The Metaverse, as a product of convergence of technologies, tools, and instruments, has emerged in response to the needs and demands of modern-day society. To understand the mechanisms through which the Metaverse will impact the global economy and society, it is important to study the global trends and events that motivate adoption of the Metaverse and the factors that have given rise to public attention to the topic of Metaverse. The chapter studies global events that have induced the development of Metaverse-enabling technologies. Analysis of macroeconomic situations and shifting consumer demands play a central role in the current study as these factors define the trajectory of the Metaverse evolution. The discussion explores the benefits of the Metaverse adoption from economic, business, and social perspectives with an emphasis on social values and human rights. The chapter also extends to the prospects of the Metaverse in driving the evolution of Industry 5.0 and Society 5.0. Overall, the chapter aims to examine how the Metaverse phenomenon, as part of the digitisation trend, can enable the transition to a more sustainable digital economy and human-centric society.