Are These The Best Metaverse Stocks To Buy Right Now?
One of the hottest areas of technology that has taken the stock market by storm in the past few years is the metaverse. For many years, the virtual reality space has long been part of sci-fi novels and movies. And thanks to advancements in virtual reality (VR) technology and computing power, that fiction is slowly becoming reality. With most of us warming up to the concept of the metaverse, it’s natural that many are putting up a list of top metaverse stocks to watch right now.
According to a report by McKinsey & Co., the metaverse could be worth about $5 trillion by 2030. In the report, the consulting firm found that about 59% of consumers are excited about how this technology could enhance our experiences in the virtual world. Better yet, a good deal of tech companies are developing and commercializing the metaverse.
Of course, the most obvious metaverse stock is probably Meta Platforms (NASDAQ: META), formerly known as Facebook. Since its name change, the company has launched Horizon Worlds, a metaverse platform in VR. For those unfamiliar, it allows users to interact with each other in a virtual world using their avatars. Given the company’s commitment on metaverse development in this year alone, investors might want to pay closer attention to this space. Having said that, do you have this list of top metaverse stocks on your watchlist today?
Metaverse Stocks To Watch Today
- Roblox Corporation (NYSE: RBLX)
- Unity Software Inc. (NYSE: U)
- NVIDIA Corporation (NASDAQ: NVDA)
- Microsoft Corporation (NASDAQ: MSFT)
- Autodesk Inc. (NASDAQ: ADSK)
Roblox, which benefited from the surge in online gaming during the pandemic, is one of the pioneers of the metaverse. Some might even argue that it is the closest thing to a mainstream social metaverse. With the mission of building a human co-experience platform that enables billions of users to come together, the company appears well-positioned for the metaverse. And if you believe the metaverse is really going to be huge, you may be looking to buy the dip in RBLX stock.
No doubt, Roblox’s growth has slowed as the economic reopening has more children spending their leisure time outdoors. But that doesn’t mean the company has lost its edge and attractiveness. Impressively, Roblox has kept its users attracted during the pandemic. Its most recent update noted that it had 50.4 million daily active users in May. If anything, this shows that its users continue to spend time on the platform and help the company generate revenue. With all this in mind, would you include RBLX stock on your watchlist today?
3D content-creation platform Unity Software is another top metaverse stock to watch in the stock market today. The company is a platform for creating and operating interactive, real-time 3D content. In addition to these, the company also provides tools for VR, augmented reality (AR), and gaming. All of which fits in perfectly with the metaverse theme. Yet, many investors are wondering if now is a good time to jump on U stock.
Though the company is a mainstay in the gaming space, its non-gaming businesses are growing faster. Notably, its Real-time 3D and the Metaverse are the two segments that hold the most potential, with 34 deals closed out in just the last quarter. What’s more, the company’s management is also leaning towards the Web3 opportunity. With these potentially massive growth opportunities under its belt, would you consider U stock in the stock market today?
When looking for top metaverse stocks to buy, graphics specialist Nvidia would often come to mind. The semiconductor giant reported better-than-expected figures from its latest fiscal report. From the latest quarterly report, revenue came in 46% higher at $8.29 billion. While the growth rate is lower than the previous quarter’s 53%, revenue still beat expectations of $8.1 billion. All in all, the company cites continuous strength in its gaming section. In detail, sales were driven by the GeForce RTX 30 Series, which remains the company’s best gaming product cycle in history.
Better yet, the recent collaboration between Nvidia and Siemens (OTCMKTS: SIEGY) to create the industrial metaverse is also worth watching. Following this partnership, it could help companies lower their costs of running their factories, buildings and speed up new product design. Moreover, the platform could also simulate products before committing them in the real world. With all that in mind, would NVDA stock make your list of top metaverse stocks to buy right now?
As a long-standing player in the tech space, most would be familiar with Microsoft and its vast array of offerings. From Microsoft’s broad selection of productivity and enterprise software solutions to its home computing offerings, this is apparent. With the company’s broad offerings, it’s no surprise that it is taking further steps into the metaverse. Earlier this year, Microsoft announced that it would be acquiring Activision Blizzard (NASDAQ: ATVI). The acquisition is Microsoft’s latest metaverse play, following its Mesh for Teams mixed-reality space and Hololens, its AR headset and platform.
At the company’s Build 2022 conference, Microsoft discussed its metaverse strategy moving ahead, which largely involves its Teams collaboration platform. Mesh for Microsoft Teams will serve as the home for the company’s workplace metaverse. Through Mesh, employees can hold immersive meetings which will allow participation virtually. Besides that, virtual brainstorming using a virtual whiteboard in the metaverse is another possible scenario. Microsoft also highlighted Mesh’s potential for all-hands meetings, workshops, and large-scale events. With the company touting the various uses of Microsoft Mesh, should you add MSFT stock to your watchlist?
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Last but not least, we will be looking at the engineering and design software company, Autodesk. For starters, the company builds software tools for the industrial and engineering metaverse. These tools enable people to design, build, simulate and manage machinery virtually. For instance, the company’s Revit software is a building information modeling program that allows architects to visualize their designs and showcase them to customers. In turn, it can be transformed into a virtual reality setting with plugins like Autodesk Rendering.
Naturally, a company of this nature would likely be in a prime position to capitalize on a metaverse future. In May, the company posted its financial results for the first quarter of the year. Getting straight to it, Autodesk posted a total revenue of $1.17 billion, beating analyst estimates of $1.15 billion. Compared to the same period last year, revenue rose by 18%. And considering that Autodesk’s stock price has declined nearly 40% over the past year, it’s natural that some investors may be tempted to initiate a position. Considering all this, would you be taking a closer look at ADSK stock?