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A diverse set of companies and standards organizations on Tuesday announced the formation of a new group to oversee development of the metaverse. The news was positive for a number of metaverse stocks.
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Hosted by the Khronos Group, the Metaverse Standards Forum hopes to establish interoperability standards for the predicted metaverse. The metaverse is a future version of the internet with immersive three-dimensional virtual worlds replacing static two-dimensional websites.
The metaverse encompasses a range of technologies in the field of collaborative spatial computing. Those technologies include interactive 3D graphics, augmented and virtual reality, digital twins, online economies, multi-user gaming and more.
Industry leaders believe the potential of the metaverse won’t be realized unless it is built on a foundation of open standards. The Forum plans to start meeting in July.
Metaverse Stocks Represented In New Group
Companies considered metaverse stocks that have joined the new group include Facebook parent Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA) and Unity Software (U).
Other companies on board as founding members include Adobe (ADBE), Alibaba (BABA), Autodesk (ADSK), Epic Games, Ikea, Qualcomm (QCOM), Sony (SONY) and Wayfair (W).
“The metaverse will bring together diverse technologies, requiring a constellation of interoperability standards, created and maintained by many standards organizations,” Khronos President Neil Trevett said in a news release. Trevett is also vice president of developer ecosystems at Nvidia.
He added, “The Metaverse Standards Forum is a unique venue for coordination between standards organizations and industry, with a mission to foster the pragmatic and timely standardization that will be essential to an open and inclusive metaverse.”
Notable Company Missing From Group
One notable company usually listed with metaverse stocks, Roblox (RBLX), is not among the first members of the group.
On the stock market today, metaverse stocks up on the news included Microsoft, Nvidia and Unity. However, Meta stock fell despite a tech stock rally on Tuesday.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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