I have a theory. What if Pomni in the real world was a therapist or some kind of person who was known to give others hope, and the game developers sent her to this world to see how she would influence the other players and NPCs. At the very end we see her imagining saving Kaufmo, in the same way she wanted to help Gummy. This causes her to smile. As if she realized her purpose in the Circus is to help others get through the existential madness and save them.
I think Jax is depressed and i got reasons, my theory is that Jax bullies all the members cuz he wants to communicate with them by talking bad to them, or if that is not true, probably Jax is depressed cuz other people been abstracted, and in 3:25:12 he seems to wants to cry but refuses cuz he doesnt want his reputation go down cuz he thinks that everyone is gonna laugh at him, thats why he goes to his room or somewhere to cry or regret of what he said to to others or remember old abstracted people
I think, each episode, we will see each persons personality, as we saw, we know a lot of jax's personality and a little bit more of pomnis and raghatha, next probably will be kinger, maybe kinger's personality scared for fighting but not scared to defend someone else, which explains the clip "kinger with a shotgun"
I also noticed that in the beginning of the episode, there’s a dream and it’s a nightmare, and sometimes nightmares are connected to your fears, so probably Pomni‘s fear is abstracting and Ragatha, and not caring because she didn’t care about her and the pilot abandoning her for the exit But that’s just my theory
49:20 actually that might be right the teacup is from Episode 2 and the record player could be from the ghost episode, you could also see two of Caine's eyes too.