Image source: Pixabay

According to a market research report by Fortune Business Insights, the global metaverse market (read What Is the Metaverse? How Is It Intended To Work?) is projected to grow from $100.27 billion in 2022 to $1.527 trillion by 2029, representing a compound annual growth rate (CAGR) of 47.6% during that period driven by rapidly growing online e-commerce and gaming markets, as well as the emergence and growth of blockchain technology.

The munKNEE Metaverse Stocks Index tracks the stock performance of the 10 best metaverse stocks to buy in 2022, according to Elliott Wave Forecast, and below is how its constituents performed in October* (as of October 28th), in descending order:

Constituents That Advanced In Excess Of 20%

1. Roblox Corp. (RBLX): UP 27.7% in October*
   • is creating a platform for immersive co-experiences where people can come together within millions of 3D experiences to create their own “worlds” where they can interact and play with others over the internet.
   • Read: Roblox jumps as data point to best measures in nearly a year

Constituents That Advanced Between 10% and 20%

1. Autodesk Inc. (ADSK): UP 15.8% in October*
   • is offering a suite of technologies for rendering 3D animation, building and launching virtual buildings, and creating within virtual reality and augmented reality environments.
2. Nvidia Corp. (NVDA): UP 14.0% in October*
   • is producing graphics and video processing chips for artificial intelligence and high-end computing and its products play an integral role in powering the metaverse.
3. Take-Two Interactive (TTWO): UP 13.8% in October*
   • is generating more revenue from metaverse technology than any of its competition.

Constituents That Advanced Between 1% and 10%

1. Microsoft Corp. (MSFT): UP 1.3% in October*
   • is enabling shared experiences from anywhere through mixed reality applications.
2. Cloudflare Inc. (NET): UP 0.07% in October*
   • is providing the underlying networking and data services required to make the metaverse a reality by using a software-defined networking model that replaces networking hardware such as routers, switches, and load balancers with far cheaper and more scalable software.

Constituents That Declined Between 1% and 10%

1. Matterport Inc. (MTTR): DOWN 5.5% in October*
   • is providing 3D cameras which bring depth to an image and 360 cameras which bring multiple angles on an app to capture these images on your smartphone as well as software that pulls this all together into one digital twin of the space, and applications to layer on augmented reality features.
2. Unity Software Inc. (U): DOWN 8.3% in October*
   • is the leading platform for creating and operating interactive, real-time 3D content, giving creators the power to build complex, data-oriented apps using its Mixed and Augmented Reality Studio tool.
3. Match Group Inc. (MTCH): DOWN 8.5% in October*
   • is expanding its matchmaking efforts into the virtual realm by integrating avatar-based virtual experiences into its portfolio of mobile applications.

Constituents That Declined In Excess Of 20%

1. Meta Platforms Inc. (META): DOWN 26.9% in October*
   • is investing billions to create software and content for augmented reality and virtual reality applications, allowing it to address multiple metaverse angles.
   • Read: Why did Meta Platforms stock crash today? Another grim revenue outlook

The munKNEE Metaverse Stocks Index went UP 3.2% in October and 8.2% when Meta Platforms (Facebook) is excluded and that is only slightly worse than that of the S&P 500 which was UP 8.6% during the same period. That being said, the Index is DOWN 49.3% YTD.

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