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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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Meta's very own Horizon Worlds still hasn't even launched globally, it is still restricted to a small handful of countries. On top of that it isn't even a Metaverse in any meaningful sense, it's just yet another VR chat application.
What separates a "real" Metaverse from a normal chat app is that it connects all the other applications into one unified virtual space, but Horizon Worlds ain't doing that and nobody else is either.
Sony's Playstation Home back from the PS3 days or Second Life are still closer to a Metaverse than any of the modern attempts.
I'd argue that the MiiVerse for the Wii U was up there too.