Get ready for the metaverse.
Or, a virtual reality world where users can interact with each other. Essentially, it’s virtual and augmented reality, social media, and gaming combined.
Unfortunately, it’s not up and running just yet.
But when it is, we could be looking at a multi-trillion-dollar market opportunity, says Epic Games’ CEO Tim Sweeney. Even analysts at Bloomberg Intelligence say the market could be worth $800 billion by 2024. Better, investors are already flocking to the stocks that could benefit most, including Microsoft, Apple, Tencent Holdings, Nvidia, Meta Platforms, and Unity Software to name a few.
Even Roblox (RBLX) is running on the potential of the metaverse.
All because RBLX is the closest thing to a metaverse, with a “mission of building a human co-experience platform that enables billions of users to come together to play, learn, communicate, explore and expand their friendships,” according to its site.
In addition, Morgan Stanley analyst Brian Nowak reiterated an overweight rating on the stock with a price target of $88. He believes RBLX has an early lead with the metaverse with “continued innovation to capitalize on materially higher long-term monetization,” as quoted by Investing.com.
Plus, there’s plenty of growth at Roblox.
Q3 revenue came in at $509.3 million, 102% higher than year-earlier numbers. Bookings jumped 28% year-over-year to $637.8 million, daily active users increased 31% and the number of hours of user engagement jumped 28% to 11.2 billion.
“Engagement is our north star. We’re very pleased that during the third quarter, people of all ages from across the globe chose to spend over 11 billion hours on Roblox,” said David Baszucki, CEO of Roblox. “We are happy to report that the developer community earned over $130 million in the quarter and is on pace to earn well over $500 million this year. As we finish 2021 and head into 2022, we will continue to invest in innovative technology to enable our developer community to do what they do best – build and create.”
In short, pay close attention. RBLX could be a standout winner in 2022.
The post One of the Top Metaverse Stocks to Consider appeared first on Morningology.
