Abstract: The Metaverse outlines the digital production-consumption mode of human society, which initiates the transformation and renewal of the field of human activities. It can be analyzed from the field of production-consumption practice in the past that the concrete physical space and the open virtual space stand side by side without interfering with each other. The emergence of Metaverse has injected new impetus into the integration of virtual and physical space in terms of content and form, which upgrades the field of production-consumption practices, and conditions for their realization, and provides a wide range and diverse ways for the circulation and multiplication of capital. An appropriate and comprehensive understanding of the new production-consumption structure shaped by Metaverse, and a clear recognition of and vigilance against the influence of capital logic behind it, will help us to grasp the essence of Metaverse and properly cope with potential challenges.