Abstract
The Metaverse is an immersive virtual world facilitated by virtual reality (VR) and augmented reality (AR). It is a backbone technology for Web 3 in which users interact using avatars in a digital content environment. Metaverse as a platform enriches Web 3 with its decentralized, interactive, and immersive experiences, allowing newer forms of collaboration, innovation, and entrepreneurship. A quick historical background and its evolution are discussed. Being a content-rich environment, upgraded high-speed connectivity is necessary. Internet 3.0, decentralization, and VR/AR technologies will help build the foundation. Metaverse requires special hardware, software, content, networking, and governance. The Metaverse promises economic models in which cryptocurrencies and Metaverse Coins are traded. Metaverse is still evolving as research is increasing and associations are focusing on standards. Robust governance and regulations are still nascent. Certain negative aspects include privacy and security, addiction, cyberbullying, and disinformation, about which users must be cautious.