Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and 3D model services is pleased to announce that the Company has signed numerous new 3D modeling deals throughout the month of July and early August, 2022.
Nextech AR has signed 26 new contracts, with 7 new contracts since July 1st with major brands, and 19 additional deals as “ tests”. These are in addition to the previously announced deals in 2022. The Company is seeing a rapidly growing demand for 3D
Nextech AR CEO Evan Gappelberg commented, “Our ARitize 3D offering is being widely accepted by both enterprise customers as well as Shopify merchants and Amazon which has led to strong foundational growth of our business in 3D models for ecommerce in the first half of 2022. A lot of the deals in the first half were to “test” 3D models and see how the integration between platforms work. Now that we have laid the foundation we are seeing strong re-orders and are expecting an acceleration of new customer contracts. Also our existing customers are now exiting the “test” phase which usually last 3-6 months and are now entering larger 12 month MRR contracts. We expect these existing customers' re-orders and scaling up of global demand for everything 3D to drive our growth in Q3, Q4 and 2023 as the ecommerce industry demands shifts into high gear for Web 3.0 and emerging digital technologies. In anticipation of this rapidly growing demand we are ramping up our 3D modelling capabilities from thousands of models per month to tens of thousands of 3D models per month. We are also expanding our revenue potential through the expansion of our technology stack with the most recent launch of our ARitize Configurator." He continues, “More and more companies and brands within the ecommerce ecosystem are recognizing the benefits and ROI of our ARitize 3D product offering. We firmly believe that the transition from flat 2D photos to 3D models is now in full swing and that 3D models are currently being established as the standard in e-commerce throughout the globe.”
These “test" contracts represent entry contracts with a limited number of SKUs so brands and businesses can test Nextech AR’s proprietary AI-powered 3D/AR eCommerce solutions. When the test’s are successful, 90% turn into larger deals which result in longer contract durations and increased revenue for the Company.
In the first half of 2022, the Company saw strong demand from ecommerce merchants both large and small to “test” 3D modeling deals, further continuing its rapid expansion and growth into Web 3.0 and creation of digital twins for eCommerce. These contracts include companies and brands with a variety of different product types from multiple industries, including furniture, home goods, sports equipment, art, lighting, petwear and more.
ARitize 3D
ARitize 3D is your one-stop- integrated AR solution with automated 3D model creation and configuration at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images into high-quality 3D and Augmented Reality experiences. It's fast, it's easy and it will transform your ecommerce website.
With a 3D model, clients can interact with the product to see every detail with a 3D model: turn it, spin it, zoom in, zoom out, leading to 40% lower product returns, 93% higher click through rate and a 90% reduction in product photography costs. The Company believes that this value creation and ROI is leading to the rapidly growing demand for the Company's 3D technology. Transform your online store into a dynamic virtual showroom. 3D models allow customers to see products from every angle and position them in their own space prior to purchasing. It's an exciting, immersive shopping experience that keeps customers more engaged, better informed and helps your brand stand out from the competition.
ARitize 3D is the One-Stop-Shop 3D + AR solution for ecommerce that is:
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
About Nextech AR
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using breakthrough AI, Nextech AR is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse. Our platform agnostic tools allow brands, educators, students, manufacturers, creators, and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments, compose AR experiences, and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D Commerce, Education, Events, and Industrial Manufacturing, Nextech AR is in a unique position to meet the needs of the world’s biggest brands and all Metaverse contributors.
Nextech funds the development of its AR and Metaverse growth initiatives through its e-Commerce platforms, which currently generate most of its revenue. Nextech's e-commerce platforms include: vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon. These e-commerce platforms serve as an incubator for developing and testing Nextech's leading edge AR, AI and machine learning applications for powering next-generation e-commerce technology.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
| Last Trade: | US$0.11 |
| Daily Change: | 0.0032 3.11 |
| Daily Volume: | 203,420 |
| Market Cap: | US$12.990M |
April 03, 2024 March 26, 2024 March 12, 2024 | |
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