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Why did the metaverse die? Because Silicon Valley doesn’t understand the concept of fun
(www.fastcompany.com)
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Exactly this. When you read about the metaverse in something like Snow Crash, it's a place built by enthusiasts, very cheap to use, and people have the choice of DIY, or paying someone to do things for them.
In the facebook's version, everything but connecting costs money, and it's all done by facebook.