@expo+next-adapter+2.1.69.patch

diff --git a/node_modules/@expo/next-adapter/build/withExpo.js b/node_modules/@expo/next-adapter/build/withExpo.js
index 2e63eb4..b1cf9a9 100644
--- a/node_modules/@expo/next-adapter/build/withExpo.js
+++ b/node_modules/@expo/next-adapter/build/withExpo.js
@@ -7,8 +7,8 @@ function withExpo(nextConfig = {}) {
             // Prevent define plugin from overwriting Next.js environment.
             process.env.EXPO_WEBPACK_DEFINE_ENVIRONMENT_AS_KEYS = 'true';
             const expoConfig = addons_1.withUnimodules(config, {
-                projectRoot: nextConfig.projectRoot || process.cwd(),
-            }, { supportsFontLoading: false });
+                projectRoot: nextConfig.projectRoot || process.cwd()
+            }, { supportsFontLoading: false, webpack5: (options.config.future || {}).webpack5 });
             // Use original public path
             (expoConfig.output || {}).publicPath = (config.output || {}).publicPath;
             // TODO: Bacon: use commonjs for RNW babel maybe...

@expo+webpack-config+0.12.68.patch

diff --git a/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js b/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js
index 67671c7..b023007 100644
--- a/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js
+++ b/node_modules/@expo/webpack-config/webpack/addons/withUnimodules.js
@@ -38,6 +38,7 @@ function withUnimodules(webpackConfig = {}, env = {}, argv = {}) {
         webpackConfig.output = {};
     // Attempt to use the input webpack config mode
     env.mode = env.mode || webpackConfig.mode;
+    const isWebpack5 = argv.webpack5
     const environment = env_1.validateEnvironment(env);
     let { supportsFontLoading } = argv;
     // If the args don't specify this then we'll check if the input already supports font loading.
@@ -105,7 +106,7 @@ function withUnimodules(webpackConfig = {}, env = {}, argv = {}) {
         extensions: env_1.getModuleFileExtensions('web') });
     // Transpile and remove expo modules from Next.js externals.
     const includeFunc = babelLoader.include;
-    webpackConfig = ignoreExternalModules(webpackConfig, includeFunc);
+    webpackConfig = ignoreExternalModules(webpackConfig, includeFunc, isWebpack5);
     // Add a loose requirement on the ResizeObserver polyfill if it's installed...
     webpackConfig = withEntry_1.default(webpackConfig, env, {
         entryPath: 'resize-observer-polyfill/dist/ResizeObserver.global',
@@ -125,7 +126,7 @@ exports.default = withUnimodules;
  * @param webpackConfig Config to be modified
  * @param shouldIncludeModule A method that returns a boolean when the input module should be transpiled and externed.
  */
-function ignoreExternalModules(webpackConfig, shouldIncludeModule) {
+function ignoreExternalModules(webpackConfig, shouldIncludeModule, isWebpack5) {
     if (!webpackConfig.externals) {
         return webpackConfig;
     }
@@ -136,6 +137,14 @@ function ignoreExternalModules(webpackConfig, shouldIncludeModule) {
         if (typeof external !== 'function') {
             return external;
         }
+
+        if (isWebpack5) {
+            return ((ctx) => {
+                const relPath = path_1.default.join('node_modules', ctx.request);
+                return shouldIncludeModule(relPath) ? undefined : external(ctx);
+            })
+        }
+
         return ((ctx, req, cb) => {
             const relPath = path_1.default.join('node_modules', req);
             return shouldIncludeModule(relPath) ? cb() : external(ctx, req, cb);

babel.config.js

module.exports = { 
  presets: ['@expo/next-adapter/babel'], 
  plugins: ["@babel/plugin-proposal-class-properties"],
};

next.config.js

const { withExpo } = require("@expo/next-adapter");
const withTM = require("next-transpile-modules")(["@shared/components"]);
const withPlugins = require("next-compose-plugins");

module.exports = withPlugins([withTM, [withExpo, { projectRoot: __dirname }]], {
  future: { webpack5: true },
});

resolutions

  "resolutions": {
    "webpack": "^5",
    "react": "17.0.1",
    "react-dom": "17.0.1",
    "html-webpack-plugin": "5.3.1"
  },

Do your react resolutions work normally on native too?

Could you elaborate on your changes in babel-preset-expo?

1. Why are you always setting dev on web?
2. Why did you add useTransformReactJsxExperimental? Is this for react 17, or for transpiling?

I'm not that well versed in babel so bear with these questions.

https://gist.github.com/marklawlor/82cf911cea27a4e118822395ae93ca7b#file-expo-next-adapter-2-1-69-patch-L12

Small point for later, but I would null check here

@marklawlor I notice that you aren't including expo packages or react-native-web in the modules to transpile. Is that what the JSX transform solves?