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Beauty giant L’Oréal has announced a minority investment in metaverse platform and NFT marketplace Digital Village through its venture capital fund, Business Opportunities for L’Oréal Development (BOLD).
Pritish Bagdi
The investment will be the first of its kind by L’Oréal in the metaverse and Web3 space, as well as the first to be part of its recently launched BOLD’s Female Founders initiative.
“As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards,” said Camille Kroely, chief metaverse and Web3 officer at L’Oréal, in a release.
Kroely added: “We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility and interoperability in the metaverse or Web3 are ones we share.”
Launched in 2021, Digital Village is operated by an international team spanning the US, Europe and Asia, offering scalable technology solutions for the creation and interaction of digital identities.
Among its members, it counts founder and CEO Evelyn Mora, who was also behind the creation of Helsinki Fashion Week, as well as top executives from Pangaia and open-world platform The Sandbox.
Speaking on the investment, Mora said: "We are excited to be backed by BOLD and look forward to collaborating with L'Oréal to revolutionise the beauty industry through the creation of cutting-edge virtual experiences for L'Oréal's renowned brands.
“Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow.”
Beauty giant L’Oréal has revealed a new partnership with cross-game avatar platform Ready Player Me, which will allow a selection of its makeup and hair styles to become available in the platform’s avatar creation programme.
Swati Bhat
Two of the group’s brands, Maybelline New York and L’Oréal Professional, will premier exclusive looks through the platform, which enables the styles to be used on avatars in over 4,000 metaverse-based platforms and apps.
Speaking on the partnership, Asmita Dubey, chief digital and marketing officer of the L’Oréal Group, said: “We believe that the future of beauty will be physical, digital and virtual.
“Our brands are creating new, immersive and virtual experiences using virtual spaces, in-game customised experiences, in-virtual world advertising and virtual ambassadors and influencers. We are very excited to lay the foundations for the future of beauty on Web3 and the metaverse.”
Co-designed by 3D designer and developer, Even Rochette, and a selection of renowned makeup and hairstylists, five Maybelline makeup looks and five L’Oréal-inspired hairstyles will be launched for the metaverse.
In a release, the company said each style aims to encourage users to express their virtual selves creatively, and push boundaries in the digital world.
Camille Kroely, chief metaverse3 officer for the group added: “This partnership allows us to better understand the appetite for virtual beauty amongst consumers and elevate beauty experiences.
“With more than three billion global gamers, our approach is to explore new beauty codes, while making the experience more accessible and inclusive.
“Through creativity, technology and L’Oréal’s beauty expertise, we aim to offer a space for self-expression that reflects the diversity of our world beyond ‘physical’.”
