Since the Pandemic, the beauty industry has embraced the possibilities that #AR has to offer through virtual cosmetic try-ons or showrooms. Little did we know, that we could take things one step further with the apparition of the Metaverse.
Global brands did not waste time to adopt this innovation – but what kind of experiences are we talking about?
SEPHORA: Beauty Retailer Sephora hosts the event #Sephoria in the #Metaverse, offering virtual activities like the Sephora collection masterclass to people from around the globe. In 2022, the event drew in up to 16,000 #attendees, whilst providing other brands an opportunity to share new product launches.
L’Oréal: L’Oreal premiered virtual beauty looks in partnership with Metaverse Platform Ready Player Me, releasing exclusive makeup and hairstyles for avatar creation that can be used on more than 4000 platforms worldwide. The multinational has joined forces with Facebook Meta last October to launch a start-up accelerator.
Parfums Christian Dior: The luxury brand has launched a Christmas-themed virtual store in collaboration with Metaverse company Emperia. The store had received over 6,000 visitors and is divided into three spaces – the scent room, beauty room and gift-finder room, each of which display many iconic fragrances and cosmetics.
BYREDO: after partnering with RTFKT, the Nike-owned digital fashion start-up to create wearable digital auras, Byredo is proving that perfume can also live in the virtual world. The collaboration involves customized digital and physical scents using 26 ingredients that represent emotions like harmony, naivety and virtue.
NARS Cosmetics: a list of virtual try-on products can be found on their website, where customers can find a variety of shades to experiment with on themselves using AR technology. Nars has also collaborated with Roblox to make Nars Color Quest, which reached up to 2.7 million visits. The initiative offered gamers the chance to collect real-world shades hidden around to build a virtual palette, unleashing creativity to customize avatars.
Laura Mercier: Laura Mercier makes their debut into the Metaverse with their very own World of Beauty Store, offering an interactive shopping experience with 3D unboxing and make-up masterclasses.
Now that we know the experiences, what’s the potential of the beauty industry’s metaverse market?
The market size is expected to be worth $863 billion by 2024
interaction with digital natives like Gen Z and Alpha cohorts through experimental marketing – harder to reach normally
In 2022, #Web3 #startups raised a total of $7.1B in investment – L’Oreal already invested 4 millions in one
A new source of revenue. For example, NARS:2000 NFTs sold at US$ 500 selling out within 10 minutes of the drop.
Exciting times ahead for this growing sector and beauty brands are all set to become #innovation leaders.