HomeMarket NewsThe 2034 Millionaire’s Club: 3 Metaverse Stocks to Buy Now

The 2034 Millionaire’s Club: 3 Metaverse Stocks to Buy Now

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Metaverse stocks to buy have emerged as compelling investment opportunities. Despite the controversy surrounding them, these companies are at the forefront of redefining how we interact with the internet and shaping the future of online experiences. From cryptocurrencies and non-fungible tokens (NFTs) to virtual concert tickets and immersive gaming experiences, the metaverse is becoming an increasingly integral part of our lives.

Investors looking to capitalize on the growth potential of the metaverse should consider adding these stocks to their portfolios. Currently, many metaverse stocks are trading at a discount, with some big names in the industry trading below their intrinsic values. This presents a unique opportunity for savvy investors to accumulate shares at attractive prices before the market fully recognizes the potential of these companies.

So, with that said, here are three metaverse stocks to buy now that could create new millionaires by 2034.

Roblox (RBLX)

A smartphone displaying a web page for Roblox Corp (RBLX).

Source: Koshiro K / Shutterstock.com

The popular online platform Roblox (NYSE:RBLX) is where users create and interact in virtual worlds, making it a key player in the metaverse ecosystem.

Roblox reported a significant increase in revenue for the fourth quarter of 2023, rising to $749.9 million, a 30% increase compared to the previous year. The company’s bookings also saw a notable rise, reaching $1,126.8 million, marking a 25% year-over-year increase. Despite these gains, Roblox recorded a net loss of $323.7 million for the quarter​.

Roblox has also outlined an ambitious roadmap to enhance its platform and creator tools. Key updates include improvements to virtual reality with Immersion Mode, enhanced haptics controls across supported platforms, and significant upgrades to the Avatar Creation and Marketplace systems.

With a market cap of just 21 billion, I feel that RBLX offers a great blend of a strong upside while being well-capitalized. Hence, its prospects for capital appreciation are substantial.

Qualcomm (QCOM)

Qualcomm (QCOM) logo on an outdoor sign

Source: Akshdeep Kaur Raked / Shutterstock.com

Qualcomm (NASDAQ:QCOM) develops advanced chips and technologies for 5G and XR platforms, crucial for the connectivity and performance needs of the metaverse.

2023 Qualcomm experienced robust financial performance, especially evident in its Q4 results with a revenue of $11.4 billion, representing a 22% year-over-year growth. Strong sales in their chipset division underpinned this performance due to increased demand from key partners like Apple (NASDAQ:AAPL) and Samsung. The full year results were equally impressive, with a revenue increase of 32% to $44.2 billion and net income jumping 43% to $12.9 billion.

For 2024, Qualcomm is focusing on expanding its influence in various tech sectors. It has outlined strategic targets, including major growth in its automotive revenues, which are expected to reach around $3.5 billion within five years.

QCOM has rocketed over the past five years, gaining 198.69%. I believe that this huge outperformance compared to the broader indices will continue, making it one of those metaverse stocks to buy and one that could potentially mint new millionaires.

Immersion (IMMR)

IMMR stock: two people using virtual reality (VR) headsets

Source: Shutterstock

Immersion (NASDAQ:IMMR) specializes in haptic technology, providing tactile feedback systems that enhance the user experience in virtual and augmented reality environments within the metaverse.

For 2024, Immersion has already demonstrated a strong start with a notable first-quarter non-GAAP net income of $19.8 million, up from $9.5 million in the same period last year. This improvement signifies robust operational success and increased demand for its advanced haptic technologies.

In 2023, Immersion Corporation reported solid financial outcomes, particularly notable in its fourth-quarter performance with a significant rise in assets, from $190.11 million at the end of 2022 to $215.73 million by the end of 2023.

IMMR’s market cap is also small at around $300 million when writing. It then has plenty of opportunity to offer serious capital appreciation to investors, and it has delivered gains of 22.69% over the past five years.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.

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