3 Metaverse Stocks to Buy Now: June 2024

Stocks to buy

It’s been a few years since we heard about the metaverse as a hot theme of investment. Undoubtedly, virtual, augmented and mixed reality seems to have nothing on generative artificial intelligence (gen AI). And though the metaverse may very well represent the next big leap in computing, I’m still not sure just how many people will be willing to spend hundreds or, for higher-end headsets, thousands on a device that one may not even know how to utilize fully.

Further, we don’t know if we’ll be consistent users of headsets or if they’ll sit on the shelf all day as we continue to use devices we’ve grown used to over the past few decades. Undoubtedly, there’s a great deal of risk for consumers when shelling out a big chunk of cash on a device whose future is highly uncertain.

It’s up to the spatial computing pioneers to convince us to pay to plug into the metaverse. And until the hardware and software are in the right spot, the metaverse may be a somewhat abstract term for most people, perhaps akin to gen AI before ChatGPT. Regardless, here are some metaverse stocks to buy now for investors who believe that technology is the future.

Meta Platforms (META)

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Meta Platforms (NASDAQ:META) and its CEO, Mark Zuckerberg, still desire to invest in the future of the metaverse, even though gen AI and other priorities have taken hold in recent years. Undoubtedly, the company has invested billions in creating the metaverse and will need to contribute billions more before Meta Quest headsets become as used as PCs.

Though the metaverse headlines have stopped coming in at a rapid pace, while investors cool on the trend at large, I still view the metaverse as one of the biggest growth drivers for Meta over the next 20 years. Perhaps Meta’s gen AI expertise and its vast trove of data resources could help accelerate progress on the metaverse in the next 10 years.

In any case, META stock stands out as thinking at least a decade ahead of the rest of us when it comes to mixed reality and the metaverse. When metaverse active users stand to really take off, though, remains the big unknown.

For now, it’s not yet certain that the metaverse will be the next big technological marvel. If it is, I expect Meta will play a big part in the new market, which could see the next generation plug into worlds we cannot even begin to fathom.

Roblox (RBLX)

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Roblox (NASDAQ:RBLX) is a popular video game developer recently touted as an attractive metaverse play by analysts over at Macquarie. With RBLX stock in a rough spot, down more than 73% from its 2021 all-time highs, the intriguing metaverse pure-play certainly seems intriguing while it’s still grounded.

Specifically, Macquarie is a fan of the socialization aspect. Undoubtedly, the metaverse isn’t just about gaming; it’s about interacting with friends in a so-called third space. And while third spaces may be declining realms of the physical, I do see their rise in the virtual realm as providing a long-term boon for Roblox.

Indeed, Roblox’s social and experiential aspects are nothing new to investors. Arguably, Roblox and Meta Platforms are going after the same holy grail: becoming the go-to “place” to interact with friends and loved ones. With a modest $23 billion market cap, perhaps investors are underestimating the firm’s growth.

Apple (AAPL)

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Apple (NASDAQ:AAPL) just loves to give its unique take on various emerging technologies while steering clear of buzzwords. Whether we’re talking about limited use of the buzzy word “AI,” even during its latest unveiling of Apple Intelligence, or not using the term “metaverse” when referencing the potential of its Vision Pro spatial computer, Apple just loves to live up to its motto of thinking differently.

With regard to the metaverse, perhaps Apple is smart to distance itself from Meta Platforms, a firm that pretty much coined the term. Either way, Apple is an impressive play on mixed reality, even though we’re more hyped up about Apple Intelligence rather than the Vision Pro, a profound device many investors don’t seem to care much about any longer.

With the Apple Vision Pro device slated to hit new international markets this summer, it will be fascinating to see if the first iteration of the product will be met with upbeat demand. Specifically, China and Japan are top markets to watch closely as the device nears its launch.

On the date of publication, Joey Frenette held shares of Apple. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joey Frenette is a seasoned investment writer specializing in technology and consumer stocks. Contributing to the Motley Fool Canada, TipRanks, and Barchart, Joey excels in spotting mispriced stocks with long-term growth potential in a fast-paced market.

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