If you’re ready to jump head-first into the metaverse, I invite you to check out spatial data company Matterport (NASDAQ:MTTR). With virtual worlds quickly being built, MTTR stock offers exposure to the metaverse’s growth.

Just to get everybody up to speed, the metaverse is a virtual world in which people can do a number of things that they often do in real life. For example, you can play games, shop, socialize, create art and even run a complete business in the metaverse.

Matterport provides a 3D data platform that enables users to design, construct and operate these “built worlds,” so to speak. Sure, other publicly traded companies provide indirect exposure to the metaverse, but MTTR stock is truly a pure play on this exciting niche market.

Besides, Matterport just got listed on a famous, vast cloud platform. That was a milestone for Matterport, enhancing the argument that its share price is grossly undervalued.

A Closer Look at MTTR Stock

Let’s start at the beginning of Matterport’s time on the public markets , which really wasn’t very long ago. Following its reverse merger with Gores Holdings VI, a SPAC, Matterport began trading on the Nasdaq on July 23, 2021.

MTTR stock rallied after its debut, soaring from $14 in July to a peak of $37.60 in November. However, the stock closed yesterday at $22.86..

The share price’s decline is not necessarily negative. Bulls who are looking for a sustainable rally by the shares shouldn’t want to see Matterport get ahead of itself.

If MTTR stock falls below $20, it would be a terrific buy as, at that price, the shares would leave investors well-positioned to benefit from a potential slingshot move to $40.

Even at the current price point, though, the shares can still double. For the folks who aren’t convinced of this, I’ve got some data points that will disarm the skeptics and doubters.

Building Quickly and Securely

Since Covid-19 accelerated the adoption of digital universes, the demand for  Matterport’s 3D renderings of physical spaces has surged.

Today the size and scope of the metaverse is staggering. If you can believe it, Matterport boasts 6.2 million spaces under management, 439,000 subscribers and a presence in roughly 170 countries.

Moreover, it’s evident that the growth of the metaverse is accelerating rapidly. For example, in the third quarter, Matterport’s total subscriber count increased by 116% year-over-year.

And if you’re concerned about whether these metaverse denizens are actually paying customers, there’s no need to worry as Matterport’s Q3  subscription revenue rose 36% from the  same period in 2020.

There’s also evidence that Matterport is maintaining strict safety and security standards in the metaverse. To that end, the company successfully completed a SOC 2 Type II Service Organization Control (SOC 2) audit of its platform and services.

This audit attests to Matterport’s commitment to maintaining proper security and operational controls, which are key to earning its customers’ trust.

An Amazon-Sized Event

If any skeptics or short-sellers remain bearish on MTTR stock after reading all of that, this bit of news should change their minds.

Just recently, Matterport announced that its platform will be available on Amazon’s (NASDAQ:AMZN) cloud platform, AWS Marketplace. Scoring an AWS listing is a major coup for Matterport. It’s a win-win, as the  customers of the AWS cloud provider service will now have access to Matterport’s “digital twin” (i.e., its metaverse-building) technology.

In light of this momentous event, it’s easy to feel bullish about MTTR stock. Conway Chen, Matterport’s Vice President of Business Development and Alliances , is evidently optimistic about the company’s future:

“We’re seeing Matterport being used as the fabric of the built world, supercharging use cases across the board from smart buildings, smart homes, and more, ultimately unlocking digital twin technology with unmatched AI and deep learning analytics.”

Clearly, there’s a vast range of applications and use cases for “built worlds” – and for Matterport’s value-added services.

The Bottom Line

The current share price of MTTR stock can double, as the metaverse is expanding quickly in size and adoption levels. Plus, Matterport’s AWS listing is definitely a huge win for its stakeholders.

It’s also nice to know that Matterport is building out its corner of the metaverse safely and securely. So what’s next for MTTR stock? Its short-term trajectory is unclear, so investors must be patient with it.

Eventually, Wall Street will come to appreciate the metaverse’s full impact and value. And at that point, Matterport’s early-stage shareholders will finally have the wealth they deserve.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.