L’Oréal: How Does A Beauty Brand Fit Into A World Of Metaverse, Web 3.0, and NFT?
When thinking of Metaverse and Web 3.0, the beauty industry is probably not the first to come to mind. However, following a wave of migration to Metaverse, many companies are claiming its presence there one way or another. As Metaverse is a space for creativity and self-expression, it comes as no surprise for a need for beauty brands.
The first move
L’Oréal, being a leading beauty brand, is bringing experiential beauty to the Metaverse. December 2021, L’Oréal worked with five female artists to create NFT via OpenSea, marking a first step in the Metaverse.
“To us, Web 3 is gaming, and there are big audiences there. For other parts of Web 3, like AR, we have been pioneers, (including by using) Modiface virtual try-ons and virtual reality. Then there is blockchain, spatial computing, virtual identity of people, even virtual spaces, products and collectibles.
— Asmita Dubey, Chief Digital and Marketing Officer at L’Oréal.
What does it mean
It is fascinating how L’Oréal plans its every move in the exploration of the Metaverse. It realized that its customer is highly engaged in the matter, and paid close attention to L’Oréal’s presence in the Metaverse. Through its creative integration of the Metaverse, L’Oréal provides its consumers a well-rounded experience across platforms and transcends physical forms.
Moreover, the brand also strengthens the relationship of existing customers and opens the possibility of engagement with new potential customers. L’Oréal’s engagement with the Metaverse further completes its core brand identity while tapping into a larger community-oriented social structure. The extended sense of community also helps L’Oréal move into 3D beauty and the virtual world that creates immersive experiences for its customers.
Is it fad or will it last?
Some might argue that Metaverse, Web 3.0, and NFTs are all fads that eventually dissipate. Yet if we look into the core of these emerging concepts, it is the human desire for a greater sense of connectivity and self-actualization. Outweighing any temporary trend, people will always follow their innate desire.
L’Oréal reacts to the changing world with agility and is a good example of finding new ways to fulfill customers’ needs. So no, L’Oréal is not following a fading trend but seizing every opportunity to stay present in a highly competitive industry.
