Abstract: As an important form of the future industry, the metaverse is seen as a ticket to the next generation of the Internet, and a new path for human society to achieve the ultimate digital transformation, attracting many countries and technology giants. The metaverse is a higher stage of the development of the Internet, an ecosystem jointly constructed by various information technologies. As a twin form and extension of the real world, the deep integration of virtuality and reality in the metaverse will have a profound impact on social forms, values, production and life, behavior patterns, government governance, etc. At the same time, it will inevitably bring multi-dimensional risk challenges such as ideology, economics and finance, virtual and real differentiation, and network security. Faced with the new trends and problems of metaverse, the multi-governance system should be actively built with a forward-looking perspective and a dialectical thinking from the aspects of national security, the rule of law, technology, economy, and public opinion, in order to effectively prevent the potential risks of the metaverse and promote the new round of information technology innovation for our own use as well.

Key words:  metaverse, value mechanism, structural risk, multi-governance