In recent years, the Internet of Things (IoT) has been studied in the context of the Metaverse to provide users with immersive cyber-virtual experiences in mixed-reality environments. This survey introduces six typical IoT applications in the Metaverse, including collaborative healthcare, education, smart city, entertainment, real estate, and socialization. In the IoT-inspired Metaverse, we also comprehensively survey four pillar technologies that enable augmented reality (AR) and virtual reality (VR), namely, responsible artificial intelligence (AI), high-speed data communications, cost-effective mobile edge computing (MEC), and digital twins. According to the physical-world demands, we outline the current industrial efforts and seven key requirements for building the IoT-inspired Metaverse: immersion, variety, economy, civility, interactivity, authenticity, and independence. In addition, this survey describes the open issues in the IoT-inspired Metaverse, which need to be addressed to eventually achieve the convergence of physical and cyber worlds.