NexTech AR Solutions Corp (OTCMKTS:NEXCF) (CSE:NTAR) announced Wednesday a major break-through for the company and the augmented reality (AR) industry as the firm revealed it was set to launch a stand-alone app in early next year.
It means millions of smartphone users around the world will be able to create photo-realistic 3-D models, the firm said in a statement. The app will 'dramatically simplify' the creation process by capturing 3-D AR products with a cell phone’s camera.
"We imagine a world where millions of 3-D models are created using our app and then seamlessly uploaded onto our ARitize e-commerce platform where we charge $40/month per product," said Evan Gappelberg, the CEO of NexTech.
READ: Full interview: NexTech AR Solutions plans to expand deal with Walther Arms for augmented reality
"What used to take one of our experienced 3-D modeler days of work can now be done in a matter of minutes — and with the same resolution and image fidelity as if the 3-D model was designed from scratch, it’s pretty mind blowing!"
NexTech, the first publicly traded 'pure-play' augmented reality (AR) company, told investors the breakthrough comes after extensive testing and 'extremely positive' in-house results of its revolutionary 3-D capture technology.
The app will have a 'freemium' business model, whereby a user gets one free 3-D scan. However a user will be billed for additional scan “packs” as well as charged a monthly subscription fee for hosting the 3-D asset, which together could add millions to NexTech's bottom line, the firm said.
The app will also boost the revenue-generating power of NexTech's existing AR e-commerce solution and soon to be launched AR, 3-D, 360 advertising platform, it added.
"After our app is live in early Q1 creating 3-D objects will become easy, anyone will be able to do it natively within our app, no special training or skills required, making our app launch a major break-through for both the industry and NexTech.”
Previously, capturing or creating 3-D AR objects has been very time consuming and costs between $250 to $2500 per 3-D product, which has held AR back from mass adoption.
"NexTech’s CaptureAR app removes these barriers by reducing the skills needed, time and cost to just $99 or less, enabling the mass adoption of AR, setting the stage for the explosive growth of NexTech’s augmented reality business in 2020," added the company.
The app will allow the firm's AR e-commerce solution to scale at a very rapid rate, a platform that was specifically designed to turn online shoppers into buyers.
NexTech shares nudged up 3.47% in Toronto to stand at $1.79 each.
---Updates for share price rise---
Contact the author at giles@proactiveinvestors.com