While this is really cool and not actively a bad thing like NFTs, I don't see much use for a decentralized metaverse. You can already just self-host a metaverse with your friends on LAN or a custom server, and share with people far away on the ordinary web.

IMO decentralization really shines in critical areas like mesh-nets and (ethics aside) illegal exchanges, where there is no decent central authority and anyone can be an adversary. The internet and existing infrastructure is not 100% decentralized, but it's fair enough for a fun project like the metaverse.