It’s no secret that business leaders are excited about the metaverse. Tech companies are frantic with anticipation about this immersive digital utopia and executives are scrambling to secure their place in this new world. There’s only one problem: the metaverse doesn’t exist yet.

Right now, most investment in the metaverse amounts to occupation: claiming uncharted territory and hoping things work out. This puts CIOs and IT leaders in the difficult position of preparing the business to participate in and benefit from something that has yet to be fully defined, let alone realized.

Still, certain metaverse-enabling components are available today. Platforms for immersive streaming enable collaboration in a shared virtual space. Design tools to create…