Meta (NASDAQ: META) continues its turnaround ambition despite the challenges it has faced in recent months, announcing a new deal with an acclaimed Hollywood director company that is expected to significantly revolutionize the entertainment industry and the way users consume media change.
In its official statement, the Big Tech company unveiled a partnership with director James Cameron’s groundbreaking technology and tools company, Lightstorm Vision, with the aim of helping content creators develop three-dimensional (3D) content using advanced tools, including artificial intelligence (AI). , at a lower cost, while making its content more accessible to the public.
Combined with Cameron’s storytelling expertise in producing original content, Lightstorm Vision will deploy Meta’s advanced headset, the Meta Quest, as its exclusive mixed-reality (MR) hardware platform. The multi-year agreement will see the two companies develop immersive shows beyond the film industry, including concerts and live sports.
“I believe we are at a true historic turning point,” Cameron said. “Navigating that future with Meta will ensure we all have the tools to create, experience and enjoy new and amazing forms of media.”
Both parties are no strangers to emerging technologies. Lightstorm Vision has been working on 3D technology for over thirty years, while Meta previously explored non-fungible tokens (NFTs) before ultimately wrapping up the project and focusing his efforts on his inverse vision.
The company believes that the future of entertainment will revolve around the metaverse, which will require it to double its investments in the sector. Meta seems comfortable combining investments in AI and the metaverse as it continues its push for innovation. Since 2020, the company has also increased the size of its bets in mixed reality, spending billions to catch up with industry leaders. The bets have since paid off for the company, given the mass adoption of its AI tools, but its MR headsets continue to move toward mainstream adoption.
“From training for the trade, skills acquisition for surgeons and athletes who stay at the top, to education, entrepreneurship and more, people are harnessing the power of virtual and mixed reality to make a significant impact today on the learning outcomes. Meta says in a statement.
Meanwhile, as AI becomes a controversial tool in the entertainment industry, Meta is optimistic that the partnership with Lightstorm Vision would help create and adopt ethical AI, citing Cameron’s membership on the board of Stability AI.
Nissan rolls out NFT rewards; Nike closes digital collection project
Elsewhere, automaker Nissan (NASDAQ: NSANY) is looking for ways to improve its engagement with users, announcing a plan to introduce a loyalty program with NFTs.
The planned loyalty program, called Nissan Passport Beta, will include an NFT sweepstakes designed to give more than 5,000 digital car collectibles to fans in Japan, a region with sky-high NFT adoption rates.
The NFT giveaway, scheduled for January 14, 2025, will include digital representations of cars designed by automakers that are divided into four types: futuristic cars, performance cars, classic cars and “smart living.” These NFTs are distributed randomly.
In addition to the collectibles, Nissan will reward users with additional benefits, such as testing new Nissan cars on a special track and getting a sneak peek at previously unreleased offerings. Although the lottery may seem random, users will receive additional benefits if they provide feedback on the loyalty program.
While Nissan looks to leverage NFTs to attract customers, Nike (NASDAQ: NKE) is bringing down the curtain on its RTFKT platform, three years after its acquisition, which introduced NFT collections representing Nike sneakers and cost the company $185 million yielded. in declines and resales.
While the shutdown of the RTFKT platform raises questions about the future of NFTs, Nike was quick to say that this isn’t the end of the road for RTFKT, noting that the project is merely taking its place as a relic of changing fashion trends.
“RTFKT is not stopping,” said a company spokesperson. “It will become what it was always intended to be: an artifact of a cultural revolution.”
Meanwhile, Nike’s competitor, Adidas (NASDAQ: ADDYY), is moving forward with NFTs, launching a new partnership with the STEPN Web3 app to reward users for achieving physical activity milestones.
Revival in Japan
Since the NFT bubble burst in late 2021, global numbers have fallen by a country mile, but digital collectibles are on the rise again in Japan. The increased NFT adoption rates in Japan are due to several factors, including a large content pool and interest in anime and manga.
Another reason is Japan’s culture of rewarding customers, with several companies using digital collectibles for reward. The government is also turning to NFTs to reward government officials, while cities are turning to NFTs to raise money for infrastructure development.
Look: Web3 is a natural progression of technology
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