Web3 Incubator by L’Oreal
L’Oreal subsidiary brand NYX Professional Makeup is launching a Web3 incubator as a decentralised autonomous organisation (DAO). The brand plans to release a collection of 1,000 non-fungible tokens (NFT) on the Ethereum blockchain.
NYX Professional Makeup NFTs will be released on 1 February. Its holders will be eligible to receive DAO management tokens. The starting price will be 0.19 ETH, which is approximately $290 at the current exchange rate.
The brand also plans to attract 3D artists to the DAO.
According to NYX president Yann Gioffredo, the initiative is designed to help 3D artists pave the way for success in the Web3 ecosystem.
The cosmetics giant is actively involved in the creation of digital communities and recently invested in startup Digital Village through its venture arm Bold.
In 2022, L’Oreal filed 17 trade mark applications in the NFT category for its companies Kiehl’s, Maybelline, Pureology, Urban Decay and Redken.