Nextech AR Solutions Corp. the metaverse company and provider of AR experience technologies has announced that it has received its largest purchase order of $6.7 million from an unnamed NASDAQ 100 Tech Company.
The company had previously announced a $700,000 3D model order which is due for delivery in Q4 2022, while 3D models related to its $6.7 million purchase order are to be delivered in 2023, bringing the company’s total new orders to $7.4 million.
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Evan Gappelberg CEO of Nextech AR said, “The transformation from 2D online shopping to 3D is only in the first or second inning, similar to Artificial Intelligence, Robotics, Energy Storage, DNA Sequencing, Blockchain Technology, and other disruptive technologies. We are very fortunate to be positioned as one of the leaders in 3D technology transforming the $5.5 trillion e-commerce industry. We are now delivering mass quantities of 3D models to the highest standards, for the most demanding customers. We expect that global demand for 3D models will rapidly grow and then accelerate at a breakneck pace from 2023 into 2024.”
Gappelberg continued, “We see this massive demand for 3D models accelerating now because large enterprise e-commerce businesses have seen a positive ROI for 3D models and know that to remain competitive they will need 3D models.
“Nextech AR has worked tirelessly over the past four years to cement itself as a leader in 3D model making at scale for large enterprise global customers and it is just now starting to pay off as evidenced by this $6.7 million order. The transition from flat 2D photos to 3D models is now in full swing presenting a massive opportunity which we plan to take full advantage of.”
Although $6.7 million is the company’s largest 3D modelling order yet, it is still in talks for more similar 3D modelling contracts from major enterprise customers that it expects to announce soon.
The company also expects its proprietary AI and computer vision expertise to play a major role in the growth of its future production of mass quantities of 3D models, which it estimates will be in hundreds of millions.
Securing new contracts with combined contract renewals and the expansion of existing contracts will drive the rapid growth of the company’s 3D model as well as AR business in e-commerce.
Moreover, the metaverse and other virtual spaces are also expected to be a primary factor that leads to the rapid growth and demand for 3D models.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
