- Metaverse refers to a shared digital space based on virtual and augmented reality to enable real world-like interactions among people.
- A technology stock delivered a year-to-date return of about 145 per cent.
- A junior tech firm strategically partnered with Janam Technologies recently on December 10 to provide contactless venue solutions to customers.
Ever since CEO Mark Zuckerberg rebranded Facebook as ‘Meta’ recently, the concept of metaverse has become a tech buzzword.
In general, metaverse refers to a shared digital space based on virtual and augmented reality to enable real world-like interactions among people. It is an emerging technological concept that is drawing investors’ interest worldwide.
Let us explore three Canadian metaverse companies that could benefit in the future.
1. GoldSpot Discoveries Corp (TSXV: SPOT)
SPOT stock jumped by over three per cent in the past one week and delivered a year-to-date (YTD) return of about 145 per cent.
On Friday, December 10, it closed at C$ 0.98 apiece, up by over two per cent.
GoldSpot Discoveries Corp, on December 1, was employed by Granada Gold Mine Inc (TSXV:GGM) to provide its proprietary machine learning technology to smart target for their current drilling program.
The Toronto, Ontario-based technology company is set to assist Granada to increase its current resources and find new exploration targets.
The junior tech provider posted consulting revenue of C$ 2.05 million in the third quarter of fiscal 2021, which indicated a year-over-year (YoY) rise of 29 per cent.
Image source: © 2021 Kalkine Media
2. FOBI AI Inc (TSXV: FOBI)
FOBI stock closed at C$ 1.56 apiece on December 10, up by about four per cent. The software stock shot up by almost 24 per cent in a week.
On December 10, FOBI AI Inc strategically partnered with Janam Technologies to provide contactless venue solutions to customers.
The junior tech firm also inked a letter of intent on December 8 to acquire Passworks, a Europe-based digital wallet and online marketing entity.
The Vancouver, British Columbia-headquartered firm saw its revenue expand to C$ 0.58 million in the first quarter of fiscal 2022, significantly up from C$ 0.14 million in the fourth quarter of fiscal 2022.
3. Spin Master Corp (TSX: TOY)
Stocks of Spin Master Corp swelled by nearly 50 per cent so far in 2021. It closed at C$ 43.46 apiece on December 10, slightly up from its previous close.
Spin Master reported a revenue surge of 25 YoY per cent to US$ 714.5 million in the third quarter of fiscal 2021.
The entertainment company posted a net income of US$ 135.4 million in its latest quarter, notably up from US$ 86.8 million in the same quarter a year ago.
Top 3 Canadian metaverse stocks of 2021
Some experts believe that metaverse can cause significant alterations in the way we interact. With its growing demand, technology companies in this space can also go on to profit more in the future.
However, investors should also mind that investment in such companies can be risky due to future uncertainties.