Application experience is the last mile of the metaverse. Currently, most of prototype applications are yet mature and have been developed separately as standalone ones. They need to be linked and integrated in the future to form a persistent metaverse, while generating vast market opportunities. This report provides an overview of the development of the metaverse trends from technology, economy, society, and market perspectives and examines the metaverse applications in entertainment, city, retail, education, office, and industrial sectors.