Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF, NEO:NTAR) announced several new e-commerce 3D modeling deals, providing the company with a continuously growing base of annual and monthly recurring revenue.
The company said it has been contracted to produce around 400 3D models from the new deals, in addition to the 1,500 announced last week, underscoring demand for Nextech’s advanced ARitize 3D and ARitize CAD technologies.
“I believe 3D models are indispensable in 2022 and beyond and it will become increasingly difficult, if not impossible, to compete and do business online without 3D models as your competitors adopt this technology,” said said Nextech AR CEO Evan Gappelberg. in a report.
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“Due to a high return on investment, we are seeing rapid market adoption, which is evident in our steady stream of ARitize 3D deal signings across various industries, as shown here. We are pleased to continue to report deals because we keep signing deals!It’s a very exciting and dynamic time at Nextech as the 3D models and really all of our metaverse technology that we’ve spent building over the last four years is being adoption. I think our current stock price does not reflect our potential,” he added.
The company said it believes a significant increase in orders will continue from existing and new customers, driving revenue. Nextech charges its ARitize 3D customers a recurring monthly fee between $10 and $50 per model under a 12-month contract that automatically renews.
Recently signed deals include 3D furniture modeling contracts with Habitt as well as Surplus Furniture & Mattress Warehouse.
Returns from e-commerce sales cost $1.47 trillion a year, as reported by Shopify (TSX:SH., NYSE:SHOP), and 3D models can reduce returns by up to 40%, the company said . Nextech AR also manufactures many 3D models of wall art and decorations for large corporate clients Kohls, Pier 1 and Kmart Australia, as well as Artography Limited, Art Millwork Design, Eden Gallery, Maple Leaf Auctions and others.
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