Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) has announced that the spatial computing technology of its spin-off ARway (CSE:ARWY) is now being used as part of the XR engine powering Encore, a live interactive music app co-founded by rapper Kid Cudi.
This application of the ARway platform opens up a “substantial new market”, providing augmented reality (AR) spatial activations for the music industry, Nextech said.
In a statement, Nextech AR’s CEO Evan Gappelberg said: “With ARway, not only do we have a substantial market with indoor AR wayfinding, but there are many other markets that we monetize such as the music industry. Encore is a perfect example of ARway’s adaptability into different industries and types of activations.”
READ: Nextech AR upgrades features of spin-out company ARway which will start trading on the CSE on October 26
Using ARway’s software development kit (SDK) within the Encore app, artists can create immersive concert experiences for fans. Encore employs ARway’s technology, giving artists the ability to build custom AR sets and environments to perform in, building custom 3D worlds using objects, photos and videos.
ARway’s technology is being used to map and localize these custom AR environments into the physical world around the clients; tying the AR objects to real world locations, and seamlessly blending the virtual world with the real world.
Jonathan Gray, CEO of Encore commented: “ARway has provided Encore with the cutting-edge technology to keep us at the forefront of the emerging music technology space, and has been vital in accelerating our time to market.”
Gappelberg added: “With Encore, we have opened up a completely new market for ARway in the music and entertainment industry, driving new revenue potential for the platform. As we move forward with Web 3.0 and the real-world metaverse, our spatial computing technology will only get more robust and continue to push into new industries and new markets, driving towards even more revenue potential.”
With the rise of Web 3.0 and the metaverse, AR technology is getting used in a variety of different sectors and industries. AR provides numerous advantages to businesses that other software cannot offer, including product views, enhanced content, immersive experiences, increased audience engagement, and more, Nextech said.
Citing data from Verified Market Research, it said the AR software market size is projected to reach $137.14 billion by 2028, growing at a compound annual growth rate (CAGR) of 57.21% from 2021 to 2028.
ARway will start trading on the Canadian Securities Exchange (CSE) tomorrow, October 26, under the symbol ARWY.
Contact the author at jon.hopkins@proactiveinvestors.com