The Metaverse doesn't start and end with web3. There are Metaverses such as VRChat, AltSpace, Mozilla Hubs that run on VR, are centered around events and community, have a big recurring user base. 

The ideal way to create a Metaverse is with an economy powered by crypt,  so users can experience true digital ownership of any items they use there (clothes, furniture, art, etc.), because each item would be an NFT, no matter what happens with the platform, our stuff stays our stuff. 

This is different from other Metaverses such as Roblox, a company that is valuated at almost 89 billion dollars. Their recurring user numbers are through the roof, and all that with the next generation of consumers. A gucci bag sold for 4K USD on there, it is very much a metaverse with a currency and an economy. But it doesn't run on crypto, the items are not NFTs, if Roblox goes under it will take with it everything you own there, even that Gucci bag. 

Then there is the idea of AR, that would allow us to augment our physical reality to include creative things (insane outfits, art in the streets, etc.). The ideal case scenario is for that to also run on crypto, so there can be a true economy, but it could very well happen without crypto involved as well. 

Finally, the Metaverses that run on crypto have currently a pretty poor user experience and weak community and an overload of brands buying random land to build random virtual buildings to be able to say they're part of the future. A few of them like Gucci or Nike are doing it right, there is a lot of thought and skill behind what they do, but most brands aren't.

One thing I know for sure is that we are going to buy many things for our avatars in the future, because all those NFTs will represent our digital identity. It's no longer the number of followers, views and likes, it's going to be who you are in the Metaverse.