The ongoing digitalization of industrial processes has given rise to new concepts, with the Industrial Metaverse (IM) emerging as a promising development. The IM represents an immersive, data-driven ecosystem that integrates technologies such as augmented reality, digital twins, and artificial intelligence to interconnect physical and digital environments. Despite increasing relevance, research on the IM remains scarce, particularly regarding its conceptual structure, application areas, and value contribution. This study addresses this gap by applying a qualitative research design based on 25 expert interviews across multiple industries. Taking an inductive approach, we propose an IM Canvas of seven interdependent layers in a hierarchical structure and identify 16 use cases across six application areas. We then link these areas to four dimensions of business value: creation, capture, enhancement, and protection. The findings advance theory by positioning the IM as both a continuation of digitalization and a disruptive shift that redefines ecosystems. By integrating the actors–resources–activities perspective, the IM Canvas extends existing frameworks of digital transformation and highlights the dual role of the IM as a technological enabler and an organizational transformer. This article provides a conceptual foundation for future IM research and guidance for firms to leverage the potential of this digital ecosystem.