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Meta (NASDAQ: META) carries on with its metaverse ambition despite the challenges it faced in the previous months, announcing a new deal with a critically acclaimed Hollywood director’s venture that is expected to significantly change the entertainment industry and how users consume media.
In its official statement, the Big Tech firm unveiled a collaboration with director James Cameron’s pioneering tech 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 their content more accessible to the public.
Combined with Cameron’s expertise in storytelling in producing original content, Lightstorm Vision will leverage Meta’s cutting-edge headset, the Meta Quest, as its exclusive mixed-reality (MR) hardware platform. The multi-year deal will see the two firms develop immersive shows beyond the filmmaking industry to include concerts and live sports.
“I’m convinced we’re at a true, historic inflection point,” said Cameron. “Navigating that future with Meta will ensure all of us have the tools to create, experience, and enjoy new and mind-blowing forms of media.”
Both parties are no strangers to emerging technologies. Lightstorm Vision has dabbled with 3D tech for over thirty years, while Meta previously explored non-fungible tokens (NFTs) before eventually winding down the project and focusing its efforts on its metaverse vision.
The company believes that the future of entertainment will revolve around the metaverse, forcing it to double its investment in the sector. Meta appears comfortable juggling investments in AI and the metaverse as it continues its push toward innovation. It has also been increasing the size of its bets in mixed reality since 2020, splurging billions to catch up with industry leaders. The wagers have since paid off for the firm, given the mass adoption rates of its AI tools, but its MR headsets continue to march toward mainstream acceptance.
“From training for the trades, skill acquisition for surgeons, and athletes staying at the top of their game to education, entrepreneurship, and beyond, people are tapping into the power of virtual and mixed reality to make a significant impact on learning outcomes today,” said Meta in a statement.
Meanwhile, amid AI becoming a controversial tool in the entertainment industry, Meta is optimistic that its 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 shutters digital collectible project
Elsewhere, automobile manufacturer Nissan (NASDAQ: NSANY) is looking for ways to improve its engagement with users, announcing a plan to introduce a loyalty program involving NFTs.
The planned loyalty program, dubbed the Nissan Passport Beta, will feature an NFT lottery designed to give over 5,000 digital car collectibles to fans in Japan, a region with sky-high NFT adoption rates.
Scheduled to run until January 14, 2025, the NFT giveaway includes digital representations of cars designed by automobile makers that are divided into four types: futuristic cars, performance cars, classic cars, and “smart life.” These NFTs will be distributed randomly.
Apart from the collectibles, Nissan will reward users with additional perks, such as test-driving upcoming Nissan cars on a special track and getting early sneak peeks into unreleased offerings. While the lottery appears random, users will get additional perks for providing feedback on the loyalty program.
While Nissan is looking to leverage NFTs to attract customers, Nike (NASDAQ: NKE) is bringing down the curtain on its RTFKT platform, three years after its acquisition that saw the roll-out of NFT collections representing Nike sneakers that earned the company $185 million in drops and re-sales.
While the discontinuation of the RTFKT platform raises questions about the future of NFTs, Nike was quick to say that this is not the end of the road for RTFKT, noting that the project is merely taking its place as a relic of changing fashion trends.
“RTFKT isn’t ending,” said a company spokesperson. “It’s becoming what it was always meant to be – an artifact of cultural revolution.”
Meanwhile, Nike’s competitor, Adidas (NASDAQ: ADDYY), is surging ahead with NFTs, striking a new partnership with the STEPN Web3 app to reward users for meeting physical activity milestones.
Upswing in Japan
Since the NFT bubble burst in late 2021, global metrics have slumped by a country mile, but digital collectibles are resurging in Japan. Japan’s increased NFT adoption figures are due to several factors, including a deep content pool and interest in anime and manga.
Another reason is the Japanese culture of rewarding customers, with several enterprises using digital collectibles for recompensation. The government is also turning to NFTs to reward public officials, while cities are turning to NFTs to raise funds for infrastructure development.
Watch: Web3 is natural progression of technology