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The emerging ubiquitous applications of Internet of things (IoT) and the recent popularity of the immersive technologies have created an aura for new services. These services can be delivered with new way of presentation and better customer experiences. These advances in IoT and immersive technologies have opened the roads for metaverse and its new applications in many different areas. Metaverse certainly has the potentials for large scale disruptions. However, it is not yet the time for those disruptions to be real. In this study, the main features and concepts of metaverse are analyzed. How both IoT and the immersive technologies can be instrumental in its widespread applications are looked into. The study also presents some of the popular applications of the metaverse which are clearly visible from the recent developments.