Can we take text as input and create 3D object with the same text and show it in AR using Sceneform and ARCore?
You can use a ViewRenderable , is this what you're looking for?
So using this, if I render a TextView then it will show up as a 3D Text View in AR?
Yup, you can see a preview of it here.

Awesome.. Thanks a ton!!
Is it possible to create multiple instances of these TextView in order to create textboxes with different texts in them?
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You can use a ViewRenderable , is this what you're looking for?