Its a next-generation internet probably inspired by Snow Crash. The name "Metaverse" is used in the novel. The basics are the same (bits flowing around, binary code, etc). Instead of interacting using a computer/screen, everyone has an avatar (VR devices) and the connections between real world and metaverse and incredibly blurred.
Its an astonishing Novel, given the time it was written. Its really a very good novel, no idea about the project but the name generates a lot of hype for sure.
Everyone should read Snow Crash.