Aerometrex (ASX:AMX) share price soars 6% on news of metaverse deal

two people wearing virtual reality goggles look over a 3D model of a city created using digital technology.

The Aerometrex Ltd (ASX: AMX) share price is taking off after the company announced its 3D model of San Francisco will be used to create a metaverse.

Terrestrial Software Development has bought a $250,000 software licence from the Australian geospatial tech company that will see it using the high-resolution model to create Lunaverse.

Lunaverse is a digital metaverse, a created parallel universe traversed using virtual reality.

At the time of writing, the Aerometrex share price is 67 cents, 6.35% higher than its previous closing price.

Let’s take a closer look at today’s news from Aerometrex.

Aerometrex’s model to feature in a new world

The Aerometrex share price is climbing on news its 3D model of San Francisco will form part of a metaverse.

The company hopes Terrestrial Software’s $250,000 contract bodes well for the future.

It hopes to continue to expand its 3D modelling service internationally and the United States has been cemented as its first target.

Previously, the company filled an order from Alphabet Inc‘s Google (NASDAQ: GOOGL) for its 3D model of San Francisco.

Aerometrex says 3D modelling is useful to those working in real estate, property development, engineering, transport, and virtual reality. The models can also replace ground-surveyed measurements by engineers and town planners.

Commentary from management

Aerometrex’s managing director Mark Deuter commented on the news:

We are delighted that our 3D work is being appreciated and valued by companies working at the cutting edge of computer graphics, gaming, and computer vision. We are now working hard to expand our city coverages to enable a wider offer of city environments to this new market.

Aerometrex share price snapshot

Today’s rise hasn’t been enough to pull the Aerometrex share price out of its slump.

Right now, the company’s shares have fallen 46% since the start of 2021. Its share price is also 44% lower than it was this time last year.

The post Aerometrex (ASX:AMX) share price soars 6% on news of metaverse deal appeared first on The Motley Fool Australia.

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More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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