ChulaVerse is the metaverse service application for Chulalongkorn University's community and consists of lifelong educational and commercial use cases. It aims to facilitate an online economy and society, enabling users and industry partners to engage in commerce, access medical services, engage in lifelong learning, and organize events as well as user-generated content. Using an open innovation concept, the platform aims to co-create with the community of users, developers, and industry partners to create a socio-economic impact. This paper discusses metaverse opportunities in education and presents strategic plans for ChulaVerse development and its first version of the Minimum Viable Product. Building a university metaverse is crucial in the digital age, offering immersive academic and student-life experiences. Partnering with the industry and private sector accelerates the development by leveraging resources and expertise. This collaboration fosters innovation, aligns the metaverse with market demands, provides financial and technical support, and equips students, faculty, and researchers with the skills needed to thrive in the digital world.