Non-fungible tokens (NFTs) are digital assets that are authenticated and traded on the blockchain. The underlying concept of NFT is proof of ownership of non-replicatable things.
Last year I saw NFT headlines selling millions of dollars. They have entered a wide range of industries including sports, luxury fashion, automobiles and now beauty.
On March 14, LG Household & Healthcare (LG H & H) announced that it has stepped into the realm of NFTs as part of a long-term consumer engagement strategy for skin care brand beliefs.
Korean consumer goods companies announced on March 14 that they will sell NFTs of characters from the world of beliefs such as Duncan, based in Scottish herbalist Duncan Napier.
We plan to cast 3,000 NFTs to be launched on the OpenSea platform this month.
According to the company’s press statement, this is part of the brand’s marketing strategy for millennial and Gen Z consumer groups.
LG H & H has that NFT “Beyond simple product sales, form a strong fan base for your brand.” With that novel storytelling media. In addition, Belif NFT has specific benefits such as special membership.
LG H & H is not the first company to create a collection of NFT artwork. It has followed in the footsteps of brands such as Clinique, Elf Cosmetics and NARS Cosmetics, releasing its own collection of NFT artwork.
To coincide with National Orgasm Day on July 31, NARS debuted its first series of NFT artwork inspired by the cult classic orgasm product collection. The launch of NAR’s NFT was largely claimed to be successful, probably due to the legacy of the NARS Orgasm brand.
“NFTs are supposed to mimic products or something that has an intrinsic IP value. In short, I think NFTs are of great value if they have a good IP. Take a look at sports trading cards. Obviously, Michael Jordan or Babel’s is needed because these people symbolize a very strong heritage. ” Latif Sim, founder of beauty brand Potions and chief strategy officer of livestreaming technology company BeLive, explained.
NARS may have made its NFT debut, but not all beauty brands need to stay on the irreplaceable trend, Sim said. In fact, he questioned whether beauty brands need to enter the NFT, given Metaverse’s grand plans.
“We need to think about the big picture. For example, Lamborghini is launching an NFT, and one of the approaches is to create an iconic model of the NFT, which will later be converted to the Metaverse. There is a possibility. ..The virtual world is hot now. Ultimately, people can move into the virtual world and buy virtual properties, homes and furniture for them, and cars. I think we are preparing for such a world. The ultimate goal is how NFTs will eventually be integrated into the Metaworld. To be honest, we can’t predict powerful use cases for beauty at this time. “..