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This paper examines the metaverse as an emerging entrepreneurial ecosystem, focusing on its ability to meet key criteria essential for entrepreneurship. Three fundamental elements of an entrepreneurial ecosystem are identified within the metaverse: (i) public resource allocations of basic scientific knowledge, which fuel innovation and business growth; (ii) the availability of financing mechanisms and skilled labor pools, which provide the necessary support for entrepreneurial ventures; and (iii) market demand from informed consumers, which drives entrepreneurial activities. These elements are supported by proprietary business activities such as research and development (R&D), manufacturing, marketing, and distribution. However, the metaverse lacks formal institutional arrangements, such as regulatory frameworks, which are crucial for legitimizing, regulating, and incentivizing entrepreneurship. In addition to presenting these elements, this study highlights the potential business opportunities, brand-building strategies, and operational advantages, such as reduced overhead costs and improved employee experience, within the metaverse. Finally, the paper concludes with recommendations for future research, particularly regarding institutional development in virtual ecosystems.