Dive briefs:
- L’Oréal’s venture capital fund Business Opportunities for L’Oréal Development (BOLD) Minority stakes in Metaverse and NFT startups Digital Village came in last week as part of the company’s $4 million funding round. this is loreal It is the first venture capital investment in the Metaverse and Web3 space, according to the company’s press release.
- Digital Village operates as a virtual world building platform and NFT marketplace. Venture Reality Fund, a VC technology company specializing in VR and AR, co-led the funding round with BOLD. Venrex, British Fashion Council and others also participated.
- Digital Village will use this investment to build new tools for virtual store creation, advanced avatar customization, 3D world development, and an overall enhancement of the platform’s capabilities.
Dive Insight:
L’Oréal’s investment in Digital Village demonstrates its confidence and interest in the beauty industry opportunities within the metaverse.
“L’Oréal continues to explore and define the meaning of beauty on Web3 and aims to work with the most promising startups who adhere to the highest possible visual and technical standards.” We are delighted to partner with Digital Village, whose solutions will be a powerful enabler for our brand, and the ideals of sustainability, accessibility and interoperability in the Metaverse or Web3 are shared by us.”
Digital Village, which describes itself as a Metaverse platform-as-a-service, creates custom virtual 3D worlds for its business partners. With immersive spaces, brands can build digital identities, increase face-to-face brand awareness, and generate sales. The online space can be connected to the retailer’s existing website and social channels.
The company also serves as an NFT marketplace for brands, creators and communities. Founded by her CEO Evelyn Mora in 2021, Digital Village’s resume includes collaborations with the United Nations and Women’s Wear Daily.
“Today, when users click on a link in a brand’s profile and are directed to a website where they can shop in person, the Digital Village will allow users to visit a 3D virtual world and allow brands to engage with their customers. We are creating a way to come together for social experiences, in a more meaningful way,” Mora said in a statement.
Connect to the metaverse It’s a trend many brands are exploring.
companies like Forever 21, Gucci, Walmart, Gap We have launched our own online space on Roblox over the past year or so. H&M releases a collection inspired by the Metaverse Customers were able to virtually try it on in December. NYX Professional Makeup has unveiled his Spring 2023 collection on iHeartLand. roblox exclusive last month.
this month, L’Oréal’s venture fund also invests in Plinker Koreamanufactures what is called the world’s first digital temporary tattoo device, and beauty companies also Launches two technology-enabled makeup applicatorsPrevious investments by BOLD include: Social Selling Platform Replika Software.
