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L'Oréal enters the metaverse

French beauty giant files patents for NFT and virtual products

L'Oréal enters the metaverse French beauty giant files patents for NFT and virtual products

What will beauty look like in the metaverse according to L'Oréal? We will find out shortly. According to the cryptocurrency information site CoinDesk, the French giant filed seventeen patent applications between 8 and 10 February for the development of a series of virtual cosmetics and other digital items. The project, which will involve brands such as Kiehl's, Maybelline, Pureology, Urban Decay, Essie and Redken among others, will include a wide range of products dedicated to "virtual perfumery", hair care and styling for avatars and game scenarios. Each brand will follow different specifications that best suit its target audience, but it seems that all will strive to "provide providing a metaverse for people to browse, accumulate, buy, sell and trade" virtual cosmetics and services, including hair care and styling, nail polish, skin care and cosmetics. There will also be NFTs, or blockchain-based digital goods, and "retail store services and online store services in relation to virtual goods..".

There are many companies in the beauty sector, such as Chanel, Givenchy Parfums or Clinique, that have started to explore the metaverse, launching NFTs and virtual try-on services, but, more often, they have simply used this new territory as a vehicle for branding, consumer education or to extend and make more profitable their existing 2D e-commerce business. L'Oréal also made a first attempt in December 2021 by launching a series of NFTs of digital works that developed the theme of female empowerment. Unfortunately, the experiment, again according to CoinDesk, turned out to be a flop and recorded sales of less than 0.5 ETH (about $1,550). For the French company, the filing of the new patents could represent a second opportunity to understand how to behave in the virtual world and how to take advantage of it, while managing to offer a satisfying experience to its customers.