Augmented Reality Firm to Launch Virtual Reality Division


This new business segment will be developed for in-store retail.

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.

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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.

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