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The Metaverse and Internet of Things (IoT) have emerged like a tidal wave, and it is creating a transformative impact on society and industry. The metaverse and IoT changed the way companies were operating earlier and customers were living their lives. On the other hand, Metaverse enriches the customer experience by offering a matchless virtual experience using augmented reality and state-of-the-art technology. The metaverse and the IoT can be used in various sectors such as manufacturing, transportation, retailing, health care, banking, and automobiles to make cities smart. Metaverse and IoT provide real-time data, reduces operational cost and errors, improves efficiency, and helps industries to make intelligent decisions. Although the IoT and Metaverse offer significant benefits, it is not free from limitations. Ethical dilemmas, privacy issues, data breaches, and difficulty in extracting relevant data impose serious challenges that need to be addressed. There is an urgent and dire need to create a trade-off between the interest of the business and the privacy and security of customers. This chapter aims to discover the potential of Metaverse and IoT in various sectors (e.g., healthcare, transportation, and electronics). This study will bring significant insights to researchers and policymakers by exploring the likely benefits of IoT and metaverse in diverse sectors to develop smart cities. This chapter will also explain the challenges of metaverse and IoT, which can be addressed by integrating data analytics tools optimally and efficiently.