Meta VP Dan Rabinovitsj said that home networks and mobile networks aren't yet ready for the metaverse.

We're working closely with our colleagues to think about what's the next step in terms of innovation," he said, adding that Meta is also working with cellular partners. "If you really look at the pace of innovation in the telecom world, compared to other markets, it's been harder to go faster in this space," Rabinovitsj said.

"One of the things that we've tried to change is that trajectory of innovation. We need to develop a common language around the performance of networks," Rabinovitsj said.

Mark Zuckerberg, Meta's founder and CEO, said in a statement Sunday that "creating a true sense of presence in virtual worlds delivered to smart glasses and VR headsets will require massive advances in connectivity." Zuckerberg said this will need to be "bigger than any of the step changes we've seen before," adding that things like wide-scale immersive video streaming will take entirely new types of networks.

BT’s consumer division CEO Marc Allera told CNBC Wednesday that he expects the metaverse to place a strain on today's networks.

However, he pointed out that the telecoms industry was spending billions on new technology. "When you stop and think about what you can do on a smartphone today, compared to 10 years ago, that's as a result of this industry and network operators investing huge amounts of money with no contribution made by content companies on these networks.”