From the book Snow Crash by Neal Stephenson, this term describes a virtual online representation of reality. In other words, some people are not only communicating through technology, but many are in a very real sense, living parts of their lives in the virtual world. That's the metaverse. Generation y is the most likely generation to be experimenting with life in a fully landscaped and populated online metaverse.
NetLingo Classification: Online Jargon