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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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Another underlying aspect is the dimensionality:
Going from nD to 3D, is a step back, and even when people don't realize it consciously, they'll keep falling back to the superior webpage solution.
Until someone puts the nD mobility into 3D worlds, there is no chance for them to take over.