The metaverse which is considered as the digital big bang of humanity and the next evolution of the internet is anticipated to offer a living environment for civilization 5.0 and beyond in various domains including education. Each novice technology that enters our daily lives generates also fear, anxiety, and problems as well as hope, benefit, and attraction. The purpose of this research is to investigate what ethical problems the metaverse may cause in higher education institutions and how healthy metaverse universities can be created within the framework of ethics. Interpretative phenomenological research design was employed in the study and data was collected from the field experts and lecturers in higher education. The study indicated thirteen VR/AR/XR experts' and lecturers' visions on the metaverse-based ethical issues and practical implications that could be applied within the scope of five thematic nodes comprising metaverse awareness, security and data, safety and wellness, social equality and diversity, and accessibility. It is expected that the study will contribute to the design of a healthy and good metaverse in the future of higher education institutions pursuant to ethical values.