Key Takeaways
The metaverse is a vision of an immersive, interconnected virtual world built on technologies like VR, AR, blockchain, and AI.
Many public companies are involved in building the metaverse, covering hardware, software, connectivity, blockchain, and cybersecurity.
Investors may gain exposure to metaverse development by purchasing stock in companies working on its foundational layers.
After a wave of enthusiasm in 2021-2022, metaverse investment activity slowed in 2023-2024 as companies shifted focus; interest in Web3 infrastructure continued to develop.
Introduction
The metaverse is a concept describing the next phase of the internet: a persistent, immersive virtual world where people can work, socialize, and transact. While it does not fully exist yet, many of the technologies needed to build it are already in development.
Both crypto projects and publicly listed companies are exploring how to contribute to this emerging space. Companies in areas like virtual reality hardware, 3D software, connectivity, and blockchain technology could each play a role in making the metaverse a reality.
This article explores the different layers of metaverse infrastructure and highlights examples of public companies whose work may be relevant to this space. It also discusses how the metaverse landscape has evolved since the initial wave of enthusiasm in 2021-2022.
Why Are Companies Interested in the Metaverse?
The internet has gone through major shifts over the decades. The history of the metaverse and Web3 movement describe a potential next era: decentralized, user-owned, and immersive. Businesses that position themselves early in a new technology cycle could gain advantages if that technology becomes widespread.
In 2021, Facebook rebranded to Meta and announced major investments in metaverse development. This move drew significant attention from other companies and investors. Technology firms, gaming studios, e-commerce platforms, and cybersecurity companies began exploring how their products and services could apply to the metaverse.
However, by 2023 and 2024, enthusiasm had cooled somewhat. Many companies scaled back their metaverse-specific projects as growth was slower than anticipated. Interest shifted toward artificial intelligence (AI), which became the dominant technology theme of that period. Despite this, development of underlying metaverse technologies like AR, VR, and Web3 infrastructure continued. The metaverse remains a long-term vision rather than an immediate reality.
The Different Layers of Metaverse Investment
Building the metaverse requires advances in multiple technology areas. Here are the main layers that companies are working on, along with examples of public companies involved in each. These are educational examples only and should not be read as investment recommendations.
Immersive hardware
Immersive hardware includes devices like virtual reality (VR) headsets, augmented reality (AR) glasses, and haptic technology that simulates physical touch. These devices are the interfaces through which users would experience the metaverse.
Meta Platforms has invested heavily in VR headsets through its Quest line. Other companies, including Sony and Apple (with its Vision Pro, launched in 2024), have also entered the spatial computing and immersive hardware space.
3D creation software
Creating realistic virtual environments requires powerful software tools. Unity Software is an industry leader in real-time 3D development, with its engine used across gaming, film, architecture, and simulation. As virtual worlds grow more complex, demand for such tools could increase.
3D creation software makes it possible to build, render, and interact with digital environments at scale. Companies in this space may benefit from broader adoption of immersive technologies.
Interactive platforms
Interactive platforms allow users to meet, shop, and engage within virtual spaces. For e-commerce, companies like Shopify have explored tools that allow retailers to sell digital goods and NFTs directly through their storefronts.
Gaming platforms such as Roblox and Epic Games (maker of Fortnite) have also built large virtual social spaces. These platforms have elements that overlap with what a metaverse might look like, including user-generated content and in-game economies.
Connectivity
The metaverse requires fast, low-latency internet connections to function in real time. Companies in the telecommunications and networking sectors could play a role in supporting this infrastructure.
Advances in 5G and fiber broadband are relevant here. Without reliable high-speed connectivity, immersive virtual experiences would not be possible at scale.
Blockchain
Blockchain can serve as a foundation for ownership and transactions in the metaverse. It enables digital proof of ownership, governance, and interoperability across virtual worlds. NFTs allow users to own unique digital items, while decentralized finance (DeFi) tools could enable value transfer within virtual economies.
Cryptocurrency projects are often directly involved in building the tools and protocols that a decentralized metaverse would rely on. To learn more about the technologies that power the metaverse, including blockchain and other layers, see our dedicated article.
Semiconductors
The metaverse will require significantly more computing power than today's internet. This makes advances in chip and semiconductor technology important. Companies that design and manufacture high-performance processors may see increased demand as immersive applications grow.
Security
Any large-scale digital environment collects and stores vast amounts of user data. Cybersecurity companies that specialize in cloud-delivered protection and identity management could be relevant to metaverse infrastructure.
CrowdStrike Holdings, for example, provides cloud-based cybersecurity services. As the metaverse expands, protecting user data and virtual assets could become a significant market.
How Major Companies Are Approaching the Metaverse
The following are some publicly listed companies that have been linked to metaverse-related work. These examples are for educational purposes. They do not represent a complete list, nor do they constitute any recommendation.
Unity Software
Unity Software is the industry leader in 3D software, with half of all 3D content produced today using its software technology. It stands to reason, therefore, that Unity Software could be involved in creating metaverse content.
Shopify, Inc.
Shopify is one of the world’s largest e-commerce platforms. Its current software products are aimed at online retailers, assisting them with payments, analytics, and order completion. This gives it the potential to shape commerce relations in the metaverse. Shopify already has an NFT platform in beta that allows NFT sales using its storefront. It also has a token-gated commerce platform its clients can use to connect with fans and drive sales.
Meta Platforms Inc.
Since its rebranding from Facebook, Meta has invested billions of dollars in developing metaverse content, software, and AR and VR headsets.
For a broader look at how companies are contributing to this space, see our article on global companies building the metaverse.
FAQ
What is a metaverse stock?
A "metaverse stock" is an informal term for shares in a publicly listed company whose products or services are expected to contribute to the development of the metaverse. There is no official category, so the label is applied broadly to companies in VR, AR, gaming, blockchain, connectivity, and related fields.
Can individuals participate in the metaverse economy?
Yes, in several ways. Individuals may purchase shares in publicly listed companies involved in metaverse technologies. They may also participate directly through blockchain-based platforms, for example by acquiring virtual land in the metaverse or digital collectibles. Each approach carries different risk profiles, and participants should conduct their own research before making any decisions.
What makes a company a "metaverse company"?
There is no single definition. Generally, companies involved in building one or more of the key layers, such as hardware, software, connectivity, blockchain, or cybersecurity, may be described as metaverse companies. Many companies contribute to one layer while also serving many other markets.
Closing Thoughts
The metaverse represents a long-term vision for how the internet could evolve. Building it requires contributions from many different sectors, from hardware makers to software developers, connectivity providers, and blockchain projects.
Further Reading
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