NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) is about to debut a virtual reality (VR) division called VRitize, it announced in a news release.
Complementing the company's ARitize (augmented reality) division and using many of the same three-dimensional assets created for augmented reality, VRitize is meant to create immersive experiences for in-store brick and mortar retail. This new platform will help NexTech attain its revenue goal for this year of $20 million.
"With ARitize and now VRitize, NexTech has positioned itself at the intersection and transformation of the entire $3.7 trillion dollar (Statista) retail ecosystem with the industry's first state-of-the-art, one-stop e-commerce, v-commerce AR/VR solution," the release noted.
The VRitize platform will include an app for both iOS and Android and will work on most, if not all VR headsets, including Facebook's Oculus.
"New AR/VR technologies are starting to transform the multitrillion dollar retail industry," NexTech CEO Evan Gappelberg said in the release. "NexTech sits right at the forefront of this massive opportunity and tidal wave of innovation which is going to completely change the way we shop over the next few years."
As for the VR industry itself, it is expected to grow into at least an $80 billion market by 2025, potential more depending on uptake, according to Goldman Sachs, NexTech AR noted.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: NexTech AR Solutions. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexTech AR Solutions, a company mentioned in this article.