Meta Platforms Inc. (META) is driving its push into the metaverse by enabling 3-dimensional ads on its FB and Insta apps. Meta is partnering with augmented reality (AR) firm VNTANA to enable consumers to upload ads in a 3D format on its social media platforms.
The feature will allow users to interact with the 3D ads by hovering over them and seeing the ads from different angles. This will ensure a more personalized shopping experience for online consumers.
VNTANA has a host of programs including Browzwear, Clo, Keyshot, Modo, and others that will automatically convert a consumer’s ad to 3D, without the customer having any expertise in the area.
Commenting on the partnership, VNTANA co-founder and CEO, Ashley Crowder, said, “3D and AR technology in online ads is the next frontier for brands looking to connect with the digital consumer and is a great first step into the metaverse.”
Earlier, too, Meta has partnered with AR firms to enable beauty and cosmetic brands to run their 3D ads easily on its platforms. With VNTANA onboard, the feature will be available for the first time in categories including apparel, footwear, and handbag brands.
Meta Invests $800M in Kansas Data Center
In other news, Meta Platforms has decided to invest up to $800 million in a one million square foot data center facility in Kansas City, Missouri. Meta is investing heavily in data centers to accelerate efforts to build its metaverse.
The KC facility is expected to create approximately 1,300 jobs at peak construction and almost 100 operational jobs when it goes live in 2024.
The data center will be located in Golden Plains Technology Park, a sprawling 5.5 million square foot data center campus, near the KC airport.
Meta’s new facility will run on 100% renewable energy. What’s more, the facility will add more renewable energy to the region’s local grid and achieve net-zero carbon emissions. On average, the facility will utilize 32% less energy and be 80% more water-efficient as per industry standards.
Commenting on the news, Meta’s Director of Community and Economic Development, Darcy Northridge, said, “Meta is excited to call Kansas City our new home. It stands out with so much to offer – good access to infrastructure and fiber, a strong pool of talent for both construction and operations, and more than anything, great community partners.”
As per the Kansas City Area Development Council (KCADC), the region ranks third in the U.S. tech market and has about 5.5 million miles of fiber deployed, making it one of the most connected states in the nation.
Stock Prediction
The FB stock commands a Strong Buy consensus rating based on 32 Buys, 13 Holds, and One Sell. The average Meta Platforms stock prediction of $325.10 implies 48.1% upside potential to current levels.
Stock Investors
TipRanks’ Stock Investors tool shows that investor sentiment is currently Very Positive on Meta Platforms, with 1.9% of portfolios tracked by TipRanks increasing their exposure to FB stock over the past 30 days.
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