Every time it comes to a "metaverse" the reality is what is often called a Metaverse is nothing of the sort. The original concept of the term Metaverse comes from Neal Stephenson who coined the term metaverse in his book Snow Crash, which depicts a dystopian future world where rich people escape into alternative 3D environments as an interconnected reality.
In other words, metaverse simply was the term for the internet itself. The 3D environments were virtual worlds or locations connected together by the internet and existed on private servers, where the 3D environments themselves functioned similar to websites. That's really all it was.
When the foundations of the internet actually goes back to 1983, it didn't start to go mainstream till 1994. The book and the term Metaverse, before most even had any real understanding about it, was in 1992. It didn't become fully mainstream till 1999 as most home computers didn't even have the dial-up option till 1995 and too expensive for most people to afford. That began to change somewhat by 1999.
Those that state 'At present,' the metaverse is largely not built, fail to comprehend the internet as a whole is the metaverse. That is where all the confusion really is. What is actually talking about is 'the total monopolization' of the Internet by one global tech corporation hasn't occurred, where all activities such as purely digital finances that use social credit scores, services and products are generated, consumed and exchanged, and therefore all global markets are ultimately centralized, and no information is private.
At present, major mega-tech conglomerate companies are seeking to take the 'lion's share' of all of it. In turn, this also forces everyone everywhere, including governments and nations, to submit to and turn over their autonomy and replace all real world industries into complete and total automation. The dystopian part is the conditions everyone else is forced into, and thereby forced into complete and total dependency or total and extreme poverty.
One would consider this to be doom and gloom fiction, however, one only has to open their eyes, pay attention and see this is in fact occurring right now once they are able to see past all the distractions and wake up to the conditions they are finding themselves in, not just in their own villages, towns, cities, states, or countries.