Why Josh Brown Says The Metaverse Is 'Not In The Future, It's Current'

The metaverse may not be as far away as some people think. Meta Platforms Inc FB is showing early signs of strong Oculus VR headset sales after the app took the top spot in the Apple Inc AAPL app store on Christmas this year. 

Related Link: Apple App Store Analysis: How Meta Claimed The Top Spot On Christmas

Ritholtz Wealth Management's Josh Brown suggested that the metaverse may already be here when he announced that he initiated a position in Roblox Corp RBLX Friday on CNBC's "Fast Money Halftime Report."

"This is the metaverse already," Brown said. "It's not in the future, it's current."

When people talk about the metaverse, they tend to talk about Meta Platforms, but Brown said investors should be focused on Roblox.

"Of all U.S. children under 16, half are currently playing and active on Roblox," he emphasized.

Brown told CNBC that he bought about a third of the total position he plans to hold in Roblox and hopes to buy the rest if given the chance to buy as a result of "general market volatility."

He noted that the stock is set up for upward momentum from a technical standpoint, so he wanted to go ahead and buy some in case it takes off.

"Just in case, I wanted to make sure I got in around $100-$101 a share," Brown said.

He has been watching the stock since it made its public debut in March and wanted to lock in a position, as he is anticipating a strong year ahead.

"I think this could be one of the biggest winners in 2022," Brown said.

See Also: House Speaker Nancy Pelosi Loads Call Options In Alphabet, Micron, Roblox, Salesforce And Disney

"I'm super bullish on the engagement, the amount of users, the growth. Everything seems to be pointing in the right direction here."

RBLX Price Action: Roblox has traded as low as $60.50 and as high as $141.59 over a 52-week period.

The stock was up 2.85% at $103.41 at time of publication.

Photo: courtesy of Roblox.