Don’t count the metaverse out just yet. While it started as a costly failure, companies are racing to use it, creating opportunities for some of the top metaverse stocks.

For example, 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.

IKEA is launching a virtual universe on Roblox (NYSE:RBLX). In fact, its “The Co-Worker Game” will allow users “to live their home furnishing dreams and get paid for it.”

The Six Flags (NYSE:SIX) metaverse experience includes virtual roller coasters, mazes and games. “Bringing Six Flags to Roblox has enabled us to create a one-of-a-kind metaverse experience that will engage and entertain our fans in innovative ways,” said Selim Bassoul, CEO of Six Flags.

Even The Rolling Stones are also debuting their music in the metaverse. 

But this is just the start of the metaverse growth story. With demand only set to grow for virtual experiences in entertainment and gaming, analysts at SkyQuest say the metaverse market could be worth nearly $803.3 billion by 2031 from $86.31 billion in 2023. 

In short, it’s time to jump into some of the top metaverse stocks, including:

Roblox (RBLX)

One of the top metaverse stocks to buy is Roblox.

After gapping from about $40 to a low of $30 on poor earnings, Roblox is back to $37.77, where it’s still a buy. Initially, I’m looking for it to refill its bearish gap at $40. Longer term, I’d like to see the stock rally back to at least $45 on improving earnings.

Helping, recent earnings negativity appears to have been priced into the rebounding stock.  Plus, analysts are bullish. Macquarie, for example, just initiated coverage of RBLX with an outperform rating, noting it’s one of the main “building blox” of the metaverse.

“In our view, there is still a long runway for growth ahead, driven by user growth, better monetization, international penetration and a new advertising initiative,” they added, as quoted by Seeking Alpha. 

Moffett Nathanson also upgraded the stock to a neutral rating with a $26 price target following the massive sell off in the stock.

Nvidia (NVDA)

Nvidia (NASDAQ:NVDA) is also a buy on weakness.

While it’s been driven by artificial intelligence, demand for its chips, and strong earnings growth, it’s also exposed to the metaverse with its Omniverse software. 

https://blogs.nvidia.com/blog/foxconn-digital-twin-ai/

With it, companies can create and test virtual environments all in real time. Foxconn, for example, is using the Omniverse to create a digital twin of its new factory in Guadalajara to train robots in a virtual environment.

Even more impressive, according to VentureBeat.com:

“Such twins enable a company to design a factory in digital form through Omniverse simulations anchored by Nvidia’s chips. The engineers designing the factory can get feedback from the simulation about how good the design is. Once it is perfected, they can build the factory in the real world. And with sensors on the factory, they can get digital information about how good the design really is and then modify the digital design in a feedback loop for continuous improvement.”

All of which makes shares of Nvidia even more attractive following its 10:1 split.

Fidelity Metaverse ETF (FMET)

Or, if you’d rather diversify with 53 metaverse stocks at less than $31 a share, there’s the Fidelity Metaverse ETF (NASDAQ:FMET).

With an expense ratio of 0.39%, the ETF tracks the Fidelity Metaverse Index, which tracks the performance of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the metaverse.

Some of its top holdings include heavyweights like Nvidia, Alphabet (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), Advanced Micro Devices (NASDAQ:AMD), Apple (NASDAQ:AAPL), Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC). 

Better, thanks to the explosive nature of these top stocks, the FMET ETF ran from a recent low of about $26 to $30.94, where it’s still a buy. From its last traded price of $30.94, I’d like to see it test at least $40 a share.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

On the date of publication, Ian Cooper did not have (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.