The metaverse is still alive and well, creating big opportunities for some of the best metaverse stocks to buy. IKEA, for example, is launching a virtual universe on Roblox (NYSE:RBLX). Its “The Co-Worker Game,” which will allow users “to live their home furnishing dreams and get paid for it.” Users inside the game will be able to virtually help customers and get promoted, just like in the real world.
A McDonald’s (NYSE:MCD) metaverse just debuted in Singapore, which will allow users to build virtual burgers, envision future McDonald’s restaurant designs and participate in contests that will reward users with real food deals and prizes.
Hugo Boss (OTCMKTS:BOSSY) is heading to the metaverse with Roblox to market to Generation Z. Nike (NYSE:NKE) is working with Roblox with its virtual world. Adidas (OTCMKTS:ADDYY) is working with Roblox, too.
According to Market.us, the metaverse market could be worth about $2.3 trillion by 2032. That being said, investors should consider jumping into some of the best metaverse stocks to buy. Here are three you may want to invest in now.
Roblox (RBLX)
One of the top metaverse stocks to buy is Roblox. Granted, recent earnings and full-year booking forecasts weren’t so hot. It posted an EPS loss of 43 cents, which beat by 10 cents. Bookings of $923.76 million, up 19.4% year over year, missed by $5.34 million.
It also offered a weaker-than-expected bookings forecast, expecting bookings of $870 million to $900 million. That was below expectations of $902.5 million. It also lowered its full-year bookings forecast to between $4 billion and $4.1 billion, which is down from its prior outlook of $4.14 billion to $4.28 billion.
However, despite the weak bookings forecast, Roblox did raise its full-year sales outlook, now seeing full-year revenue of between $3.45 billion and $3.53 billion, up from a previous range of $3.3 billion to $3.4 billion. Also, despite recent negativity, traders are bidding the RBLX stock higher.
In fact, since earnings, RBLX rallied from about $30 to $36.
Advanced Micro Devices (AMD)
After dropping from about $230 to $169, Advanced Micro Devices (NASDAQ:AMD) is gaining momentum.
For one, the artificial intelligence story is still heating up. Two, demand for AMD chips is only expected to gain momentum. According to AMD’s CEO Lisa Su, the company expects to see about $4 billion in AI chip sales, an increase of $500 million from prior estimates.
Three, analysts at Edward Jones just initiated a “buy” rating on AMD. Analysts at Jefferies also initiated coverage of AMD with a “buy” rating, with a price target of $190 a share. AMD even just replaced Nvidia (NASDAQ:NVDA) on the Wolfe Research Alpha List.
AMD plays a big role in the metaverse, too. After all, companies racing forward with data centers for artificial intelligence, and even the metaverse, will need plenty of chips from companies like AMD.
RoundHill Ball Metaverse ETF (METV)
You can always take the exchange-traded fund (ETF) route with the Roundhill Ball Metaverse ETF (NYSEARCA:METV).
For one, after bottoming out around $11.40, the METV ETF rallied back to $13.08, where it’s still a “strong buy.” From here, I’d like to see the ETF closer to $20 a share, especially with the metaverse story heading up again.
Further, with an expense ratio of 0.59%, the ETF is the world’s largest metaverse fund and should benefit from two key areas of growth. These include that the Metaverse’s economic reach is anticipated to hit an impressive $10.7 trillion by 2033. And, VR/AR headset shipments are forecasted to reach 31.1 million by 2026.
Some of its top holdings include Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) to name a few of the top ones.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
