L’Oréal’s investment in Digital Village shows that the company thinks the metaverse has a lot to offer the beauty industry.
Camille Kroely, Chief Metaverse, and Web3 Officer said in a statement, “As L’Oréal continues to explore and define what beauty means in Web3, we want to work with the most promising startups that meet the highest possible visual and technical standards.” “We’re happy to be working with Digital Village because their solutions will help our brands grow, and their goals of sustainability, accessibility, and interoperability in the metaverse, or Web3 are the same as ours.”
Digital Village, which calls itself a “metaverse-as-a-service platform,” makes virtual 3D worlds for business partners that are tailored to their needs. Because of the immersive spaces, brands may be able to build their digital identities, raise brand awareness in person, and possibly make sales. The online spaces can be linked to retailers’ websites and social media accounts.
The company is also a place where brands, creators, and communities can buy and sell NFTs. CEO Evelyn Mora started Digital Village in 2021. The company has worked with the United Nations and Women’s Wear Daily.
“Today, users click a link in a brand’s profile and are sent to a website for a solo shopping experience. Digital Village is making it possible for users to visit a 3D virtual world and come together for social experiences where brands can connect with customers in a more meaningful way,” Mora said in a statement.
A trend that many brands are looking into is how to connect to the metaverse.
In the last year or so, companies like Forever 21, Gucci, Walmart, and Gap have opened their own online stores on Roblox. In December, H&M made a line of clothes inspired by the metaverse that customers could try on virtually. Last month, NYX Professional Makeup showed off its spring 2023 collection in iHeartLand, which was only available on Roblox.
This month, L’Oréal’s venture fund also put money into Prinker Korea, which makes what it says is the world’s first digital temporary tattoo device. The beauty company also showed off two makeup applicators that use technology. BOLD has already put money into companies like the social selling platform Replika Software.