As the metaverse regains attention amid changing economic dynamics, investors are revisiting prominent names in the metaverse space. Here are three notable options that are capturing the spotlight:
1. Meta Platforms (META):
Formerly known as Facebook, Meta Platforms (NASDAQ:META) has been on a transformative journey with its pivot towards the metaverse. The rebranding in 2021 signaled a commitment to the metaverse’s long-term potential.
Despite facing challenges in 2022, Meta Platforms is expected to benefit from a more favorable business cycle in 2023. The company is focusing on developing its virtual and augmented reality (VR/AR) environments and pushing its hardware offerings.
The success of Meta Platforms in the metaverse will be determined by the performance of its hardware, and early indicators suggest a positive trajectory. Investors are encouraged by the company’s resilience and commitment to its metaverse strategy.
2. The Sandbox (SAND-USD):
The Sandbox (SAND-USD) stands out as a leading metaverse cryptocurrency and project, operating as a blockchain-based gaming platform. Users have the ability to create and monetize their digital assets within the platform.
With over 850,000 active players and approximately 5.7 thousand daily users, The Sandbox is a significant player in the metaverse space. It competes with other blockchain-based metaverse projects like Decentraland (MANA-USD).
The platform’s appeal lies in its growth trajectory, similar to assets like Roblox (NASDAQ:RBLX), as users find innovative ways to monetize their creations. Despite challenges in 2022 and 2023, The Sandbox continues to excite investors due to its early development stage and substantial upside potential.
3. Nvidia (NVDA):
Nvidia (NASDAQ:NVDA) has been a standout performer in 2023, driven primarily by its dominance in artificial intelligence (AI) chip technology. While its success is closely tied to AI, Nvidia is also making significant strides in the metaverse space.
The company’s Omniverse platform is positioned to tap into the metaverse opportunity, enabling engineers and developers to create expansive virtual and augmented worlds. Nvidia’s CEO, Jensen Huang, has emphasized the metaverse as a substantial opportunity.
Although Nvidia’s success in 2023 is attributed to AI, its metaverse investments are viewed positively. The recent market check on Nvidia’s valuation indicates a more affordable stock with the added potential catalyst of the metaverse, making it an attractive investment option.
Investors are closely monitoring these three metaverse entities, recognizing their resilience and potential for substantial returns as the metaverse trend gains momentum once again.
