3D digital and virtual spaces are becoming ubiquitous across education, work, and entertainment. This is the rise of the metaverse: digitally enhanced physical reality and virtual spaces. The metaverse will be built by four key components: hardware, web, assets, and applications. The pace of innovation requires cross-industry alignment on a constellation of standards, guidelines and best practices to enable the consistent creation and distribution of scalable cross-platform 3D and XR content. This presentation brings together perspectives on each area, drawn from the open standards working groups striving to build the metaverse.