How can rights and freedoms be guaranteed in the metaverse, whilst the frontiers between the physical and virtual worlds are becoming increasingly blurred? This collaborative report by the Council of Europe and the IEEE Standards Association navigates the complexities of technology and human rights, emphasising the importance of a human-centric approach to immersive realities development, such as the metaverse. The report highlights key issues and risks while exploring the potential benefits of the metaverse. Grounded in ethical considerations, it underscores the necessity of upholding the principles of human rights, the rule of law and democracy. Authored by a consortium of over 50 IEEE experts and peer reviewed by the Council of Europe relevant sectors, the report provides essential perspectives on technical, ethical and governance dimensions. As the metaverse evolves, so too will the guidance offered within, ensuring policy makers remain informed and adaptable in this dynamic landscape.