Blockchain Technology and The Future of Tourism: A Critical Analysis of The Positive Impacts of Metaverse on The Tourism Sector

Abstract

Tourism is one of the most important sectors of the global economy. With technological advancements, and the developments in Blockchain technology, the businesses in the touristic sector are now depending on the technology to maintain a highly competitive background, the metaverse tourism. The rise of Augmented reality (AR) and Virtual reality (VR) has impacted this sector negatively and positively. When tourists need to visit a destination, they already have their expectations and what to wait for, since they can visit the site virtually and can priori to their physical visit. Nevertheless, the technology is somewhat unfamiliar. Futurists predict that metaverse tourism has a great potential to revolutionize traditional tourism processes. By 2026, it is forecasted that the sector will have a market size of $188.24 billion and a CAGR of 26.01%. Now, this new technology has only been recognized by bigger tourism companies. Despite the scholarly speculations that metaverse will alter the operations of tourism industry, efforts to understand the technology in both industry and academia are at crossroads. This research seeks to answer the question: “What are the positive impacts of Blockchain technology, metaverse, on tourism and how will it impact the future of tourism?” In this opinion piece, the research explains the metaverse concept in the context of the tourism industry and presents a conceptual framework for the creation of metaverse experiences. The study employs secondary literature analysis as a research method to analyze how the concept has altered the tourism industry. The findings show that metaverse technology influences consumer attitude by redefining booking experiences and creating VR and AR experiences. The technology also allows decentralization and traceability, smart contracts and planning for tourism activities. These increase the likelihood of the reception of metaverse technology in the tourism industry, and in this process, the stakeholders' perceptions will change. Therefore, it can be acknowledged that the metaverse can and will impact the tourism sector in the future.