So far, we have three basic "metaverse" approaches.
1. Augmented reality, that is, overlays on the real world. A cross between Pokemon Go and Google Glass. The Facebook version of this would probably look like that "Hyperreality" video I mention too often. This is all too likely to happen, if only to free up the hands of people who walk through the world staring at their phones. John Carmack expects it as soon as the headgear gets down to eyeglass size.
2. Virtual reality, that is, some simulated place you can visit. This may or may not involve headgear. This is really Second Life with better frame rates, or VRchat with a bigger world. It's striking that the newer metaverse wannabees have far lower visual quality than either of those. Roblox is the technical leader in this area, with a strong R&D team and a good technical roadmap. Unfortunately, their market is centered at age 13, so they censor very heavily. Holding hands is prohibited.
3. Virtual scarcity, that is, NFTs and land in virtual worlds. This is way overhyped. I expect the SEC to come down hard on a lot of that stuff soon, like they did with the ICO crowd in 2018. Selling NFTs for sports team collectables is probably OK. Selling virtual land before you build your virtual world is clearly a security, per the Howey test. The collectable NFT stuff peaked months ago. That works like Beanie Babies on eBay - $5000 asked, no bids, actual sales around $50. It turns out that OpenSea was front-running and Beeple's big sale was not arms-length. Same old scams, shiny new packaging.
I'm into the technical end of #2. This is a rather lonely place right now, even in the game development community. There are interesting problems to be solved in building large-scale virtual worlds with high-detail user content. That's not impossible, although many people think it is.
(Plug: See [1] for a demo.) The number of people actually doing anything of technical interest, as opposed to blithering about the "metaverse", is surprisingly small. I haven't even found a serious forum where such issues are discussed. I've read about a hundred of My First Metaverse Article at this point, though.
[1] https://vimeo.com/640175119