We use applied semiotics and cultural anthropology to understand how meaning is changing. This report applies the method to understanding the evolving story of the metaverse, framing the words and trends we are seeing into meaning spaces. These meaning spaces reveal a critical tension between the world as we know it and what comes next. Who will effectively build the virtual space? Who will exploit it? How are we unknowingly entering? Archetyping can help us see where human engagement with the metaverse currently resides and where it is likely to move toward.