L’Oréal – a beauty brand took a pioneering step into the corporate venture and made a minor investment from their capital fund BOLD (Business Opportunities for L’Oréal Development), in a start-up based in the US, Digital Village. It is built on a “metaverse-as-a-service platform” and supports NFTs created by communities of artists and entrepreneurs, brands, and creators.
Digital Village
The US-based start-up digital village is a virtual reality 3D space for an emerging new economy. According to the official website of the Digital village (URL: https://www.digitalvillage.io/) that their purpose to create this virtual reality realm is to, “create new, sustainable and scalable technologies that empower brands, creators, and communities to build, play and transfer value in beautiful virtual worlds.”
Digital Village is a bridge that fills in the gap between brands and companies to the Web3 (that is, the new general world wide web with a decentralized network which will allow its users to limit the access to their database to themselves), iot, and an immersive virtual environment. This sounds like a science-fiction movie, mind-boggling and paradox to conceptualize, however for the 3 billion people who are gamers, the presence of the virtual-reality 3D space seems legitimate and an accessible reality.
The digital village is made to view the economy from a new perspective, to make it more sustainable. The builders of the digital village claim that the immersive virtual environment is not a replacement for the existing physical world, but a space with new ideas, and progressive technology. The digital village is led by an international team whose members are spread across the US, Europe, and Asia.
This new technology has estimated to grow its market valuation to $800 billion by the year 2024. In the meantime, the beauty brand which seeks to constantly break the barriers of beauty and business – L’Oréal looks forward to expanding its market into the digital 3D space. The digital village offers brands, creators, and consumers the to market their products in a new manner, the immersive virtual environment and NFTs offer endless opportunities to reach their consumers in a marketplace that offers a broader perspective and creative mindset.
What do the L’Oréal decision-makers have to say about this venture into the digital village?
According to the official website of L’Oréal, (URL: https://www.loreal-finance.com/ ) Camille Kroely, Chief Metaverse & Web3 Officer at L’Oréal shared her chain of thoughts over this particular venture, says, “As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising start-ups 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.”
Whereas Evelyn Mora, Founder, and CEO of Digital Village opined that “We are excited to be backed by BOLD and look forward to collaborating with L’Oréal to revolutionize the beauty industry through the creation of cutting-edge virtual experiences for L’Oréal renowned brands. Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow.”
What does the Digital Village have to offer?
Along with the various immersive virtual environment, such as
- Life events
- Virtual galleries
- Fashion shows
- Virtual storefronts
- Creators’ meetups
- Social spaces, and so on.
The web3 technology of the digital village will help in revolutionizing marketing and branding schemes. The virtual reality 3D space is growing and developing into a well-explored space where humans can venture into. A digital village is like a special economic zone in the virtual space, with progressive digital technologies like blockchains, NFTs, and so on.
The digital village or the global collaboration village has already collaborated with Accenture and Microsoft. Where the first brand investment was made by L’Oréal.
