Metaverse represents a multifaceted digital universe integrating diverse technologies to create immersive, interconnected virtual environments. Key components foundational to its structure include the infrastructure layer for hardware and network support, the human interface layer utilizing virtual reality (VR) and augmented reality (AR) devices, and a decentralized layer leveraging blockchain for secure digital asset management. Further components encompass spatial computing for realistic 3D environments, the creator economy for content generation and monetization, and discovery mechanisms for navigation within Metaverse. VR, AR, blockchain, AI, the fifth-generation (5G) networks, and the Internet of Things (IoT) are central to Metaverse functionality, enabling real-time interactions and data integration. Real-Time Metaverse aims to replicate instantaneous real-world interactions, requiring advanced technological infrastructure for seamless data exchange. Critical challenges include ensuring low latency, high bandwidth, scalability, and robust security measures. Metaverse’s potential spans various domains, promising to revolutionize social interactions, entertainment, workplaces, and education through dynamic, immersive experiences. Ongoing advancements in high-performance computing, cloud services, and AI-driven technologies are essential for addressing existing barriers and achieving a cohesive, secure, and inclusive Metaverse ecosystem. Future research must focus on enhancing user experience, accessibility, and standardized interoperability to fully realize the transformative capabilities of a Metaverse.