It's hard to be sure what you're referring to. By some definitions it includes Roblox (and Fortnite and Second Life). There's certainly no single "capital-M metaverse".

Maybe you mean "Multiplayer, persistent, VR"? VR Chat and Rec Room are doing pretty well.

Or maybe you mean web3 crypto stuff? Not doing so well.

Or maybe you mean "that thing that Meta built"?

Hard to know without you being specific