By Anjali Kochhar
French personal care company L’Oréal has announced its decision to venture into the digital realm, with a minority investment in US-based startup Digital Village, a ‘metaverse-as-a-service’ platform and NFT (non-fungible tokens) marketplace for brands, creatives, and communities.
The investment, which marks the cosmetics giant’s first foray into the Web3 space, was made through its corporate venture capital fund, BOLD, and is designed to expand the platform’s potential by building on new tools for developing 3D virtual worlds, as well as advanced avatar and virtual store customization.
For the unversed, Digital Village is a ‘metaverse-as-a-service’ platform and NFT marketplace for brands.
According to Digital Village’s official website, the platform is dedicated to developing technologies to bridge the gap between brands, consumers and communities to Web3, IoT, and immersive virtual environments.
Led by an international team from the U.S., Europe and Asia, the company focuses on the creation and interaction of digital identities and assets in cyber worlds.
‘As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards. We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility, and interoperability in the metaverse or Web3 are ones we share,” said Camille Kroely, Chief Metaverse & Web3 Officer at L’Oréal.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.