The World of Void is an isolated place with literally no time or space. As the name implies, it is a void world with nothing. The World of Void is the setting of the Zen Exhibition Match, and will be the setting of the Tournament of Power, as the fighters can take advantage of the nothingness to use the full extent of their powers.
Grand Priest dubs the World of Void as the setting for the Tournament of Power. It is also the setting for the Zen Exhibition Match, and the 3 fighters from Universe 7 and Universe 9, along with their respective God of Destruction, Angel, and Supreme Kai will do battle in the World of Void. The Gods of Destruction, Angels, and Supreme Kais from every other universe also appear to spectate the matches, along with Zen-Oh and Future Zen-Oh.
For the Zen Exhibition Match, despite the world being an empty void, Grand Priest has prepared a tournament ring, spectator seats for Universes 7 and 9, spectator stands for every other gods in the universe, and special seats for himself for the two Zen-Oh and Zen-Oh's attendants.