As the initiative's name implies, its stakeholders are still in the process of defining exactly what the term "metaverse" means.

However, according to the WEF, in part, the metaverse involves a moment "at which our digital lives­ — our online identities, experiences, relationships, and assets — become more meaningful to us than our physical lives."

One person involved in the talks, Julia Goldin, LEGO's chief product & marketing officer, expressed optimism about how the metaverse could aid in children's development:

"To us, the priority is to help create a world in which we can give kids all the benefits of the metaverse — one with immersive experiences, creativity and self-expression at its core — in a way that is also safe, protects their rights and promotes their well-being."

While the talks focused somewhat on how to definitively define the term "metaverse," there was also a great deal of focus on who should be involved in — and potentially profit from — its development.

Those involved in the talks positioned themselves to "develop and share actionable strategies for creating and governing" an "interoperable and safe" metaverse.

There also were extensive discussions on providing "guidance on how to create an ethical and inclusive metaverse, engaging organizations across the private and public sectors, including business, civil society, academia and regulators."

The WEF described the initiative as "bringing together leading voices from the private sector, civil society, academia and policy" to "define the parameters" of the metaverse's future development.