This study examined the factors affecting learners’ adoption of an educational metaverse platform using an extended UTAUT (unified theory of acceptance and use of technology) model and incorporating perceived risk. Data were derived from a survey of 495 respondents from China and analyzed using structural equation modeling. The results revealed that (i) performance expectancy, effort expectancy, social influence, and facilitating conditions had significantly positive effects on learners’ satisfaction with the Eduverse; (ii) learners’ satisfaction had a positive effect on their continued usage intention; (iii) learners’ intention to use the Eduverse was reduced after they perceived risks. Our study provided empirical evidence of the validity of the UTAUT model in explaining learners’ adoption of the Eduverse. Our findings have significant practical implications for enterprises, educational institutions, and governments.