- Augmented reality market solutions developer Nextech AR Solutions is pioneering the use of three-dimensional holograms for video conferencing and product placement
- Nextech expects to launch its platform for providing 3D versions of digital NFT collectibles during the current third quarter
- The company is not only working to create 3D NFTs, it is in talks with existing marketplaces to use its acquired Threedy.AI 3D content creation technology to turn existing NFT artwork into AR NFTs at scale
- The NFT market’s value tripled last year and rose an additional 1,785 percent during this year’s first quarter
The NFT marketplace has caught the imagination of consumers during the past year and a half, boosting the valuation of the digital collectibles in tandem with the COVID-19 worldwide pandemic as people have spent more time than ever online, workers have placed a new priority on personal passions and new startups have made buying and selling collectibles online easier than before (https://ibn.fm/TFp7L).
As a result, the NFT market’s value tripled in 2020, achieving $250 million before 2021 kicked the trending digital assets into a new class of matrix with a 1,785 percent increase in market cap during Q1 (https://ibn.fm/1AiYQ).
Augmented reality (“AR”) ecosystem innovator Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF) is jumping into the deep end of the NFT pool with its three-dimensional product IP, which it hopes will send NFT excitement even higher as it creates a type of collectible digital asset new to the burgeoning marketplace.
“This venture is an exciting step forward for Nextech and a big move for creators and consumers alike,” Dawsyn Borland, the company’s vice president of AR Innovation Labs and Content stated in Nextech’s July 26 press release (https://ibn.fm/JONVM). “AR experiences are extremely well positioned as NFTs, as they not only display digital content but allow buyers to interact with them. Our current technology stack is perfectly in line with the global adoption of NFTs and we are thrilled to meet this growing demand.”
NFTs are trade-able digital economy products — virtual representations of artistic works that are in a sense owned electronically by consumers but not copyrighted, similar to a mass-produced baseball card or poster that gains collectible value according to its rarity, the presence of an autograph and other factors — ultimately determining its value simply by what someone is willing to spend on it in comparison with any similar products held by other collectors.
Nextech’s experience with AR innovations includes work in projecting human holograms and commercial products to cell phones and other smart tech devices in the form of 3D visualizations. Nextech’s human hologram creator platform HoloX is expected to launch during the current third quarter, which will provide the ecosystem for seamless interaction with the digital collectibles in augmented reality (https://ibn.fm/5x6IE).
The NFTs will initially be purchased through a third-party marketplace so they can be accessed outside a digital wallet using HoloX, but Nextech then aims to establish its own platform where the human hologram NFTs can be bought, sold and “minted,” which is the process of obtaining revenue from an NFT by turning the digital art into a part of the Ethereum blockchain as a public ledger. In the same way that the process of creating coins is called minting, the addition of NFTs to a blockchain to make the artwork tamper-proof and trade-able is known as minting (https://ibn.fm/BJ9Cu).
Nextech is also working on agreements to turn existing NFT artwork into AR NFTs at scale for placement in existing marketplaces, thanks to 3D content creation capabilities the company gained through its recent acquisition of Threedy.AI. Nextech’s single integrated platform for creating and delivering thousands of 3D models per week will help increase the reach of the NFT market.
The company expects to provide additional details about its NFT in August.
For more information, visit the company’s website at www.NextechAR.com.
NOTE TO INVESTORS: The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF
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