The metaverse can emerge as an environment that people are drawn to because of the great opportunities it offers for socializing, fun and entertainment, productive work, new experiences, and other great benefits. It can be a place that is moreover safe and secure, where people feel at home and protected. It can also turn out to be a much less friendly and beneficial environment, in which users face serious risks, including security and privacy risks, risks of crime and theft, of bullying and harassment, deception and misinformation, and inequality and discrimination. Which of these two metaverse scenarios will become reality will be determined in part by the extent to which ethics is taken into account in the development and operation of the metaverse.