This is based more on my perception of them than on in-depth knowledge, so take it with a grain of salt.
Second Life was meant more as a game / escape. It was a way to lead different life than your real one and an alternate way to interact with people, but it didn’t imagine itself as an end to traditional existence and communication.
The Metaverse is marketed as something revolutionary. It claims to be the way of the future, and seems to suggest that it can replace our current ways of life, rather than supplement them. Personally, I doubt it will amount to much, but people doubted the potential of computers before they became commonplace, so we’ll see what happens.
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