L’Oréal has decided to move into the digital world and has made an investment in a US startup called Digital Village, according to metaverse news. Digital Village is a “metaverse-as-a-service” platform and NFT marketplace for brands, creatives, and communities.
The investment, which represents the cosmetics giant’s first foray into the Web3 space, was made through its corporate venture capital fund, BOLD, and is intended to expand the platform’s potential by utilizing new tools for developing 3D virtual worlds, as well as advanced avatar and virtual store customization.
What is digital village about?
On the official website of Digital Village, it says that the platform’s goal is to create technologies that help brands, consumers, and communities connect to Web3, IoT, and immersive virtual environments. The company is led by a group of people from the U.S., Europe, and Asia, and it focuses on how digital identities and assets interact in cyber worlds. In Web3, L’Oréal keeps looking into and defining what beauty is.
‘We are excited to be backed by BOLD and look forward to collaborating with L’Oréal to revolutionize the beauty industry through the creation of cutting-edge virtual experiences for L’Oréal’s renowned brands. Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow,’ shares Evelyn MORA, Founder and CEO of Digital Village.
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