Minecraft perhaps gives us an opportunity to adjust our experience of what a metaverse is, based on how it works and how it is used.

Unlike Second Life, everyone doesn't play in one single instance. But there are multiple different notions of replication and simultaneity between players. For example, there are lots of different servers, some with persistent universes, but many with unlimited replicable throwaway universes. Some shared universes are highly coordinated for specific purposes. People play using each other random seeds thereby using parallel universes with identical starting configurations.

Arguably this is simply how artificial experiences in information space should happen, and the notions of things like monolithic instances or scarcity of 'land' are simply carry-overs from physical space.