Metaverse Company Nextech AR Accepts Cryptocurrencies as Payment Method

Augmented reality (AR) experience technology and services company Nextech AR Solutions Corp. is accepting Bitcoin, Ethereum, Litecoin and USD Coin as a form of payment and is exploring the possibility of adding additional crypto payments in the future, the company announced Wednesday (Dec. 8) in a press release.

The cryptocurrency addition is made possible through an integration with Coinbase Commerce. Nextech AR is looking into integrating cryptocurrency payment at self-serve checkout to allow for a streamlined and flexible payment process for recurring software-as-a-service (SaaS) customers.

In addition, the company is working on integrating cryptocurrency payment at self-serve checkout, allowing for a seamless, flexible payment process for all recurring SaaS customers as well.

“Cryptocurrency has emerged as a critical part of the evolution of finance, just as the Metaverse is the evolution of the internet from 2.0 to 3.0,” said Nextech AR CEO Evan Gappelberg. “With this Coinbase integration Nextech is positioning not only as a metaverse technology company that offers metaverse solutions to its customers but also as an end-to-end metaverse company that accepts crypto, keeping us ahead of the curve in everything we do.”

The implementation of cryptocurrency payments via the Nextech AR platform comes on the heels of the company’s ARitize 3D SaaS platform, a self-service AR platform that lets users create 3D/AR models using artificial intelligence (AI), according to PYMNTS.

Immersive experiences allow customers to “try before they buy,” a notion can up conversions by more than 90% and reduce returns by 40%, according to Shopify data.

Read more: Nextech AR Debuts 3D Model Creation Platform

Underlining the growing popularity of crypto, Coinbase saw its third quarter revenue surpass $1.6 billion (significantly higher than 2020 third quarter sales of $287 million) and its earnings exceed $1.57 billion, according to PYMNTS. In the second quarter trading volume surged to $462 billion, an increase of nearly 38%, marking an almost 10-fold increase as compared to last year.

Related: Coinbase Earnings Expected to Spotlight Monthly Transacting Users, Cross-Platform Use

A Deloitte study found that more than 2,300 U.S. companies accept Bitcoin, including Microsoft, PayPal, Starbucks and Etsy.