Another reason for the "Metaverse winter" and "Fediverse spring":
Cost.
Starting up a Fediverse service is vastly less expensive than starting up a Metaverse service.
Remember, when the Metaverse gained popularity, companies were flush with cash amidst ongoing lockdowns.
But conditions change.
Now companies are preparing for an oncoming recession. And fewer people are staying home.
Let's also consider the physical realities of Metaverse vs. Fediverse.
Metaverse requires hardware that does not yet have mass adoption. You need a VR headset or AR glasses -- something most people don't readily have available.
Those who do have that hardware are constrained by limitations such as battery power.
In contrast, the Fediverse works on desktops, laptops, smartphones -- even a Raspberry Pi.
Hardware is no bottleneck for the Fediverse.