It won't work whilst the idea is being forced by large corporates or individuals with something to gain.

The internet started out as a disparate collection of forums, newgroups, mesaage boards and corporate webpages before growing organically and then being exploited for commercial gain.

Neal Stephensons' 1992 Metaverse in Snow Crash formed this exact same way (and was lauded so much because it reflected the actual evolution of the IRL internet) and any Metaverse that is to exist or supplant the actual internet needs to grown in the same way, as a backup program that links already established virtual worlds rather than become the bedrock of a new one.

Of course the Metaverse and the OASIS were reactions to a dystopian collapse of society rather than founded as a form of entertainment. Futurists take note.