Abstract
The concept of the "metaverse" has garnered significant attention recently, positioned as the "next frontier" of the internet. This emerging digital realm carries substantial economic and financial implications for both IT and non-IT industries. However, the integration and evolution of these virtual universes bring forth a multitude of intricate issues and quandaries that demand resolution. Within this research endeavor, our objective was to delve into and appraise the array of challenges, privacy concerns, and security issues that have come to light during the development of metaverse virtual environments in the wake of the COVID-19 pandemic. Through a meticulous review and analysis of literature spanning from January 2020 to December 2022, we have meticulously identified and scrutinized 29 distinct challenges, along with 12 policy, privacy, and security matters intertwined with the metaverse. Among the challenges we unearthed, the foremost were concerns pertaining to the costs associated with hardware and software, implementation complexities, digital disparities, and the ethical and moral quandaries surrounding socio-control, collectively cited by 43%, 40%, and 33% of the surveyed articles, respectively. Turning our focus to policy, privacy, and security issues, the top three concerns that emerged from our investigation encompassed the formulation of metaverse rules and principles, the encroachment of privacy threats within the metaverse, and the looming challenges concerning data management, all mentioned in 43%, 40%, and 33% of the examined literature. In summation, the development of virtual environments within the metaverse is a multifaceted and dynamically evolving domain, offering both opportunities and hurdles for researchers and practitioners alike. It is our aspiration that the insights, challenges, and recommendations articulated in this report will catalyze extensive dialogues among industry stakeholders, governmental bodies, and other interested parties concerning the metaverse's destiny and the world they aim to construct or bequeath to future generations.