L’Oréal has announced its investment in Digital Village, a metaverse-as-a-service platform and NFT marketplace for brands, creators, and communities.
Digital Village’s mission— “build a new internet rooted in 3D spaces that facilitate the creation of digital identities” —seems to explain the French cosmetic company’s involvement.
L’Oréal has long been committed to encouraging inclusivity in the digital world, allowing people to express themselves through their makeup looks as they would in the real world.
Beauty, like fashion, seems to play an important role in the digital space, as the desire of younger generations to establish their digital identities is becoming more prevalent.
In this regard, Digital Village and L’Oréal will collaborate on developing and enhancing beauty in the metaverse and Web3, thereby defining new industry standards.
This is not L’Oréal’s first effort in Web3; in February, the company submitted 17 trademark applications to enter the metaverse and provide users with virtual cosmetics, makeup preparations, and much more.
In October, it collaborated with Meta and HEC Paris to develop a startup accelerator to foster metaverse innovation, and in November, it partnered with Ready Player Me to release a collection of metaverse gaming-inspired hair and makeup looks.