The significance of metaverse platforms is growing in both research and practical applications. To utilize the chances and opportunities metaverse platforms offer, research and practice must understand how these platforms create value, which has not been adequately explored. Our research explores the characteristics of metaverse platforms that facilitate value creation for organizations in both B2B and B2C sectors. Employing a qualitative inductive approach, we conducted 15 interviews with decision-makers from international corporations active in the metaverse. We identified 26 metaverse platform characteristics, which we categorized into six dimensions based on the DeLone and McLean Information Systems success model. Subsequently, we provide examples to illustrate the application of these identified characteristics within metaverse platforms. This study contributes to the academic discourse by uncovering the characteristics that shape the competitive landscape of emerging metaverse platforms. Leveraging these characteristics may offer metaverse providers a competitive edge in attracting complementary organizations to their platforms.