What happened
To understate the case somewhat, the metaverse is a rapidly evolving environment that requires constant innovation and expansion from companies hoping to succeed in it.
A new product announcement from metaverse hopeful Matterport (MTTR -0.86%) this week satisfied this requirement. Consequently, the company's share price rose by nearly 8% in that period, according to data compiled by S&P Global Market Intelligence.
So what
On Wednesday, Matterport announced the availability of said product, Digital Pro. This is being touted as a one-stop marketing, content, and advanced visualization offering for the real estate industry. It marries the company's detailed 3D imaging with marketing and content generation capacity for agents and other interested parties to present a home that's on the market.
Supporting this new product, Matterport cited research from the National Assocation of Realtors which found that 89% of home buyers in a recent survey consider 3D virtual tours to be important to the purchasing process.
Matterport's technology records interior spaces in 4K 3D. From this data set, a client can produce a 3D virtual tour, a floor plan, and HDR photos at multiple angles and times for every room. Digital Pro's capabilities also include video preview creation.
In its press release, Matterport touted Digital Pro as "the industry's most affordable, comprehensive marketing package to help real estate professionals win more listings and sell homes faster."
Now what
Matterport did not provide any estimates for how much Digital Pro might enhance its revenue or profitability. Yet the new product clearly represents an advancement in what the company's technology can do, and per the description, it sounds like a very useful package that could land much business if priced attractively.
