Don’t tell Mark Zuckerberg: investors have already discovered the metaverse

gaming platform Roblox, which allows users to generate their own avatars and play games created by other players, is arguably the most talked-about metaverse stock. The company’s shares are up nearly 160% since it listed directly on the New York Stock Exchange earlier this year.

And with a market cap of nearly $65 billion, Roblox is now worth more than established video game giants electronic art (THEY) and scandal-ridden Activision Blizzard (ATVIA).

gaming software company Unity software, another metaverse player, just reported impressive earnings and the stock rose on the news.

For example, PLBY mentioned the possibility of virtual parties with “Rabbitars” in a metaverse Playboy mansion, while Axon spoke of the growing threat of fraud, theft and other digital crime in virtual worlds.

“The metaverse is on the cusp of a drastic change in the gaming industry, and eventually others,” analysts at Manhattan Venture Research said in a recent report.

Qualcomm CEO Cristiano Amon said during an investor presentation Tuesday that the company aims to be “the ticket to the metaverse.”

Still, while Facebook isn’t the first company to embrace the metaverse, one analyst says the platform’s recent pivot to virtual worlds is likely a major reason why the metaverse has received so much more attention lately.

“Facebook’s rebranding has brought the metaverse concept to a wider audience,” Chis Beauchamp, chief market analyst at IG, said in a report. “With other firms getting into it, it’s clear that the idea and principle of a whole new world of services and experiences promises a new way to expand revenue.”