Intellectual property rights face new obstacles and possibilities as a result of the emergence of the Metaverse, a simulation of the actual world. This paper explores the current status of intellectual property rights in the Metaverse and examines the challenges and opportunities for enforcement. The article describes virtual assets and investigates their copyright and trademark protection. It also examines the protection of user-generated content in the Metaverse and the potential liability for copyright infringement. The article concludes with a consideration of the technological and jurisdictional obstacles to enforcing intellectual property rights in the Metaverse, as well as possible solutions for stakeholders. This paper will appeal to lawyers, policymakers, developers of virtual assets, platform owners, and anyone interested in the convergence of technology and intellectual property rights.