Beauty Products Enter The Metaverse
Since technology is developing rapidly and has reached the boundary between real and virtual, now many cosmetic brands are starting to enter the metaverse business. As is the case with most sectors, the world of beauty and technology has grown rapidly over the last few years.
Much has been done by Silicon Valley that has had such a huge impact on the world that the global cosmetics market is now estimated at $650 billion and will continue to grow staggeringly in 2023. The blessing of being in human contact during Covid-19, it has made digital technology a new habit for most people.
Artificial Intelligence, Deep Learning, and Augmented Reality
In the world of beauty and technology, there are innovations in artificial intelligence, deep learning, and augmented reality that have been able to revolutionize the way we interact with other people including our makeup, perfume and skincare routines in the long term.
Metaverse began to be adopted by beauty consumers. In the future, they may be ready to buy NFT from a beauty brand.
While still in its early stages, the beauty shift to the 'future of the internet' has already been seen by the likes of Clinique, Nars and Givenchy with plans to bring forth collections to come, selling NFT. Digital innovation is at the heart of everything a beauty business should do.
Maximize Technology, Cosmetics Shops Start Using The Metaverse Concept
E-commerce applications make it easier for people to fulfill their daily needs in the digital era. Any item can now be searched with just the touch of a finger.
Digitalization has been unavoidable since the world entered the 2020 Covid-19 pandemic. Many businesses are changing the offline store model to online, including health and beauty stores.
In the future, shopping through e-commerce is expected to be easier if the implementation of the metaverse is implemented by shops in Asian Pacific. Recently, more and more health and beauty product retail stores are trying to apply the metaverse concept to their stores.
This technology allows consumers to feel how the conditions and atmosphere of the store are, like visiting an offline store.
Many large cosmetic stores have a database of customer systems that can alert customers when a product is running low. Metaverse can be combined with applications to make it easier for consumers to shop for health and beauty products.
The World's Top Cosmetic Brands Market Products Virtually on the Metaverse
International singer Rihanna plans to enter the world of the metaverse by submitting a new brand application to offer her company's cosmetics and products in a virtual format on the metaverse. With this move, Rihana will follow in the footsteps of many famous celebrities and brands in the fashion world, such as L'Oréal and Victoria's Secret.
At the age of 34, Rihanna not only hit the music world with popular songs, but also managed to create a cosmetics company, Fenty Beauty. The beauty product turned out to be a fan favorite and managed to reap a profit of up to 570 million US dollars (Rp 8.1 trillion) in a period of 4 years.
Although not many, arguably one of the most attractive options for artists to enter the metaverse is Decentraland. On this platform, various events are often held, ranging from seasons to sports. Even a virtual fashion show has just been held at Decentraland.
Other big brands like Nike, Adidas, Reebok, and Puma have also invested in gaining ground in the metaverse. 2022 Today, many celebrities have entered the metaverse in either The Sandbox or Decentraland, looking for new ways to introduce music and merchandise to people who couldn't attend their stores or concerts.
For example, on Tuesday, March 15, actress and DJ Paris Hilton announced her partnership with The Sandbox during a live DJ performance during the South by Southwest (SXSW) Film Festival. After Paris announced this, the value of game native tokens (SAND) increased by more than 8 percent for Virtual Cosmetics sales on the Metaverse.
Virtual Cosmetics Now Trending As L'Oreal Enters The Metaverse
In today's digital age, anything that can conceptually be transferred to the metaverse is immediately transferred. This includes clothing products, games, and even now L'Oreal has also shipped cosmetics to the metaverse. This is the first to be done by filing multiple patents that support the cosmetics giant to provide a variety of virtual products for use in the virtual space.
L'Oreal Enters the Metaverse
L'Oreal is the latest of many fashion and beauty brands to start making their mark on the metaverse. Following its predecessors, the cosmetics giant has applied for a number of trademarks that will mark its entry into the space. A total of 17 trademarks were filed with the World Intellectual Property Organization which includes the mark and its subsidiaries.
The French brand plans to offer virtual versions of its cosmetics in the metaverse such as skincare, hair care, etc, all of which will be in a downloadable format. L'Oreal plans to offer things like virtual perfume for purchase on the metaverse.
L'Oreal USA made the submissions, all of which are associated with subsidiary brands such as Kiehl's, Urban Decay, Maybelline, It Cosmetics, and Essie, a nail polish brand. Registration includes various capabilities such as rights to virtual fragrances which cannot be downloaded in the metaverse in Kiehl's case. L'Oreal intends for all of its users to be able to buy, sell and trade all of their virtual cosmetics.
This follows in the footsteps of P&G Beauty, a beauty brand entering the metaverse in 2021. Procter & Gamble's online beauty division is exclusive to its brands. BeautySphere, as the name suggests, was created to bring users to the brand. It can be accessed by anyone with a computer, which displays immersive video content. While L'Oreal's move puts its products in virtual form in the metaverse, this isn't the first time a beauty brand has entered the space. Late last year, L'Oreal followed in Nike's footsteps when it released its first NFT collection. This NFT showcases art that promotes gender equality by five artists. The NFT line is not working as well as expected. But L'Oreal remains unaffected as it makes big room once again with a new trademark filing.
