We draw upon the concept of federated network architectures to better understand whether the Metaverse will develop into a ‘uni-verse’ or a ‘multi-verse’. We incorporate a historical research perspective enhanced with semi-structured interviews with experts, who are involved in developing and investing in the Metaverse. Our findings showcase that the Metaverse will develop into an expansive three-dimensional simulated reality, offering a large range of functionalities. Moreover, the insights of experts show that the Metaverse will most likely first develop into a ‘multi-verse’, through a collection of separate platforms each with its own function. The findings of our study, therefore, bear timely and topical insights for research as it is in line with the recent Information Systems research agenda and the industry. We discuss the implications of our study for both theory and practice, while we delineate an agenda for future research on the topic.