• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Friday, February 3, 2023
Galveston County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Metaverse

Non-Fungible Beauty: What Is The Endgame For Beauty NFTs In The Metaverse? – CosmeticsDesign-Asia.com

non-fungible-beauty:-what-is-the-endgame-for-beauty-nfts-in-the-metaverse?-–-cosmeticsdesign-asia.com
Share on FacebookShare on Twitter

Non-fungible tokens (NFTs) are digital assets that are certified and traded on a blockchain. The underlying concept of NFTs is the proof of ownership of something irreplicable.

In the past year, we have seen a flurry of headlines of NFTs being sold for millions. They have made their way into a wide range of industries, including sports, luxury fashion, automotive and now beauty.

On March 14, LG Household & Healthcare (LG H&H) announced it was stepping into the realm of NFTs as part of its part of long-term consumer engagement strategy for its skin care brand belif.

The South Korean consumer goods company announced on March 14 that it will be selling NFTs of characters from the belif universe such as Duncan, who is based on Scottish herbalist Duncan Napier.

It will be minting 3,000 NFTs, which are set to go on sale this month on the OpenSea platform.

According to the firm’s press statement, this is part of the brand’s marketing strategy targeted at millennials and Gen Z consumer groups.

LG H&H believes that its NFTs can “form a strong fan base for the brand beyond simple product sales”  ​with its novel storytelling medium. Furthermore, the belif NFTs also have tangible benefits, such as a special membership.

LG H&H is not the first company to create its collection of NFT artworks. It follows in the footsteps of brands such as Clinique, elf Cosmetics and NARS Cosmetics which have released their own collection of NFT artworks.

To coincide with National Orgasm Day on July 31, NARS debuted its first series of NFT artworks inspired by its cult classic Orgasm collection of products. NAR’s NFT launch was largely billed as a success, possibly thanks to the legacy of the NARS Orgasm brand.

“NFTs are supposed to mimic a product or something that has intrinsic IP value. In short, I think NFTs have a lot of value if it has good IP. Let’s look at sport trading cards – obviously, you would want Michael Jordon or Babe Ruth because these people are iconic with a very strong legacy,” ​explained Latif Sim, the founder of beauty brand Potions and the chief strategy officer of livestreaming tech firm BeLive.

While NARS may have had a successful NFT debut, not every beauty brand needs to jump on the non-fungible bandwagon, said Sim. In fact, he questioned whether beauty brands even needed to get into NFTs, considering the grand scheme of the metaverse.

“You have to think big picture. For example, Lamborghini has started launching NFTs and one of their approaches is to make NFTs for their iconic models. This could later translate into the Metaverse. ​Virtual worlds are hot right now. Ultimately, people can move into a virtual world where they can buy virtual properties, a home and the furniture for it, and a car. I think we are preparing for that kind of world. The end goal should be how an NFT can eventually get integrated into the meta world. Honestly, I cannot foresee a strong use case for beauty at the moment.”​

Galveston County News Online

© 2021 Galveston County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Galveston County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT