Virtual reality presents investors with a massive opportunity. Not only is this market expected to grow from about $117 billion right now to $227.7 billion by 2029, but most of the top VR stocks are also incredibly oversold.

Better, virtual reality stocks are only gaining in popularity across multiple sectors, including healthcare, gaming, entertainment, real estate, retail, education, etc. The technology is even being used to train staff members and medical professionals. We’re seeing real-time online VR conferences. And more businesses want to enhance shopping experiences with VR, with e-commerce giants increasingly moving towards VR to do so.

According to attorney Peter J. Lamont, “Businesses can use VR for collaboration. For example, you could have a meeting with employees in different locations by having them all put on VR headsets. This would allow employees to communicate and collaborate more effectively than they would be able to through traditional video conferencing.”

In short, we’re looking at a massive opportunity moving forward.

With that in mind, investors may want to keep an eye on these seven virtual reality stocks I see as top-tier opportunities right now.

ProShares Metaverse ETF (VERS)

One of the best ways to diversify your portfolio at minimal cost is with an exchange traded fund (ETF). In the world of virtual reality, one of the leading such ETFs is the ProShares Metaverse ETF (NYSE: VERS).

With this ETF, investors can gain exposure to opportunities in virtual and augmented reality, with stocks such as Lumentum Holdings (NASDAQ:LITE), Advanced Micro Devices (NASDAQ:AMD), Immersion Corp. (NASDAQ:IMMR), Vuzix Corp. (NASDAQ:VUZI), Qualcomm (NASDAQ:QCOM), Amazon (NASDAQ:AMZN), and Microsoft (NASDAQ:MSFT) to name a few. With a current price tag of about $30, investors gain exposure to all of these stocks. At the moment, the VERS ETF does carry an expense ratio of 0.58%. This is  a bit above with where the average ETF expense ratio stands, but it is still a reasonable price to pay for the diversification this ETF provides.

Roblox (RBLX)

By now, most investors have heard of the metaverse. At the moment, Roblox (NYSE:RBLX) is the closest thing to a mainstream social metaverse, with a mission of building a human co-experience platform that enables billions of users to come together to play, learn, communicate, explore and expand their friendships.

The company’s stock price is also starting to push higher, after reporting that daily active users came in at 57.8 million this past quarter, up 23% year over year. Hours engaged surged to 4 billion, up 16% year over year. Better yet, estimated bookings were between $212 million and $219 million, up 11% to 15% year over year.

Microsoft (MSFT)

Microsoft is collaborating with Meta Platforms (NASDAQ:META) to change how people can work and play in a virtual reality setting. This collaboration will involve Microsoft’s services, including Teams, Office, and Xbox Cloud Gaming, coming to Meta’s Quest VR headsets.

“We are bringing a Microsoft Teams immersive meeting experience to Meta Quest in order to give people new ways to connect with each other,” CEO Satya Nadella said, as quoted by TheVerge.com. “You can connect, share, collaborate as though you were together in person.”

Ahead of company’s earnings on Oct. 25, Citi analyst Tyler Radke has shown concern that Microsoft will report weak numbers. However, he still has a buy rating on the stock, with a price target of $282. This is based on the idea that Microsoft’s “cloud-related revenue streams will enable growth to continue at double-digit levels with operating-margin expansion,” as quoted by Barron’s.

At the moment, shares of Microsoft appear wildly oversold at $236.15. From this price, I’d like to see the tech giant rally back to $310. In the meantime, investors can collect a dividend yield of 1.14%, as they wait for MSFT stock to recover.

Apple (AAPL)

Apple is rumored to be working on how to implement virtual and augmented reality into iOS devices or new hardware products, according to MacRumors.com. Additionally, the company is expected to release an AR-VR product by 2023.

“Reliable sources like Apple analyst Ming-Chi Kuo and Bloomberg‘s Mark Gurman have indicated that the headset will likely see a 2023 launch date, with the glasses to follow in 2024 or 2025,” they added.

Even better, Apple CEO Tim Cook is a big fan of virtual reality. “I think AR is a profound technology that will affect everything,” Cook said, as quoted by CNBC. “Imagine suddenly being able to teach with AR and demonstrate things that way. Or medically, and so on. Like I said, we are really going to look back and think about how we once lived without AR.”

With regards to earnings, Apple is scheduled to release its numbers on Oct. 27. Morgan Stanley analyst Erik Woodring believes the company will beat expectations. He also has an overweight rating on the stock, with a price target of $177 a share.

Nvidia (NVDA)

Nvidia (NVDA) is another top virtual reality stock to consider.

After all, Nvidia created the Omniverse, a platform for connecting 3D worlds. The “omniverse platform allows creators to collaborate on 3D-design projects, enables developers to build intelligent digital humans, and empowers researchers to train AI models for self-driving cars and other autonomous machines,” as noted by Motley Fool contributor Trevor Jennewine.

The company also launched the Omniverse Cloud for the Industrial Metaverse.

With it, companies can design new products, processes, and even facilities in a virtual world before ever bringing them to market. Lowe’s (NYSE:LOW), for example. Just partnered with Nvidia and Magic Leap to create interactive store digital twins or virtual models of real-world objects.

Also, according to PYMNTS.com, “Nvidia Omniverse Enterprise metaverse technology is being used to build a digital twin of German railway operator Deutsche Bahn that will let it monitor operations of its entire network of 5,700 stations and 20,500 miles of track in real-time.”

Matterport (MTTR)

Then, there’s Matterport (NASDAQ:MTTR), which has massive exposure to digital twins. In fact, the company believes its total addressable market may be about $240 billion. That includes more than four million digital buildings in many different industries.

Earnings haven’t been too shabby either. In its first quarter, the company’s total subscribers increased by 70% to 562,000 year over year. Revenue jumped to $28.5 million, or $1 million above the high-end of its guidance. Additionally, the company’s non-GAAP loss per share of 10 cents was three cents better than expectations. To top it off, Matterport also has more than $600 million in cash on hand.

Unity Software (U)

Unity Software (NYSE:U), as its name suggests, is a software platform provider that allows customers to develop 2D and 3D content for a wide variety of gadgets. These include virtual and augmented reality platforms.

Most recently, Needham analyst Bernie McTernan initiated a buy rating on Unity, with a $50 price target on the stock. He  noted that Unity’s software is some of the best in the world.

Unity’s Create platform, he added, is “best in class and should benefit from the rising demand for real-time, interactive, 3-D content in gaming and beyond,” as quoted by Barron’s. He also pointed to a price increase, which could be a substantial revenue driver over the long-term.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.