Pretty much. Sadly there is no chance of a successful metaverse that isn’t tied to data slurping and advertising.
Maybe there is. Second Life and Open Simulator don't have much advertising. There's signage for stuff in world, and some billboards along roads. That's about it. I don't think Roblox has much.
Like in-game advertising in MMOs, it's possible, but not popular.
You're right. An alternative route to success could be IAP. :(