Check Out These 3 Trending Metaverse Stocks This Week
Even with investors eyeing the top tech stocks in the stock market this week, the industry continues to push boundaries. Namely, a good example of this would be the introduction of the metaverse, hence our focus on metaverse stocks today. Now, chances are, you have read or heard of the phrase ‘metaverse’ before. But, before we dive into the details, what is the metaverse might you ask? Well, simply put, the concept revolves around building a virtual online environment for people to interact in. Ideally, this virtual space will allow people to socialize, game, and even work in.
Now, when it comes to investing in this area of the tech world, investors can consider a wide array of companies. This ranges from manufacturers of virtual reality (VR) and augmented reality (AR) tech to software and consumer tech giants. For the most part, one of the main companies looking to develop the metaverse now would be Facebook (NASDAQ: FB). In its latest quarterly earnings call yesterday, the company provided a notable update on its metaverse efforts. Notably, Facebook is planning to establish its Facebook Reality Labs as a separate reporting segment in the fourth quarter. This would provide investors with more in-depth details regarding the overall financial performance on this front.
At the same time, even consumer-focused companies are focusing on the metaverse now. Take Disney (NYSE: DIS) for example. CTO Tilak Mandadi has highlighted the viability of a “Disneyland theme park metaverse”. In theory, this would allow eager park-goers to experience Disneyland from the comfort of home, significantly expanding Disney’s market reach. All in all, the applications and use cases for the metaverse are increasing. Could that make one of these top metaverse stocks worth watching in the stock market this week?
Top Metaverse Stocks To Watch For Your November 2021 Watchlist
- Roblox Corporation (NYSE: RBLX)
- NVIDIA Corporation (NASDAQ: NVDA)
- Unity Software Inc. (NYSE: U)
Roblox Corporation
Starting off, we have Roblox Corporation, a metaverse company whose platform enables billions of users to come together to play, create, and explore. In essence, the company is powered by a global community of millions of developers who produce their own immersive multiplayer experiences using Roblox Studio, its intuitive desktop design tool. It also continues to rank as one of the top online entertainment platforms for audiences under the age of 18 and is purely driven by its community of users and developers. RBLX stock currently trades at $83.75 as of 10:17 a.m. ET.
Last week, the company announced that it will have its Investor Day 2021 on November 16, 2021, so there is certainly much to look forward to. Also, it recently had its first music festival in the Roblox metaverse. Roblox brought the world’s largest dance music festival, Electric Daisy Carnival (EDC) to its metaverse to allow its users to immerse themselves in the magic of EDC’s globally recognized festival stages.
On September 24, 2021, the company also launched the first Roblox Listening Party, the latest innovation in music in the metaverse. With this new feature, artists who release a new album in select top experiences will give them access to millions of fans who can listen to their music while they play and hang out with their friends. Seeing how the company continues to innovate on expanding its metaverse, should investors consider investing in RBLX stock right now?
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Nvidia Corporation
Following that, we have Nvidia, a multinational tech company that redefined modern computer graphics. As the company produces graphics and video processing chips for high-end computing and AI, its products are used by billions all over the world. Given the prevalence of the metaverse by multiple companies, it will certainly require massive amounts of processing power. Nvidia chips will no doubt play a critical role soon. NVDA stock currently trades at $250.98 as of 10:17 a.m. ET.
On October 21, 2021, the company announced a new GeForce NOW RTX 3080 membership for next-generation cloud gaming. It will allow users to stream from the world’s most powerful gaming supercomputer, the GeForce NOW SuperPOD, giving gamers their own high-performance cloud gaming rig. GeForce NOW RTX 3080 members will enjoy streaming at up to 1440p resolution and 120 frames per second on PCs and Macs. Furthermore, members will be able to play the latest games without waiting for downloads, installs, or updates.
Today, Adobe (NASDAQ: ADBE) announced its new powerful AI masking features for Adobe Lightroom and Lightroom Classic, accelerated by Nvidia’s RTX GPUs. As even the most advanced artists need significant time to create and refine masks by hand, it will now be easier with the advancements in AI. Also, Nvidia’s RTX-accelerated ray tracing provides cleaner, crisper graphics in the viewport and rapidly speeds up photorealistic interactive image rendering, freeing up valuable time for 3D artists. All things considered, will you add NVDA stock to your portfolio?
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Unity Software Inc.
Another name to consider in the upcoming metaverse stock trade now would be Unity. In brief, the California-based company primarily focuses on developing and maintaining gaming software. Through its industry-standard game development platform, game developers of all sizes can create immersive gaming experiences. Overall, virtually all the best games in the global video game market rely heavily on Unity’s tech. In turn, this could make U stock a go-to for investors looking to bet on the gamification of the metaverse.
As it stands, U stock currently trades at $150.48 a share as of 10:17 a.m. ET. This would be after gaining by over 115% since its initial public offering last year. Even so, Unity continues to cater to the emerging metaverse market now. As of earlier today, Unity is currently working with Tripolygon, a 3D modeling service focusing on metaverse applications. Through this partnership, Unity developers now have access to Tripolygon’s Umodeler service. The likes of which allow them to “easily and efficiently produce 3D content for the metaverse platform” according to Tripolygon.
Moreover, this news comes less than a week after the launch of the Unity Gaming Services (UGS) platform. With UGS, Unity enables creators to develop 2D and 3D content for AR and VR devices alongside other consumer smart devices. On top of that, UGS also facilitates cross-platform launches. This would allow video game developers to access broader gaming markets, further incentivizing the use of Unity’s offerings. As such, could U stock be a top pick for you now?
