VR1 (Vection Technologies) has produced a framework agreement to bring its augmented reality, virtual reality, and XR to the global arts and culture scene.
This framework agreement with Poetronicart, an Italian start-up company, is presumed to advance a digital transformation within galleries, expositions, and museum sectors.
According to the CEO of Poetronicart, the company is an art business village and a digital environment designed for the industry. Both Vection Technologies and Poetronicart will cooperate in the first quarter of 2021 to create a pilot platform of around $160,000, with 15% of net sales being generated by Poetronicart via selling the platform clients.
The company expects to use XR to link gaps in accessibility, transparency, and general knowledge for visitors and clients by riding on demand generated by art collectors and investors. Vector Technologies think that this is a critical material opportunity in launching augmented reality and virtual reality technologies to a market that is dependent on promotion and awareness to allow commercial activity for both investors and artists.
Vection Technologies has several ongoing and upcoming business deals with both government and private entities in Italy. The company has recently partnered with the Italian government to use its immersive technologies to take remote train maintenance and a supply agreement with Olivetti’s technology company.
According to Gianmarco Biagi, MD, Vection Technologies COVID-19’s impact was forcing many industries to reinvent, with technologies at the lead.
“Virtual and augmented reality technologies represent a significant opportunity for arts and cultural operators to unlock new business tools to reach visitors, customers, and people.” – Gianmarco Biagi, MD, Vection Technologies.
Shares in Vection Technologies were trading at trading 3.85% lower at 12.5 cents each on 14 December 2020.
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