It may seem abstract to link NFTs technology to the beauty industry. But if a brand like Estée Lauder has not doubted in diving into the algorithmic metaverse lands, it is because any cosmetics brand has every interest in questioning the feasible adoption of NFTs. The fashion and the luxury industries have sounded the departure recently. For cosmetics, this general adoption seems to be just a matter of time.
When NFTs catch the eye of the cosmetics industry
The NFT or non-fungible token has been sinking a lot of anchors recently by the power of its technology. Designed using the blockchain mechanism, the main trait of the non-fungible token is then its non-fungibility. An NFT, being a digital asset, brings together a series of unique data, characteristic of its singularity. The NFT, although a token, is not interchangeable due to the fact that its value is unique. It is only obtained following a purchase, more commonly in cryptocurrencies. Another particularity of NFTs is that it makes its holder the sole owner of the dematerialized good in question. The NFT is known to be unforgeable, due to the decentralized and collective verification taking place on the blockchain. In short, the non-fungible token ticks the boxes of authenticated, certified, non-interchangeable, inviolable property and with unique characteristics.
NFTs in the beauty industry opens the path to other ways of exploiting the value of one’s brand, or community.
NFTs and the Beauty industry – First, Seducing
With beauty, focusing on the visual experience is immediately a winning bet. The Nars cosmetics brand called on three artists, Sara Shakeel, Azéde Jean-Pierre and Nina Kraviz to celebrate one of its emblematic products: the Orgasm blush. The idea was to infuse the spirit of this flagship product into a remarkable work of art. The artist Shakeel thus proposed a film to represent pink lips in adorned with sparkling crystals, keeping a powerful wave of water in the mouth. This was a great representation of this blush as it replicates the peach and pink shades of Nars’ Orgasm product.
This NFT is also considered a true work of art by the vice-president of global digital marketing of Nars brand, Dina Fierro. The latter talks about highlighting the very unique experience that this NFT tends to provide. She would also see it very well as a TV background. The objective of this NFT is to recreate the sensory experience of the singular shade of the Orgasm product through digital works.
Daring to think outside the box
The best way to stay in consumers mind and to recreate the link in the beauty sector with NFTs is to reinforce a precise message. This can mean supporting a cause or giving more meaning to the values we defend. It’s a great way to strengthen your brand identity, through something other than the sale of beauty products, or anything related to it. In this way, the brand is able to create commitment, not just with its usual target, but also with a new audience, younger and more fond of technologies of this scale.
Nivea brand has succeeded in that bet with its “Value of Touch” NFT. The sale of this NFT had the advantage of restoring again the importance and the real value of touch. This NFT has its sources in a survey which highlighted the fact that 88% of people gave a paramount importance to the sense of sight. Nivea with a note of delicacy and through its NFT wanted to restore power to the sense of touch. The artist who co-designed this work was also in her youth, suffering from visual impairment. This physical state made her realize how underrated the sense of touch was.
Givenchy Parfums in collaboration with London-based artist Amar Singh has auctioned off a collection of 1952 artistic digital assets. The profits from this sale were intended to support the non-profit association LGBTQ+ Le Mag Jeunes. It’s a way to show support for marginalized communities.
L’Oréal Paris is known for being a pioneer in technology. Its “Signature Faces” make-up line in augmented reality already testified to the brand’s propensity to tend towards virtual solutions. For its first NFT collection, this French brand brought in female artists from the digital universe. This collection was intended to highlight the empowerment of women. The aesthetics of these NFTs were rooted in the shades of red of a new range of lipsticks “Reds of Worth by Color Riche” from L’Oréal Paris brand. The artists involved in the realization of this NFT project were able to benefit from all the profits of the primary sale. This initiative by L’Oréal Paris aimed to reward women who manage to make a difference in their community.
Stepping into the metaverse
The metaverse, considered as a virtual landscape, will be the ideal place to exchange NFTs and the gathering scape for brands and their potential consumers. It therefore seems judicious, even for cosmetic brands, to gain experience in it.
NFTs – What influence on the beauty industry?
Combining blockchain technology with physical beauty industry products is a novel approach. It is the creation of a direct link between the brand and its consumers. Thanks to the certification of the digital good, consumers do not fear counterfeiting when they receive the physical product. This establishes a fair relationship between the brand and their consumers, at the level of the constituents or the supply chain of the product. The brand also has room for maneuver on its NFT collections.
On one hand, it is the capacity of highlighting a flagship product, as Nars brand did, or even extending a range of virtual products, as Elf Cosmetics did with its editions of three various articles NFTs.
On the other hand, the brand will be able to benefit from the royalties linked to the resale of these created NFTs. This indeed opens up an almost infinite possibility of income, relying on the fact that NFTs are constantly exchanged. Getting into NFTs for a beauty brand can happen with the help of METAV.RS which will ensure that the built NFT strategy fits the needs of the beauty brand in question.
To learn more on NFTs and how they are transforming other industries such as Fashion, read 4 WAYS NFTS ARE RESHAPING FASHION