L’Oréal has invested in Digital Village, a metaverse platform as a service and NFT marketplace, with the aim of creating and empowering beauty in the metaverse and Web3.
L’Oréal announced Digital Village
L’Oréal has announced its investment in Digital Village, a metaverse platform as a service and NFT marketplace for brands, creators, and communities.
BIG NEWS ✨ @LOrealGroupe @TheVRFund @VenrexVC @BFC @evelynxmora https://t.co/rX3P92qEej
— VLGE (@vlge__) January 12, 2023
Digital Village’s mission-“to build a new Internet based on 3D spaces that facilitate the creation of digital identities”-seems to explain the French cosmetics company’s involvement.
L’Oréal has long been committed to fostering inclusion 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 essential role in the digital space, as the younger generation’s desire to establish their digital identities becomes increasingly prevalent.
In this regard, Digital Village and L’Oréal will collaborate on the development and enhancement of beauty in the metaverse and Web3, thus defining new industry standards.
The minority investment in Digital Village, a “metaverse-as-a-service” platform that enables brands to develop 3D spaces with end-to-end blockchain, was made through L’Oréal’s corporate venture capital fund, BOLD.
Digital Village raised a total of $4 million in the round from BOLD and other investors, it said in a statement. It will use the new capital to expand the capabilities of its platform, “adding new tools to power the development of 3D worlds, advanced avatar customization and the creation of virtual stores.”
Camille Kroely, head of metaverse and Web3 at L’Oréal, stated in a assertion that Digital Village’s tools “may be powerful enablers for our manufacturers,” adding that they share comparable beliefs of “accessibility, interoperability and sustainability in the metaverse and Web3.”
“We are excited to have the backing of BOLD and partner with L’Oréal to revolutionize the beauty industry with the presentation of virtual reviews for L’Oréal brands. Together, we are putting beauty at the top of the Web3 and metaverse, pushing the boundaries of what is accessible and bringing awareness to a new company,” said Evelyn Mora, CEO of Digital Village.
L’Oréal and Web3
In February, the company filed 17 brand applications to enter the metaverse and offer users virtual cosmetics, makeup preparations, and more.
In October, collaborated with Meta and HEC Paris to develop a startup accelerator to foster innovation in the metaverse.
And most recently, it partnered with Ready Player Me to launch a collection of hairstyles and makeup inspired by the video game metaverse.
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