This report focuses on the growing governance gaps between the potential of extended reality (XR), the popularity of the term metaverse, and the scale of the adoption of metaverse. While the metaverse as a concept is an advanced level of XR, we are not at that stage yet. However, there are valuable lessons from the past that may help direct and manage the present evolution of the metaverse.The hope is that the recommendations of this report will lead to more discourse between industry, governments, and other key stakeholders about the world they wish to live in or leave as an inheritance.