Will Smith Transforms into Neo for Epic The Matrix-Inspired Music Video Featuring Big Sean

Will Smith is paying homage to his past while returning to his roots.

On Thursday, Jan. 30, the multi-hyphenate announced his forthcoming album, Based on a True Story.

It will be his first album in over 20 years when it is released in March and will include his previously released singles “You Can Make It,” “Work of Art,” and “Tantrum” featuring Joyner Lucas.

Along with the announcement, the artist launched his latest single, “Beautiful Scars,” featuring a collaboration with Big Sean featuring Obanga.

The music video matches its epic nature, featuring Smith as Neo, The Matrix film character he famously turned down to star in Wild Wild West.

“Look, you’ve made some awesome career choices your whole life. There’s only one you truly regret. Well, maybe two. But we’re not gonna focus on that one,” Sean, playing the role of Morpheus, tells him, alluding to Smith’s 2022 Oscars slap incident.

After Smith tells him “that’s messed up,” Sean gives Smith his two options.

“Blue pill: Everything remains the same and you get to move on with your life. Red pill: You get to go back and star in that movie that got away. The choice is yours,” he says.

While Smith insists that he loves his life the way it is, he hilariously decides to take both pills, causing Sean to say, “Whoa, s—. That wasn’t even an option.”

The video then cuts to the two embarking on new adventures, including martial arts battles and gun fights.

According to a press release shared with PEOPLE, the track reflects “the pains of fame and learning from one’s mistakes.”

When Smith first teased “Beautiful Scars” earlier in January, fans speculated whether he would be involved in the upcoming Matrix reboot. However, PEOPLE can confirm that He is not currently involved in the project.