The Metaverse can be broken down into 4 major components:
1. Mature Devices
Mature, Internet-connected devices such as PCs, gaming consoles, and mobile/tablet devices
2. Cross-Platform Software
Cross-platform game engines such as Unity are used to build the virtual world experience behind popular decentralized apps like Decentraland. Additionally, 3D modeling tools like Blender are used to build cross-compatible 3D assets.
3. Extended Reality Devices
Extended reality (XR) devices such as VR headsets enable an immersive experience
Web3 technologies that support crypto-based user identity, NFT marketplaces to buy/sell virtual real estate and avatar wearables, etc.
As you can see, the Metaverse is essentially made up of existing mature technologies and several emerging technologies that are now viable and growing in adoption.
If you wondered about the difference between previous examples of the virtual world (e.g. Second Life) and the Metaverse, hopefully, you can see the difference now.