Since mid-2021, few topics in technology and entertainment have experienced the level of hype, and misunderstanding, as the Metaverse. Technology innovators, entertainment leaders, and global brands seek to understand this phenomenon and formulate their plans to harness it to their own benefit. Yet, few agree on exactly what “the Metaverse” is, much less what it means for their company. This report provides an in-depth analysis of the Metaverse, including the criteria defining a metaverse, the competing visions for it among leading proponents, figures that point to its size and potential, and trends that are impacting its emergence. The report also explores brand engagements in the current Metaverse, including an evaluation of the leading options for brand-related Metaverse initiatives. DATA SOURCES: Executive interviews; Published company information and industry data; Online surveys of US consumers performed from 2019 to 2022.