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June 22, 2022, 2:15 p.m. EDT

4 Metaverse Stocks To Watch Right Now

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Jun 22, 2022 (StockMarket.com via COMTEX) -- 4 Metaverse Stocks To Check Out In The Stock Market Today

Investors unsure of what stocks to buy in the stock market today may consider investing in metaverse stocks. For those who are new to the space, the metaverse is defined as a digital, three-dimensional world that's immersive and accessible in real-time. In particular, the metaverse allows for users to virtually interact and hang out with one another, host entertainment events, purchase virtual goods and services, and more. Although metaverse stocks have seen weakness in the past few months, that might soon be changing.

Just yesterday, Meta Platforms ( NASDAQ: META ), Nvidia ( NASDAQ: NVDA ), and several other major players in the industry came together to form the Metaverse Standards Forum. In brief, the consortium was formed as a means to foster the development of an industry-standard that would make the companies' digital worlds compatible with each other. Thus, this would make it easier for developers to build across different platforms. Besides, the Metaverse Standards Forum is free to join and plans to focus on 'pragmatic, action-based projects' like hackathons and open source tooling. Khronos Group, a nonprofit consortium working on AR/VR, artificial intelligence, machine learning and more, will reportedly be leading the forum. Given these developments, here are four metaverse stocks to watch in the stock market today .

Metaverse Stocks To Watch Right Now

Lowe's

Starting us off today is Lowe's,a home improvement company. The company offers a range of products for maintenance, repair, and decorating. Consumers can also access its products and services through its websites and mobile applications. Here, customers can find online product information, customer ratings and reviews, and other vital information. The company also notes that it has 5 focus areas to drive market share acceleration. Notably, this would include accelerating its online business.

Yesterday, Lowe's announced that it is expanding its footprint into the metaverse. Namely, it will be utilizing the metaverse's virtual space to provide a means for builders to imagine their projects. However, unlike other retailers that chose a particular virtual platform or game, Lowe's metaverse assets are all available for free on Lowe's Open Builder, its newly launched asset hub. This would include free downloads of 500 of its product assets including items such as chairs and shelves. While this is the company's first step into the metaverse, the company has been using emerging technology to help customers gain inspiration and more easily visualize and plan their home improvement projects. Through this, Lowe's is uniquely positioned to leverage emerging technology to help customers imagine the possibilities. As such, is LOW stock a buy?

Unity

Another notable name in the metaverse industry is Unity. For those unaware, the company provides a platform for creating and operating interactive, real-time 3D content. On one hand, its Operate Solutions enable customers to create and monetize their content across a range of third-party content distribution platforms. On the other hand, its Create Solutions are used by content creators and designers to create interactive 2D and 3D content. Earlier this month, Unity entered into a partnership with Gala Games in a deal worth $20 million.

For those unfamiliar, Gala is a Web3 gaming and entertainment company. It is involved in publishing various games that are funded by sales from non-fungible tokens (NFTs) and its own GALA token. Under the deal, Unity will be providing its professional services to work on an ambitious metaverse project with SimCity creator Will Wright. Specifically, Unity will be using its development and real-time 3D platform expertise for VOXverse, the metaverse for Gala Games' VOX Collectible Series. As it stands, Gala Games has the support of about 1.3 million players and has 28 games in development. With this partnership in the works, should you invest in U stock?

Autodesk

Similar to Unity, Autodesk specializes in 3D design. Its products include AutoCAD Civil 3D, architecture, engineering and construction collection, Autodesk Build, Revit, Fusion 360, and many more. In addition, the company's product development and manufacturing software provide manufacturers in the automotive, transportation, industrial machinery, and building product industries. Naturally, a company of this nature could likely be in a prime position to capitalize on a metaverse future.

Last month, the company posted its financial results for the first quarter of the year. Getting straight to it, Autodesk posted a total revenue of $1.17 billion, beating analyst estimates of $1.15 billion. Compared to the same period last year, revenue rose by 18%. As for its earnings, the company reported earnings of $1.43 per share, exceeding the $1.35 consensus estimate. In the same earnings report, Autodesk shared its outlook for the second quarter. Notably, it forecasts net revenue to be between $1.22 billion to $1.235 billion. As for profits, it expects adjusted earnings to range between $1.54 and $1.60 per share. Given the strong quarter, should you be watching ADSK stock?

Microsoft

Last, but not least, we have Microsoft. It is a tech company that enables digital transformation for the era of the intelligent cloud and intelligent edge. The company's cloud computing service includes Microsoft Azure, which supports many different programming languages, tools, and frameworks. Microsoft Office, on the other hand, is the company's productivity tool that is used by hundreds of millions of users around the globe. MSFT stock has fallen by over 20% this year, in line with the broader market weakness. Could it be trading at an attractive valuation now?

At the company's Build 2022 conference last month, Microsoft discussed its metaverse strategy moving ahead, which largely involves its Teams collaboration platform. Mesh for Microsoft Teams will serve as the home for the company's workplace metaverse. Through Mesh, employees can hold immersive meetings which will allow participation via laptop, HoloLens or VR headset. Besides that, virtual brainstorming using a virtual whiteboard in the metaverse is another possible scenario. Microsoft also highlighted Mesh's potential for all-hands meetings, workshops, and large-scale events. With the company touting the various uses of Microsoft Mesh, should you add MSFT stock to your watchlist?

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COMTEX_409075262/2688/2022-06-22T14:15:12

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