Generative AI Driving Exponential Growth in Nextech’s Web3.0 portfolio of technologies for ecommerce Enables Scaling 3D Model Production
TORONTO, Jan. 10, 2023 — via InvestorWire – Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies, and 3D model services announces a patent update covering the Company’s breakthrough artificial intelligence (AI) technology 3D model creation. Also, the Company is pleased to report that this proprietary AI-based 3D model creation using through composition of deformable parts is now covered under: US patent application # 17/874,992. ARitize 3D is the company’s One-Stop-Shop in 3D + AR solution for eCommerce.
Nextech AR’s generative AI is a game-changer by solving the multi-billion dollar 3D model supply problem for the ecommerce market with this proprietary AI technology. In November 2022, Nextech AR announced it had filed a patent titled, “GENERATING THREE-DIMENSIONAL MODELS BY PART.” At the time, the Company began to implement this breakthrough part-based 3D model creation technology. Now the Company is scaling its 3D models by rapidly expanding its library of 3D model parts past 100,000 by using through composition of deformable parts.
Watch a video demonstrating this breakthrough innovation: click here
Evan Gappelberg, CEO of Nextech commented, “Today we are leveraging the game-changing power of generative AI which we believe gives us a major competitive advantage in the 3D model market. With generative AI we are creating an increasingly wider exponentially growing moat: the more models we make, the larger that part library gets, and the easier it gets to make new 3D models. I believe that we are at the point where the value of Nextech goes up with each new 3D model we make, creating a virtuous cycle of growth and value.” He continued, “2023 is going to be the year of AI. We have already announced multi-million dollar enterprise contacts and more are expected in 2023. With our breakthrough AI that we are continuously developing, we are becoming the global go-to 3D model supplier for ecommerce. With hundreds of millions of 3D models needing to be made, we have been heavily investing in AI which is now paying dividends. Our proprietary breakthrough AI perfectly positions us to take full advantage of the multi-billion dollar decade long 3D model mega-trend!”
ARitize 3D has built a substantial library of 3D models to date, and most of the 3D models created are composed of several individual parts. For example, a chair is composed of legs, a seat back and cushions. Every time a new 3D model is created, the parts are harvested into Nextech’s AI powered 3D part-library, which is expected to have upwards of 1,000,000 individual, unique parts. Nextech is in the process of significantly expanding this large library and its utility, which will scale 3D model production. The more models the Company makes, the larger that part library gets, and the easier it gets to make new 3D models.
The Company’s innovation protected under patent application 17/874,992 allows Nextech to create new 3D models by searching, assembling and fine-tuning this part library, allowing for a significantly increased speed of 3D model creation. Instead of starting from scratch, these parts are retrieved and assembled first, reducing 3D model creation time.
Pursuant to an engagement letter with Coachman’s Research Program, the Company has issued 26,666 common shares at a price of $0.75 per share, for services provided. All securities issued pursuant to the engagement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
About ARitize 3D
ARitize 3D is your one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images into high-quality 3D and augmented reality experiences. It’s fast, it’s easy and it will transform your eCommerce website.
With a 3D model, clients can interact with the product to see every detail: turn it, spin it, zoom in, zoom out, leading to 40% lower product returns, 93% higher click-through rate and a 90% reduction in product photography costs. 3D models allow customers to see products from every angle and position them in their own space prior to purchasing. It’s an exciting, immersive shopping experience that keeps customers more engaged, and better informed and helps your brand stand out from the competition.
The Company believes that this value creation and ROI are leading to the rapidly growing demand for the Company’s 3D technology.
ARitize 3D is the companies One-Stop-Shop in 3D + AR solution for eCommerce