Virtual realms known as the metaverse that have become the hot topic for tech companies also are winning a new fan base among investors.

SoftBank Group on 3 December said it was investing $150m in a South Korean metaverse platform. A cadre of metaverse-themed, exchange-traded funds have launched in recent months — some showing gains. Shares have also surged in companies making early bets on what some tech executives have described as the next phase of the internet, while others say it is a hyped vision that will take years to realise.