No, it's a popular term that has gained a lot of usage in the last 2 years[0] coined in Snow Crash in 1992[1]. You might not have heard it but if you read a lot about tech or follow the right people on Twitter (often intersected with crypto and NFTs in particular) it would've been hard to miss it[2].
0. https://trends.google.com/trends/explore?date=all&q=Metavers...
1. https://en.wikipedia.org/wiki/Metaverse
2. https://twitter.com/search?q=metaverse&src=typed_query