Undeterred by a recent slump in tech stocks, some investors eager to get in on an emerging tech trend are turning their attention to the metaverse.

This next iteration of the Internet is an immersive 3D virtual world where people use virtual and augmented reality to socialize, work and play. McKinsey & Co. estimates this market could grow to $5 trillion in annual revenue by 2030. Venture capitalists have invested $120 billion in metaverse technology and infrastructure during the first five months of 2022, McKinsey says, more than double of the $57 billion invested in all of 2021.