Most investors weren’t familiar with Neal Stephenson’s sci-fi concept of the ‘metaverse,’ and it was seen as nothing but pure speculation. Today, investing in the metaverse is a hot topic, becoming a rapidly evolving sector with cascading effects across multiple industries. Hence, with the immense potential of the metaverse, it’s no wonder why so many consumers and companies are upbeat about the best metaverse stock picks for 2023.
As reported by McKinsey & Co, the metaverse could be worth a staggering $5 trillion by 2030. Moreover, the firms also found that over 50% of consumers are excited about the novel virtual world opportunities. With many looking ahead to discover new possibilities within the rapidly evolving landscape of the metaverse, we can be eager with anticipation for what comes next. That said, here are the three best metaverse stock picks you should probably load up on for the upcoming year.
Nvidia (NASDAQ:NVDA) has a unique opportunity to capitalize on the prosperity of the metaverse story with its leadership in a wide variety of tech verticals. Its state-of-the-art chips and computing power could be integral to creating, maintaining, and constantly improving the metaverse. With its expertise, it can effectively accelerate the implementation of the metaverse idea while growing its massive revenue base.
Moreover, according to Cowen analyst Matthew Ramsay, Nvidia’s sales associated with the metaverse could reach $10 billion by 2030, throwing light on its massive growth runway ahead. Not only this, but according to experts, AI is expected to be a key facilitator for the metaverse. With its design and manufacture of high-performing GPUs, Nvidia has a leadership position in the AI space and offers superior visualization capabilities.
Furthermore, it rolled out the Omniverse, a groundbreaking platform that allows users to collaborate on projects easily. This powerful collaboration tool has successfully engaged large numbers of users within a short period.
Unity Software (U)
Unity Software (NYSE:U) enables the creation of interactive, real-time 3D content, and its tools for virtual reality, augmented reality and gaming offer unparalleled access to the digital realm.
The company has a clear and rich history of supporting 3D game development, making it an ideal fit for the growing trend in the metaverse. Additionally, Unity games attract more than 2.8 billion monthly active users while its total addressable market extends to an impressive 4 billion MAUs. Unity’s prevalence in the gaming world is proven out by the fact that they serve 61% of all game developers, proving that they’re a strong choice to include in anyone’s portfolio.
In an era where companies prioritize cutting-edge technology, Unity Software provides an unbeatable option, one that is certain to expand further as our tech capabilities grow. Thus, Unity Software is among the metaverse stock picks for 2023.
Autodesk Inc. (ADSK)
Autodesk Inc. (NASDAQ:ADSK) has been a top pick for construction and engineering teams for years, with its dependable software tools. Its most popular program, Revit, leads the industry in providing building information modeling (BIM) services, enabling users to visualize their designs. That’s not all though as the platform Autodesk goes above and beyond by offering plugins such as Autodesk Rendering. These revolutionary tools can bring designs to an entirely new level with VR and AR animations.
In addition, Autodesk has established itself as a leader in the software-as-service industry with its stellar operating performance over the last five years. The company’s impressive gross margin of over 90% demonstrates the quality of its service offerings. With the opportunities for innovation and collaboration, Autodesk has positioned itself to benefit from the growth in the metaverse sphere.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.