Oh shit, it really is Imaginationland!

[WHAT A DARING DREAM]

Well, it's probably not literally Imaginationland. I think what we're really seeing is an actual, natural dream.

WV isn't a Player, so his sleeping mind isn't transferred to Derse, projected into a bubble, or tortured in the Furthest Ring. He's just unconscious.

[TO COMBINE THE FINEST QUALITIES OF HUMANITY WITH THE ELEGANCE AND NOBILITY OF THE ANIMAL KINGDOM]

Isn’t this Jade’s furry monologue? Why would WV-

[A MYSTERIOUS WOLVEN TONGUE INVITES] [WOULDN'T THESE EARS SUIT YOU?]

...ah.

WV seems hapless, but he knows a little more than he lets on. He's clearly aware, on some level, that destiny is conspiring to put that Ring on his finger - and he's dreaming of the moment he does so, and becomes the monster who murdered his comrades.

He also seems to have fairly intense memories of Jack’s bloody hand – an event we haven’t yet seen in our timeframe, but one we know will happen before he enters the troll session.

What did you see, Vagabond?

The music is loud. The drummer is sustained mortar fire And the microphone feedback is just shy of screaming jet engines. Everything else, even thoughts, Are drowned out by the force of sound That threatens to ring in your ears until it achieves conquest through tinnitus.