For many thought leaders, the Metaverse represents the next wave of digital transformation. While the media-prominent consumer and enterprise Metaverses (e.g., Meta, Microsoft) are slowly gaining momentum, more potential is seen in its adaptation for industrial environments, i.e., the Industrial Metaverse, which extends the physical-digital paradigm by integrating the most advanced technologies such as IoT, AI, and XR. As the literature on a holistic perspective is sparse, this study aims to explore the role of the Industrial Metaverse for industrial companies grounded on a triad of research questions. To tackle this research endeavor, we draw on an exploratory qualitative approach and empirical interview data from industrial companies in the European DACH region. The results comprise (1) 3 clusters on understanding, (2) 5 clusters on opportunities, and (3) 4 clusters on obstacles. Against the inherent criticalities of the qualitative approach and non-existing real Industrial Metaverse, we make a contribution to research (insights and agenda), practice (developers and applicants) and society (public and policymakers) to better cope with this novel industrial cyberspace.