L’ORÉAL PARIS HAS ENTERED THE NFT MARKETPLACE

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L’Oréal Paris, a well-known cosmetics and skincare company, has entered the NFT market. L’Oréal has created their first NFT collection in collaboration with United Talent Agency. The brand’s new Reds of Worth Colour Riche lipstick, which comes in six tones of red, inspired this NFT collection. It’s called Reds of Worth, and it’s all about women’s empowerment programs.

The NFT collection features five different pieces, each inspired by the color Red and designed by female digital artist Amber Vittoria, Arina BB, Hueman, Lili Tae, and Puks.

Biding for the collection takes place on OpenSea. The artists who designed the pieces will receive 100% of the revenues from the initial sales. In the meanwhile, 50% of the transaction value of secondary market sales will go to L’Oréal’s philanthropic campaign, Women of Worth, which supports everyday women who make a difference in their communities. Because the NFT is a male-dominated domain, one of the key concepts for this NFT collection is to promote women in the NFT sector. According to a report by ArtTactic, only 16 percent of artists in the NFT art market are female, while women customers account for only 5% of overall purchases. “Through this program, we intend to call attention to the gender discrepancy in the NFT industry and attract more women artists and consumers,” says Maude Brunschwig, Senior Vice President of Marketing, L’Oréal Paris USA.

Each NFT will have a $1,500 starting price. The Reds of Worth NFT auction was held, and the digital arts were sold on OpenSea for 0.5 ETH each. By the way, they’re still available there for a variety of pricing.

One new NFT project has been unveiled by L’Oréal Paris. On February 10th, L’Oréal filed 17 trademark applications relating to NFT and the metaverse with the World Intellectual Property Organization, including Urban Decay, Kiehl’s, Maybelline, Redken, Pureology, and others. L’Oréal will be able to cover digital media, art, art, tokens, NFTs, collectible advanced things, and images after successfully completing the register.
Kiehl’s will also hold the exclusive right to non-downloadable virtual fragrances in the metaverse. The majority of the registrations filed by L’Oréal are for its customers to be able to buy, sell, and trade virtual cosmetics in the digital world.