

https://orcid.org/0009-0005-4130-0362

DOI: https://doi.org/10.58496/BJIoT/2023/008

Keywords: Metaverse, Virtual reality, Education technology, Digital finance, Metaversity

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Abstract

This study examines the Metaverse's impact on higher education and finance, introducing the concept of "Metaversities" and virtual financial services. We conducted a randomized controlled trial with 400 undergraduate students over two semesters, comparing an integrated metaverse-enhanced learning approach to traditional digital methods. Results show significant improvements in the metaverse group: 15% higher exam scores, 41% more time spent learning, 19.5% better knowledge retention, and 110% more peer interactions. The study also explores virtual financial solutions offered by banks, potentially democratizing access to financial services. Our results demonstrate significant improvements in academic performance, engagement, knowledge retention, collaboration, and student satisfaction among participants in the metaverse-enhanced learning group. The experimental group showed a 15% increase in average final exam scores, spent 41% more time on learning activities, and demonstrated 19.5% higher knowledge retention one month after course completion compared to the control group. Collaboration metrics also improved substantially, with the experimental group engaging in 110% more peer interactions and producing higher quality group projects. However, challenges such as practical application, legislation needs, cybersecurity, and digital divide issues are identified. While the Metaverse shows promise in expanding access to quality education and financial services, careful management is crucial to prevent exacerbating inequalities. This research contributes empirical evidence on the Metaverse's effectiveness in higher learning and insights into its financial sector implications. Our findings suggest that the Metaverse offers unprecedented opportunities for innovation in education and finance, but stakeholders must address critical challenges to ensure equitable and beneficial implementation.