L’Oréal has decided to move into the digital world and has made an investment in a US startup named Digital Village. Digital Village is a “metaverse-as-a-service” platform and NFT marketplace for brands, creatives, and communities. The cosmetics giant’s first move into the Web3 space, the investment was made through its corporate venture capital fund, BOLD. Its goal is to increase the platform’s potential by building on new tools for creating 3D virtual worlds and advanced avatar and virtual store customization.
The official website for Digital Village says that the platform’s aim is to develop technologies that support 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 who come from different parts of the world. They work on making digital identities and assets interact in cyber worlds. L’Oréal continues to explore and define what beauty means in Web3.
“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” says Camille Kroely, Chief Metaverse & Web3 Officer at L’Oréal.