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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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The question implies that it was alive at some point. Was it though? All I know about Metaverse is that a lot of "tech" journalists were writing about it, but I don't know anyone who used it. And I owned a Meta Quest 2 for 6 months.
There is no metaverse. There’s VR games and multiplayer games, and metaverse became a word for anything that remotely touched any of these or that’s even remotely vaguely related. 3D assets → metaverse. Online game → metaverse. Video call → metaverse.
If you’re talking about Horizon Worlds, that’s a multiplayer game/social experience. Nothing about this is a "metaverse" as it is described in the book where that word came from.