Abstract: The metaverse is a value scene woven together by holons including multidimensional data,technology,and creativity.While containing new opportunities for hybrid value creation,it also challenges the existing value theories and governance rules of the industrial and Internet eras.The value proposition in the metaverse era has changed from pursuing a single value to emphasizing a hybrid of economic and noneconomic values,real and virtual values,and present and future values.The metaverse era has also reconfigured the way hybrid value is created,traded,and distributed,exhibiting characteristics such as a multimodal intelligent creation model,a decentralized seamless transaction approach,and a measurable shared distribution scheme.Given the various problems in the process of realizing hybrid value in the metaverse era,there is an urgent need to construct new governance rules that encompass identity governance,process governance,property governance,and result governance.