I think it is important to remember the metaverse concept has been around a long time, the potential benefits of it to humanity are just as significant as they always were, Facebook hijacked the term, and we all knew (Those of us in metaverse related research), that facebook would nosedive with it clutched firmly to chest.
So it is no surprise to us, but it isn't the metaverse that is dying, it's just Facebook, by practicing the unsustainable business model of profiting from users, which at source requires an economy fueled by extraction, which is the thing coming to a necessary end, bringing all things dependent on it also crashing down.
Meta the company and its metaverse endeavour could be rescued, perhaps saving some of the valuable research it no doubt did, by becoming both publicly owned, and solar powered thus removing all incentive and individual benefits of using the platform to profit from users.
That could happen overnight, if the Kasrdashev money of around 400Bn owed in UK to UK people was to be paid tomorrow, along with the Kardashev money owed to all of the other populations of all the other developed countries by their respective governments, at the same time, like we saw in US when Kardashev Stimulus of 4tn per month was being issued, bankrupt companies still offering much loved product were rescued by the public spending free money, at the same time as oil prices went negative.
But pigs might fly.