The metaverse is an integrated network of interactive and persistent virtual worlds that is considered to be the next universal iteration of the internet. The concept is centered around delivering a greater immersive experience through additional dimensions (e.g., enhanced interactions via VR/AR and haptic solutions) to interact with information and other users. Metaverse platforms refer to interactive and persistent virtual worlds/environments that are hypothesized to integrate and form the user-experience layer of the metaverse, facilitating activities such as collaborative remote working, education/training simulations, gaming, and social interaction.

Although the metaverse concept calls for the interoperability of all platforms, until recently, they operated in relative isolation. The creation of open standards to solve the issues associated with the interoperability of digital assets and identities across platforms are still a work in progress. Metaverse platforms are enabled via core technologies such as extended reality, the blockchain, cloud/edge computing, and 5G. Furthermore, the growing share of Gen Z consumers and their income levels, monetization opportunities for creators, and significant enterprise interest are likely to drive the industry forward.