The metaverse is a concept of a persistent, online, 3-D World that combines multiple virtual spaces. With Metaverse, these independent, computer-generated environments developed by different organizations come together within a single, integrated network of 3-D worlds where users can hop from one universe to another. For achieving a near-perfect virtual world, Metaverse uses numerous advanced technologies including virtual reality, augmented reality, artificial intelligence, blockchain, etc. A novel technology like metaverse gives rise to various challenges like the standing of virtual avatars in legal systems in case of injury or harm, demand for expensive resources in its upscaling, privacy of user data, and increased risk of cybercrimes. This research presents a brief overview of technologies used in the development of metaverse, the challenges, and the potential aspects of the virtual world.