The metaverse is an emerging technological paradigm that has revolutionizing potential across various sectors such as healthcare, education, defense, and also in entertainment. But assessing and prioritizing metaverse applications is a real challenge due to the complexity and uncertainty of multiple criteria. We propose a new framework, a hybrid multi-criteria decision-making approach that combines two fuzzy methods, to systematically rank metaverse applications. While the first method handles uncertainty in calculating criteria weights, the second one identifies the best alternatives by considering a compromise between the group utility and individual regret measures in the ranking. The selected set of applications was evaluated against a defined set of criteria using expert evaluations collected from domain experts. Legal and Judicial Systems come out on top as the highest Application Area, as it performs well as it aligns nicely with compliance and other ethical challenges. Applications like Cultural Preservation, Heritage, Banking, and Financial Services were rated lower due to issues with scalability and innovation. This systematic framework gives stakeholders actionable insights to make informed decisions within the evolving metaverse ecosystem.