The report The Metaverse Context Analysis provides a preliminary examination of the context and dynamics of the Metaverse, offering a foundation for understanding the enabling technologies and analytical categories relevant to exploring the social and cultural implications of this rapidly evolving virtual space. This work aligns with the objectives outlined in Milestone A1.1 of the MetaJust project. The document addresses key aspects, including the debate surrounding the definition of the Metaverse, its historical-technological reconstruction, and exploratory developments in governance, with particular emphasis on the role of decentralization goals underpinned by the advancement of blockchain technologies and the use of cryptocurrencies. Finally, the report identifies examples of public services implemented through Metaverse technologies, which will be further analysed to understand better the opportunities and challenges posed by this evolving virtual ecosystem.