•To comprehend the significance of Metaverse in firms business.•Emerging technologies like AI and Blockchain impact in Metaverse environemnt.•The use of augmented reality (AR) and virtual reality (VR) with blockchain technology and AI in simulated environments and digital personas influences businesses to become sustainable.•The metaverse helps an organization create value and improves customer relationship management. The metaverse as a hyper-connected digital cosmos, holds great potential for reshaping the future of business and consumer interactions in a world where different virtual realities blend into one another. The potential of the metaverse is growing because more people are spending time and doing business in digital spaces. Firms are also investing heavily for developing technologies for the metaverse. Digital technologies like artificial intelligence, virtual reality and blockchain are being utilised in metaverse ecosystems to improve user experiences. This study undertakes a literature review to understand the influence of emerging technologies in shaping the functional blocks of the metaverse environment by analysing 70 papers. Findings are reported in technology themes as well as functional themes. Currently functional research in metaverse is limited. Further this editorial presents a strong research agenda for future studies when the focus on metaverse ecosystems.