This study researches the impact of self-expansion experiences in the Metaverse on users' identity perception, self-esteem, and life satisfaction. To do so, the researchers conducted a two-wave panel study with a 3-month interval (N = 486) in VRChat, one of the most popular social virtual reality (VR) platforms. As predicted, the increase in self-expansion experience in VR environments positively predicted users' self-esteem and life satisfaction. However, when self-expansion led to a loss of coherency in the self-concept by causing identity disjunction or self-discrepancy, it damaged self-esteem and life satisfaction, respectively. The current findings exhibit that experimenting with and enlarging identity through immersive experiences in the Metaverse could benefit the individual, but only when it does not cause a disconnection between virtual and offline identities. This article discusses the potential opportunities and risks in the Metaverse, emphasizing the importance of advancing our understanding of the self-expansion experience in immersive media.