TORONTO, O.N, Canada – OCTOBER 25, 2022 - Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), Metaverse Company and leading provider of augmented reality (“AR”) experience technologies, wayfinding technologies and 3D model services is pleased to announce that ARway’s Spatial Computing technology is now being used as part of the XR engine powering the music app: Encore. This application of the ARway platform opens up a substantial new market; providing AR spatial activations for the music industry. While the Company is focusing its spatial computing platform revenue generation towards AR wayfinding it is finding applications of its breakthrough technology in additional markets that are opening up entirely new revenue opportunities.
Jonathan Gray, CEO of Encore states, “ARway has provided Encore with the cutting-edge technology to keep us at the forefront of the emerging music technology space, and has been vital in accelerating our time to market.”
Using ARway’s software development kit (SDK) within the Encore app, artists can create immersive concert experiences for fans. Encore employs ARway’s technology, giving artists the ability to build custom augmented reality sets and environments to perform in, building custom 3D worlds using objects, photos and videos. ARway’s technology is being used to map and localize these custom AR environments into the physical world around the clients; tying the AR objects to real world locations, and seamlessly blending the virtual world with the real world.
With Encore, imagine an artist performing from their living room, wanting to build a custom AR set. Using ARway’s SDK, artists can design and create a custom AR world, save it and reload it in that space quickly and easily. ARway provides Encore with the ability to keep, save and reload custom environments in the same place and synchronize it across multiple devices.
Watch a video of ARway’s SDK in action HERE
With the rise of Web 3.0 and the Metaverse, AR technology is getting used in a variety of different sectors and industries, including the music industry as demonstrated through the ARway’s use case with Encore. AR provides numerous advantages to businesses that other software cannot offer, including product views, enhanced content, immersive experiences, increased audience engagement, and more. The augmented reality software market size is projected to reach USD 137.14 Billion by 2028, growing at a CAGR of 57.21% from 2021 to 2028, according to Verified Market Research.
Nextech AR’s CEO Evan Gappelberg commented, “With ARway, not only do we have a substantial market with indoor AR wayfinding, but there are many other markets that we monetize such as the music industry. Encore is a perfect example of ARway’s adaptability into different industries and types of activations. He continued, “With Encore, we have opened up a completely new market for ARway in the music and entertainment industry, driving new revenue potential for the platform. As we move forward with Web 3.0 and the real-world Metaverse, our spatial computing technology will only get more robust and continue to push into new industries and new markets, driving towards even more revenue potential.”
Nextech AR believes ARway will be the first pure-play spatial computing public Company. ARway will begin trading on the Canadian Securities Exchange (CSE) on Wednesday October 26, 2022 using the ticker symbol: ARWY.
The Company has already begun the listing process for ARway to trade on the Frankfurt exchange and the OTC Market and expects trading on those exchanges within 60 days of its CSE debut. Upon listing, Nextech AR will retain an ownership stake of 13 million shares of ARway and distribute 4 million additional shares as a stock dividend to Nextech shareholders.
Recent ARway News
- October 19: Nextech AR Announces Major Upgrades to Its Spatial Computing - Augmented Reality Navigation Platform “ARway”
- October 14: Nextech AR Shareholders Approve Spin Out of Real-World Augmented Reality Spatial Computing Platform - ARway
Encore is a live interactive music app, cofounded by Kid Cudi. Our mission is to help more artists and creators make a living from their music by empowering them with new ways to directly monetize and engage and grow their fanbase. Artists can drop new music, interact with fans and host live shows right from their phones, and from anywhere in the world. Encore also enables live music experiences for fans, with opportunities to connect with their favorite musicians and discover new music.
Encore Studio App https://apps.apple.com/us/app/encore-studio-live-music-ar/id160461320
ARway is a no-code spatial computing platform, with an augmented reality indoor wayfinding solution for large, multi-purpose venues activated with visual marker tracking. Users can access a venue map to navigate to any Point of Interest (POI) with step-by-step directions and interact with rich augmented reality experiences and content. ARway only requires end-users to scan a QR code with their smartphone to activate.
The ARway Platform Includes:
Web Creator Platform
The Web-Based Creator Platform provides 'advanced' authoring capabilities compared to the mobile app, including the ability for creators to upload their own OBJ/GLB files, and create their own 3D objects. Placing content in a large area using only mobile app required the user to physically be in the specific location which was unscalable. The web studio allows the user to place and author content remotely and at scale.
With the ARway mobile app, anyone can spatially map their location within minutes using their smartphone, and populate it with interactive 3D content, augmented reality wayfinding, audio, text, images, and more. Nextech AR provides several pre-loaded 3D objects which creators can leverage to populate their metaverse.
The Software Development Kit contains code libraries and API information that allows developers to build their own white label & private label mobile apps on both iOs and Android leveraging ARway's technology and creator tools to build AR wayfinding and spatial experiences. Creators will be able to develop white label and private label apps and access ARway APIs to author maps using the Web Creator Portal. The SDK features the latest and greatest of the ARway mobile app.
For further information, please contact:
Investor Relations Contact
866-ARitize (274-8493) Ext 7201
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 eCommerce platforms, which currently generate most of its revenue. Nextech's eCommerce 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 eCommerce platforms serve as an incubator for developing and testing Nextech's leading edge AR, AI and machine learning applications for powering next-generation eCommerce technology.
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.