In 2011, Business Horizons published the social media honeycomb article to help managers and scholars understand what was, then, a new form of media, along with its various platforms and how to engage with and learn to use it. Today, we face similar challenges and opportunities with the metaverse as we try to discover how to attract, enable, serve, and capture value from users in the virtual world. In this article, we introduce the concept of a metaverse realm (i.e., a specific type of metaverse space and community) and present the metaverse honeycomb model to explain the functionalities and affordances for different metaverse realms. We present two applications of the honeycomb model to show how shifting attention to immersive functionalities can characterize various metaverse realms. To conclude, we outline how the model could be used to strategically evaluate metaverse realms in terms of their external fit (i.e., the who-what-how of realms), internal fit (i.e., the trade-offs and synergies of realm functionalities), and life cycles (i.e., roadmapping and directing realm evolution).