This study utilizes systems thinking to explore and entwine an evolving metaverse scholarship to a relatively underexplored phenomenon of Web 4.0. We provide a holistic and emergent perspective by mapping 5,587 metaverse publications sourced from Scopus using bibliometrics into four large clusters related to (i) business and society implications, (ii) optimization, (iii) integration with other technologies, and (iv) metaverse education. Drawing on the largest-to-date review of the metaverse as well as a systematic review of Web 4.0 literature, we propose a novel conceptualization of metaverse as the next generation of the Internet, connecting different systems through the Internet-of-Things, integrating augmented and virtual realities, creating and linking virtual environments to enhance connectivity, communication, study, work, and leisure. Furthermore, the systems overview allows us to offer a consolidated definition of the metaverse as well as providing interpretations and definitions of closely related phenomena. The current literature on the evolution of the Internet is contradictory; it fails to keep up with the regulators and policymakers including the European Commission and the World Economic Forum as well as industry leaders like Meta in laying out plans for the seamless integration of virtuality technologies into the largest global communication system yet, the metaverse, which they refer to as Web 4.0. Finally, this study offers a set of propositions for future research based on gaps in the scholarship identified through the bibliometric literature review of metaverse-related literature. Keywords: Metaverse; virtual worlds; cyberspace; virtual environment; systematic literature review; bibliometrics; scientometrics; informetrics; Web 3.0; Web3; Web 4.0; Web4; virtual reality; augmented reality; extended reality.
