Growing Demand for Nextech AR 3D Models as $5 Trillion Ecommerce Pivots to Web 3.0
TORONTO, O.N, Canada – May 3, 2022 - Nextech AR Solutions Corp. (“Nextech'' or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is is pleased to announce the closing of multiple NEW 3D model ecommerce deals. These deals provide the Company with a growing base of SaaS revenue and showcases the accelerating demand of Nextech's state-of-the-art ARitize 3D factory which is powered by AI. The Company has contracted to produce over 1500 3D models from these new deals alone, and is anticipating closing additional new deals and seeing rapid growth in demand in the ecommerce market.
The furniture industry historically struggled to sell online. Now it’s having success with 3D models and AR and currently it shows the highest demand for 3D models and AR visualizations. Nextech has large and growing contracts with Kohl’s, Crate & Barrel, Pier 1 Just Recliners, Mathis Brothers Furniture and others reflect that. It is reported that by 2022, online furniture sales are expected to reach US$294 billion, making the need for accurate 3D models essential for this industry.
Nextech AR CEO Evan Gappelberg commented, “These 3D modeling contracts for over 1500 models include re-orders…proving that 3D models are sticky, and that 3D/AR models are providing results for our clients. This is just the beginning of the fourth industrial revolution, just the beginning of our journey as we have more large enterprise deals in our pipeline representing thousands of 3D models which we expect to close in the coming months. Beyond enterprise, we are continuing to see strong demand all through the ecommerce space, signing 3D modeling contracts with small and medium ecommerce companies as well. The snowball effect is occurring, widespread adoption is happening, and this is evident through all of Nextech new and repeat customer contract signings.”
Demand is growing from large ecommerce businesses who are requiring the ability to convert large amounts of files quickly and create 3D models at scale. Nextech believes that with ARitize 3D and Nextech’s ARitize CAD, it has an elite end-to-end solution that is uniquely positioned in the market to meet the rapidly growing global demand of 3D models.
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.
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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.