Perhaps it seems far-fetched to talk about the "metaverse," which refers to a virtual environment that can be accessed by a large group of individuals for purposes such as commerce, communication, and much more. However, the fact is that a large part of our lifetimes are once again managed digitally. Growth in the Metaverse industry is forecasted to skyrocket over the next decade or so, thanks to attempts to blend the digital world with reality through the Internet and the increasing significance of VR, AR, as well as XR. From a projected $27.21 billion in 2020, the Metaverse market is expected to more than triple to $824.53 billion by 2030. Verified Industry Research, referencing a PRNewswire publication, forecasts a 39.1% CAGR for marketing between 2022 and 2030. It's worth noting that the global COVID-19 epidemic had contributed to the expansion of the Metaverse business by increasing the need for remote workers. NFTs and Cryptos are becoming more accepted, which has a favorable effect on this industry.

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Shareholders must maintain a look out for businesses which stand to gain from the rapidly expanding Metaverse sector, which is still in its infancy. The main market indices are falling as the Federal Reserve becomes aggressive to contain excessive growth. As a result, the fact that the Metaverse market is expanding despite the recent stock market turmoil must come as good news to anyone considering making a financial investment. Microsoft Corporation (MSFT), Roblox Corporation (RBLX), and Matterport Inc. are just a few of the well-known businesses that will benefit from Metaverse (MTTR). The latest Zacks Rank for such businesses is #3. (Hold). Here is a full list of all stocks currently holding a Zacks #1 Rank.

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The following shares in the Metaverse should be monitored closely throughout the month of October 2022:

        1. Microsoft Corporation (MSFT)

The Metaverse has a significant impact on Microsoft's profitability. Microsoft's HoloLens 1 augmented reality headset is now the most talked-about piece of gear connected to the Metaverse. To put it mildly, some businesses are already taking advantage of the effort as well as money-saving benefits of the 2nd generation HoloLens, which had been released by Microsoft. Microsoft also plans to be an early leader in games that take use of the Metaverse. Therefore, the firm already has announced its intention to purchase industry leader Activision Blizzard (ATVI) in 2022. In the last 60 days, the consensus estimate for Microsoft's profits for the next year has risen by 0.2% on the Zacks website. For this year, analysts predict a 9.6% increase in the firm's profit. Within the last two years, MSFT stock has outperformed the Zacks Computer - Software industry i.e., +10.7% vs. -4.2%.

        2. Roblox (RBLX)

Despite its well-known reputation as a digital entertainment platform, Roblox is really an early iteration of a metaverse system. Roblox has hosted performances by well-known musicians including Lil Nas X as well as Tai Verdes. In addition, RBLX has its own digital currency, Robux, which is used by over 50 million people every single day. During the last 60 days, the Zacks Consensus Estimate for its current quarter profits has increased by 4.4%. For the coming 5 years, investors anticipate a 5.6% annual increase in the firm's profit. Within the last three months, RBLX stock has outperformed the Zacks Gaming industry i.e., +2.1% vs. -0.6%.

        3. Matterport (MTTR)

Matterport's ultimate goal is to bridge the gap between the virtual and the real. It aids businesses in developing virtual replicas of actual-world buildings, structures, and environments that can be viewed via a variety of digital mediums, including virtual reality goggles and web browsers. Matterport is among the smaller metaverse companies to keep an eye on, with a market worth of about $1.076 billion. Moreover, MTTR's pivot from a hardware focus to a software subscription model should allow for further expansion down the road. In the last 60 days, the Zacks Consensus Estimate for the company's current-year profits has increased by 2%. For the next year, analysts predict a 24.5% increase in the firm's profit. Within the last three months, MTTR stock has outperformed the Zacks Technology Services sector i.e., +4.7% vs. -10.0%

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.