Big news just hit the wires
Nextech AR Announces Multiple New 3D Modeling Contracts
August 11, 2022 07:30 AM Eastern Daylight Time
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 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
Santa Barbara Lighting - contracted for 3D models of lanterns and product configurator
Sports Basement - contracted for 3D models of bicycles
Life Fitness - contracted for 3D models of high-quality treadmills
Arena - contracted for 3D models of sports equipment
TekTake - contracted for 3D model of outdoor seating set
Vornado - contacted for 3D models of fans
Vcommerce - contracted for 3D model of a Land Rover Car
Strange Universe - contracted for 3D models of unique lamps
Fiskar’s Group - contracted for 3D models of whiskey glasses and a Wedgwood plate for their clients
CG1 Solutions - contracted for 3D models of a cup and saucer for their clients
Deslit Furniture - contracted for 3D model of a unique sofa
Peah Management - contracted for 3D models of their furniture
Mathis Brothers - contracted for 3D model of a couch
HNI Corporation - contracted for 3D model for a fireplace and product configurator
Clutch & Co - contracted for 3D model of their Clutch Stretch Golf Pant
Shop by BDB - contracted for 3D model of a jacket
Global Equipment - contracted for 3D model of a drinking fountain
Mouse Marketing - contracted for 3D model of a Johnny Walker bottle
Xion Global - contracted for 3D models of bitcoin
Virtual Spaces - contracted for 3D model for a weekend bag
Living NFT - contracted for 3D models of posters
Chris Willey Consulting Services - contracted for 3D model of a Nutella jar
Eden Galleries - contracted for 3D models of cartoons
Epreneurs - contracted for 3D model of a trophy
Augment Agency - contracted for 3D model of a Malibu 5K Medal
Vibin Toys - contracted for 3D models of adult toys
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.
