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On March 7, Nissan Motor Co. introduced an innovative metaverse experience titled the "Heritage Cars & Safe Drive Studio," blending elements of automotive history with interactive safety education.Photo by Matthijs Waanders on UnsplashMarking 90 years in businessThe studio, launched to commemorate Nissan's 90th anniversary, features three iconic models from the company's past, recreated in virtual environments to reflect their respective eras. Among the showcased vehicles is the Silvia Q’s S13, renowned globally for its role in drifting culture. Users can explore this historic car from the 1980s while learning about the influence of pedestrian clothing colors on driver visibility. In another exhibit, users engage in a mini-game designed to educate on driver field-of-view and the impact of multitasking on safety. Alongside, the Skyline 2000GTX-E, famous for its presence in popular media like the Gran Turismo video game series and Fast and Furious movies, adds a touch of nostalgia and excitement, transporting users to the 1970s era. In a 1950s and 60s American diner and drive-in theater setting, the final exhibit offers a hands-on steering wheel spin exercise. These experiences aim to merge Nissan's heritage with vital safety knowledge, such as understanding the significance of pedestrian attire and the dangers of distracted driving. Developed in collaboration with Japanese university researchers, these immersive experiences are accessible through Meta Quest headsets, marking Nissan's continued exploration of virtual and augmented reality for customer engagement and education. Previous forays into the metaverseThis initiative aligns with Nissan's ongoing efforts to enhance its presence in the metaverse. It’s not the carmaker's first rodeo where the metaverse is concerned. It introduced its first virtual test drive and a virtual unveiling of its Sakura model in 2022. That same year, the company suggested it was interested in providing more in the way of virtual events, even going as far as to suggest the development of virtual customer support offices for clients. It followed that up in December 2023 with a revamp of four existing metaverse worlds, a project that also formed part of its 90th-anniversary celebrations. Nissan's latest foray into the metaverse coincides with advancements in augmented reality (AR) and virtual reality (VR) hardware. The recent launch of Apple's inaugural mixed-reality headset in February 2024 signals intensified competition among tech giants like Meta and Microsoft, who have been gradually expanding into consumer and enterprise AR/VR markets over the past decade. Broader auto industry interestNissan isn’t alone in the auto industry in taking initial steps into the metaverse. Rival Toyota has taken a different approach, pursuing an interest in creating remote workspaces for staff so that meetings can be held in the metaverse. Hyundai experimented with entering the metaverse as early as 2021. Through a partnership with Naver Z, the company offered virtual test drives of its Sonata model. Meanwhile Renault Korea has tipped its toes in the metaverse by offering consumers the ability to custom-build virtual cars on a metaverse platform. Through these metaverse updates, Nissan aims to stay at the forefront of automotive innovation, utilizing immersive experiences to engage customers and promote safety awareness in an increasingly digital world. 

North Gyeongsang Province Recruits Youth for Metaverse Content CompetitionNorth Gyeongsang Province has announced that it is recruiting participants for the Youth Metaverse Content Development Competition, which will provide young people with an opportunity to showcase their ideas and technical skills in the metaverse.Photo by GuerrillaBuzz on UnsplashThe competition is part of the Youth Metaverse Creation Festival, which aims to push young individuals to participate directly in policymaking, prepare for their crucial role in the oncoming metaverse era, and strengthen their digital capabilities.Participation requirementsParticipants are required to complete an assignment in the form of their choice related to fields that the youth are interested in. Young people from high schoolers up to those aged 34 are eligible to participate. Both Korean nationals and foreigners are invited to sign up either individually or as a team.Eight teams will be selected in the first round of document evaluation this month. Afterward, a second round of presentations will take place in October to choose the three final participating teams.Winning rewardsThe first round of selected teams will receive 3 million KRW (approximately $2,300) for their assignment and a head-mounted display, among other benefits. The finalists will not only be awarded 6 million KRW but also be given the chance to participate in various startup support programs throughout North Gyeongsang Province through expert consultations.

SEC Lawsuit Stalls Binance’s Gopax Acquisition Deal in South KoreaNothing exists in a vacuum, and on that basis, it appears that ripples emanating from the recent lawsuit filed by the Securities and Exchange Commission (SEC) in the United States against global crypto exchange Binance have resulted in the company struggling to complete the acquisition of South Korea’s Gopax.Photo by Daniel Bernard on UnsplashSuspended pending reviewThe acquisition deal between Binance and South Korean crypto trading platform Gopax has hit a roadblock as a direct consequence of the lawsuit. The Financial Services Commission (FSC), the financial watchdog in South Korea, has put the acquisition on hold as it reviews the situation.Binance had acquired a majority stake in Gopax in February, with plans to re-enter the South Korean crypto market after a two-year absence. Gopax is a top five cryptocurrency exchange in South Korea, alongside Upbit, Bithumb, Coinone, and Korbit. However, according to a report by local news media, the FSC has suspended Gopax’s executive change report filed on Tuesday in light of the SEC lawsuit. The report outlined the nomination of three Binance members, including Leon Singh Poong, as inside directors of Gopax.The FSC cited the allegations of securities law violations against Binance and the SEC’s request to freeze Binance.US assets as the reasons for its cautious approach.Gopax revivalThe significance of Binance’s acquisition of Gopax goes beyond its re-entry into the South Korean market. It also aimed to revive the struggling local crypto trading platform. In November 2022, Gopax faced challenges when it suspended withdrawals of principal and interest payments from its decentralized finance service, GoFi, following the collapse of the Bahamas-based FTX crypto exchange and the bankruptcy of Genesis, a US digital assets financial services firm.Digital Currency Group, the parent company of Genesis, was reportedly the second-largest shareholder of Gopax and a key business partner providing the GoFi product. Binance’s acquisition deal intended to inject new capital into Gopax to facilitate customer withdrawals and interest payments for GoFi.The SEC lawsuit against Binance alleges the exchange’s commingling of customers’ funds and violations of various securities laws. The SEC has filed 13 charges against Binance, its subsidiaries, and its CEO, Changpeng Zhao.Acquisition strategyBinance appears to have been pursuing an acquisition strategy in attempting to carve out a greater market share in Asian markets. Binance entered the Japanese market via acquisition in November 2022 when it purchased local crypto platform, Sakura Exchange BitCoin. At the end of last month, Binance announced that it was rebranding the business as Binance Japan and launching it as a stand alone bespoke platform dedicated to the Japanese market.In Thailand, the global crypto exchange has varied its approach, entering into a joint venture rather than a full acquisition. It has partnered with Gulf Innova, with the new entity, Gulf Binance, recently having been awarded a trading license by the Thai regulator.The outcome of the SEC lawsuit and its impact on Binance’s operations in South Korea remains uncertain. The FSC’s review process will consider the allegations against Binance and the implications of the SEC’s actions before making a decision on the Gopax acquisition. The crypto industry will closely monitor the developments as they unfold, as no doubt the saga will have broader implications for Binance and its expansion plans.