This article critically discusses several issues regarding the unfolding of the Metaverse concept. Through the analysis of several sources, it demonstrates the rise of the Metaverse myth, as well as the innovation activities that are ongoing regarding the development of the technologies involved and the actual financial evolution of those companies, or funds, that are related to the Metaverse. Finally, it investigates some of the business model innovations and those that are expected to emerge, while comparing the Metaverse with the present status of the Internet. The conclusions suggest possible lines of analysis for future research.