Abstract
To master a digital technology such as the metaverse, firms have to build and integrate new capabilities, while leaders have to comprehend the strategic factors ensuring this technology will translate into business success. Through a multiple-case study enriched by interviews with prominent experts in the field, we explore (1) how firms can build and integrate digital and organizational capabilities, and (2) what strategic factors leaders should consider as they develop digital business in the metaverse. Our results reveal that capabilities aimed at managing digital assets and at managing organizational factors are built and integrated through two specific mechanisms: organizational change and innovation ecosystems. Furthermore, we offer a three-stage roadmap and a leadership profile to assist with the metaverse transition. The findings enrich theoretical knowledge on the emerging topic of digital business in the metaverse.