Some naysayers think the hype around NFTs and all things Web3 fades after Encryption crash earlier this year. However, fashion, luxury and beauty brands continue to invest in new projects. In its latest move, on Monday, LVMH-owned luxury bag brand Rimowa unveiled a new partnership with Nike-owned digital fashion company Rtfkt. And last week, Farfetch It unveiled eight startups selected for its own accelerator, Designed to help the luxury fashion industry scale Web3 and metaverse technologies.
L’Oreal is also still committed to Web3. Several brands in its stable, including YSL Beauty, Lancôme, Mugler, Armani Beauty, and Nyx Professional Makeup, have presented a range of Web3 initiatives. “If you look at Web2, live streaming, image recognition, audio, the cloud – it’s all very vibrant,” says Dube. “It’s a very charged digital space. Social commerce is thriving for us. There is a strong base for Web2 deployment. We are very excited about Web3 and the metaverse. We are moving from O+O (online + offline), to O + O + O (connected +). connected + connected to the chain).
This summer, the French beauty group appointed Camille Crowley to the position of president of Metaverse and the newly created Web3 administrator. Part of her remit is to consider how to enter the space responsibly. “Our role as number one in beauty is to make sure we stick to our core commitments and values,” Crowley says, noting for example that Nyx chose the Ethereum blockchain because it uses less power than some alternatives.
It also hopes to expand its existing technologies into this new space. In 2018, L’Oreal acquired Modiface Beauty AR. In 2021, L’Oréal and Meta (then Facebook) announced a platform integration that used Modiface to bring AR-powered makeup experiences to Instagram. “We are convinced that the acquisition of Modiface is a competitive advantage as we enter the Web3 and the metaverse,” Crowley says.
“The beauty and makeup of augmented reality is growing every day. More and more consumers are using it, adds Dobby.
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