This study was designed to examine metaverse motivations and the relationships between the identified motivation factors and usage behavior (i.e., usage period, time, and money spent) in the metaverse. Through preliminary in-depth interviews with 50 users of metaverse platform called “ZEPETO” and literature research, 45 survey questions were developed to measure the metaverse motivation. An online survey of 315 active users of ZEPETO revealed seven metaverse motivation factors: self-expression, socialization, information sharing, escapism, adventure, non-face-to-face communication, and entertainment. The results showed that adventure, non-face-to-face communication, and entertainment were negatively correlated with usage period. Positive correlations among social interaction, adventure, entertainment, and average usage time per a day were found. Finally, all motivations showed positive relationships with the amount of money spent in ZEOPETO. This study’s findings illuminate individuals’ motivations for spending time and money in the metaverse and act as a reference for metaverse providers to guide their development direction.