As an emerging concept, the metaverse is full of unknowns. What is the metaverse? What elements will shape its technological ecosystem? What will work and life be like in the metaverse in the future? What changes will it bring to different industries? What are the challenges in terms of turning the concept into reality? The Exploring the metaverse report released by KPMG China covers all of these questions and more. By taking a panoramic view of the metaverse ecosystem, we performed an analysis based on four dimensions: the definition and specific characteristics of the metaverse, its basic hardware and core technologies, its prospects in 10 major scenarios, and the opportunities and challenges that lie ahead.