By 2024, the metaverse is expected to become an $800 billion market. Building on virtual reality and augmented reality techs, the metaverse gives rise to a virtual world where you can interact and engage like you would in real life. Tech giants, including Google, Amazon and Microsoft, have invested billions into the metaverse, making it a sweet deal for developers like extended reality development company Vection Technologies (ASX: VR1).
The Company signed a $400k agreement with Next One Film Group, a multimedia company with expertise in developing aerospace content. Vection will create Virtual Reality (VR) gaming, educational and scientific content to promote the space travel market and educate the next generation through a VR interactive exhibition and game.
On January 25, 2023, Vection announced that it would be developing the first VR metaverse platform, Lunar City, to promote space travel on the heels of NASA’s Artemis program, wherein astronauts will return to the lunar surface. As per the two-year Memorandum-of-Understanding, three companies will be involved in executing this project besides Vection: Next One Film Group, Thales Alenia Space, the largest satellite manufacturer in Europe, and Thales and Italian Space Agency-owned ALTEC, which provides training, engineering and logistics support to the International Space Station.
Vection Technologies will be the exclusive provider of VR and metaverse technologies. The development will involve capturing video imaging data from cameras and sensors onboard space modules and spacecraft and transferring the captured video imaging data for immersive Virtual Reality visualisation.
Astronauts and “space tourists” will get to sit in on in-space flight missions, and the latter will learn about environmental space conditions on the moon, mars and International Space Station. Perhaps we are gearing up for the big day when we all move to Mars.
Through its flagship project, Travel Space Real Time (TSRT), Lunar City will let people embark on a space journey in real time through a VR window into space. They can even watch live experiments from space and train astronauts and space tourists.
For the VR interactive exhibition, Next One Film Group focuses on the discovery and knowledge of space objects, surviving in the Martian environment, discovering lunar resources and exploring the international space station.
Besides aerospace, Vection has also hinted at critical defence opportunities in the VR space. A drone war simulation might be in order. These agreements are significantly boosting the Company’s revenue, as it expects to generate between $24 and $26 million.
It is also continuing with its real estate tech launched during the pandemic. Its real estate VR, allowing people to house hunt from home, contributes 32% to overall revenue.
Total quarterly cash receipts from clients amounted to $4.5 million, up from $4 million in Q3 FY22. Vection Technologies’ expenses increased, too, as its cash balance declined. Compared to $14 million in September 2022, the Company’s cash balance is $13.49 million. Over the past six months, it spent over $3 million on operational activities.
With some impressive projects under its belt, profitable outcomes in 2023 seem to be a given.
Alinda is a Business Reporter for The Sentiment
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