NYX, the first beauty brand has NFT
NYX is the first one!
In January 2023, NYX launched a limited collection NFT, the world’s first beauty DAO(decentralized autonomous organization), called Gorjs.
In June 2022, NYX teamed up with Pride in the Valley of Belonging in the Sandbox. Also, have live mural painting to support the LA community. NYX also launched a yearlong campaign, “Proud Allies for All”, and donated over $150,000 to the LA LGBT center.
As the first beauty brand who joined the Metaverse, NYX is not only just publishing their NFTs, but also giving back to the society by giving artist chance to display themself, and helping the LGBTQ community. Till today, April 29th, 2023, the price of the Gorjs on the Opensea is not high, so I think it can not really bring any profit in the long term, even though all the NFT had been minted.
Does it helped the brand?
I owned NFTs and had to keep my eyes on brands entering the metaverse individually. I was very surprised how beauty brands will do in the Sandbox. However, NYX’s NFT does not do anything that surprised me so far. Although, they do have some trading on the Opensea right now, in the world of NFT, you have to keep trading so that there will be a possibility for the value to goes up. And having good airdrops to holders.
I do not think it helps NYX to achieve its marketing objectives. At least right now, their NFT still at very low price for trading, and not that much people knows about NYX having NFT in the metaverse. The majority the cosmetic target audience are female. However, in the metaverse, more are more likely to purchase than women, and only around 25% of the US population can clearly explain what NFT is, according to the academy animated art. And so far, I did not see something special that NYX’s NFT are unique than other NFTs. They should consider not only using NYX’s name but how to make it different from other NFTs with their strength. This will fade away if they do not create something more stand out.
With NFT starting to walk into our life, more and more people start to have some basic ideas of what NFT is. So it is a good way for NYX to follow the current trend, but have to make something more special and connect with their product and brand so that more people will join the DAO and become loyal customers.
