The Metaverse provides a virtual and physical symbiotic space with unlimited creative potential, where users can self-construct, self-design, and enjoy a high level of freedom. This will have a huge impact on the organization and form of society, and hence how enterprises seize the opportunities presented by the Metaverse has become a hot topic of concern. From the perspective of the TOE, this paper takes 127 Metaverse-listed companies as the research sample, and uses the QCA method to deconstruct the interactive effects of multiple factors that affect the high-quality development of Metaverse enterprises.

The conclusions of this paper are as follows: There are two main paths for Metaverse enterprises to achieve high-quality development: organization-environment-driven path and organization-led path. Under the same conditions, the digital transformation and digital economy environment of enterprises exhibit a significant substitution effect in driving the high-quality development of Metaverse enterprises. This paper provides empirical evidence for revealing the diversified configurations of the high-quality development of Metaverse enterprises, which helps enterprises take corresponding development strategies and promote innovation vitality, help the government grasp the development direction of the Metaverse industry, formulate corresponding policies, and achieve the healthy development of the Metaverse industry.

Based on the above conclusions, the following policy recommendations are put forward: First, enterprises should pay attention to improving their technological level, cultivating high-end talents, strengthening cooperation with the upstream and downstream of the industrial chain, and expanding market share. Second, the government should create a good business environment to provide support and guarantee for the development of Metaverse enterprises. Third, it is necessary to make full use of the new generation of digital technologies related to digital transformation in the digital economy to optimize manufacturing processes and improve product quality and efficiency.

The possible contributions of this paper are that: First, it innovatively reveals the high-quality development paths of Metaverse enterprises, and enriches the theoretical framework of TOE. Second, it adopts the QCA method for the first time to conduct empirical research on the development of Metaverse enterprises, and the conclusions are more accurate.