TORONTO–(BUSINESS WIRE)–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 services is pleased to announce the conclusion of several new e-commerce 3D modeling agreements, providing the company with a growing ARR (annual recurring revenue) and MRR (monthly recurring revenue) base. These newly won contracts are for hundreds of additional 3D models, in addition to the additional 1500 and 400 SKUs announced over the past few weeks. The company is seeing growing demand for its advanced AI-powered ARitize 3D and ARitize CAD technologies. In the first 6 weeks of Q2 2022, the Company exceeded all contracts signed in Q1 for 3D models.
To date, Nextech has served a total of 4,596,667 3D AR model views, with 870,433 3D AR models served in the first quarter alone.
Nextech AR CEO Evan Gappelberg said, “We are seeing an acceleration in demand for our Web3 product suite by simultaneously signing new customers for ARitize 3D expand into new industries, while renewing with existing customers for more 3D models, meaning our 3D/AR product offering is now recognized as delivering high ROI for the global e-commerce ecosystem. He continued, “We have positioned ourselves as the cheapest, most scalable and highest quality 3D model provider by leveraging our patent-pending AI and ML technologies. We believe that 3D models will become the norm in e-commerce and 3D models are estimated to have a $100 billion TAM which we are chasing day after day through these customer wins.
Winning new contracts, combined with renewals and expanding existing ones, is driving the rapid growth of the company’s 3D model and augmented reality business in e-commerce.
Nextech has signed a 3D modeling renewal contract with MGI Golf for additional SKUs and has signed a 3D modeling contract with Marker Deutschland, a skiwear manufacturer for its helmet line. This follows several sports-related ARitize 3D offerings, including Head, Himibike, Salamander Paddle Gear, Never Summer, The Perfect Mound, Source for Sports, Joyride Bikes and others.
Artika, an online retailer of home lighting solutions, has taken out a monthly subscription for 3D models, contributing to Nextech’s MRR. This signing follows Nextech’s recent announcement of Lighting Plus extending its original contract for more 3D SKUs, reflecting growing demand and positive ROI in the lighting market for 3D models.
Nextech has expanded its reach and now partners with marketing agencies and other agencies to provide templates for third-party clients. The latest signature in this area concerns a niche product, marathon medals, as well as a partnership for a Smirnoff Ice product. These signatures underline that more and more retailers are asking for 3D models in the e-commerce space, and their marketing agencies are turning to Nextech to find solutions for their customers.
The company continues to expand its reach through partner advertising agencies and integrations with Shopify, Big Commerce and soon WooCommerce and Magento.
Nextech’s Shopify integration and app continues to pay off with the signing of several deals, including Bolt, an online homewares retailer. Shopify customers are embracing Nextech’s 3D modeling technology and looking to the company to propel their products into the augmented reality space. Nextech is gearing up to launch a number of new apps for Shopify and WooCommerce.
The Company has canceled a total of 15,004,152 stock options (the “Cancelled Options”) previously held by certain directors, officers, consultants and employees of the Company. The canceled options have been approved by the option holders. Including canceled options, the Company has 2,015,845 stock options outstanding under its stock option plan.
About ARitize 3D
ARitize 3D is your one-stop AR solution with automated 3D model creation at an unbeatable price. Our artificial intelligence (AI) will transform your existing 2D product images into high-quality 3D and augmented reality experiences. It’s fast, it’s easy, and it will transform your e-commerce site.
With a 3D model, customers can interact with the product to see every detail with a 3D model: turn it, rotate it, zoom in, zoom out, resulting in a 40% drop in product returns, a 93% higher click-through rate and a 90% click-through rate reduction in product photography costs. The company believes that this value creation and return on investment is driving rapid growth in demand for the company’s 3D technology. Transform your online store into a dynamic virtual showroom. 3D models allow customers to view products from all angles and position them in their own space before purchase. It’s an exciting and 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 e-commerce that is:
- Affordable – cheapest provider
- Scalable – faster, seamless, high quality
- Without friction – requires little effort to implement
- Powered by AI and ML – automated creation of 3D models
- end to end – from model creation to CMS & AR visualization
To find out more, follow us on TwitterYouTube, 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 groundbreaking AI, Nextech AR is able to quickly, easily, and cost-effectively ARitise (transform) vast amounts and varieties of existing assets at scale, making products, people, and places ready for use. Interactive 3D, giving creators at all levels all the essential tools they need. to develop their vision of digital AR in the Metaverse. Our platform-agnostic tools enable brands, educators, students, makers, creators, and technologists to create the most photorealistic, interactive, and immersive 3D assets and digital environments, compose AR experiences, and publish them to all devices. canals. With a comprehensive suite of end-to-end AR solutions in 3D commerce, education, events, and industrial manufacturing, Nextech AR is uniquely positioned to serve the needs of the world’s leading 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”), Infinitypetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and sale of residential vacuum products, supplies and parts, and small appliances sold on Amazon. These e-commerce platforms serve as an incubator to develop and test Nextech’s cutting-edge AR, AI and machine learning applications to power next-generation e-commerce technology.
The CSE has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of these 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 is incorporated by reference herein, except as required by applicable securities laws.