L’Oréal invests in the metaverse and NFTs with Digital Village – Coins.fr

Digital Village

Credit: Digital Village

Through its venture capital fund, L’Oreal takes a stake in the startup Digital Village focused metaverse-as-a-service and NFT Marketplace for brands and designers.

PumaNike, DecathlonNivea, Tiffany… there are many brands to have launched initiatives in the fields of Web3. On the other hand, fewer of them in traditional sectors such as fashion or luxury have invested in pure-players.

This is particularly the case of Nike with the start-up RTFKT. We must now also reckon with the global cosmetics giant L’Oreal. The group announces a investment in Digital Village.

Seed tower for the startup NFT Digital Village

Funding, as part of a seed round, takes place through Bold, L’Oréal’s venture capital fund. And it is therefore intended for a young American shoot specializing in the metaverse and non-fungible tokens or NFT.

The vision of Digital Village is to build a new internet anchored in 3D spaces that facilitate the creation of digital identities and worlds with a focus on sustainability and accessibility”, thus defines the startup founded in 2021 and directed by Evelyn Mora.

L’Oreal does not take control of Digital Village since it is a acquisition of a minority stake“co-directed” by Venture Reality Fund, precise the press release. The pharmaceutical giant nevertheless has access to Web3 skills.

Digital Villageit is “both a platform allowing the use of services in the metaverse (metaverse-as-a-service) and NFT marketplace for brands, creators and communities”.

The metaverse specialist relies on an international team. The same goes for his advisers, including in particular Sebastien Borgetone of the founders of The Sandbox.

L’Oréal explores the world of beauty in Web3

This equity investment is led by Camille Kroely, Managing Director Metavers and Web3 of L’Oréal. For the latter, this initiative is a continuation, namely “ exploring the world of beauty in Web3 “.

The cosmetics manufacturer is thus seeking to forge partnerships “with most promising start-ups, offering the highest visual and technical qualities. “Digital Village solutions are described as “powerful catalysts” for the group’s brands.

We are delighted to be supported by BOLD and look forward to collaborating with L’Oréal to revolutionize the beauty industry by creating cutting-edge virtual experiences for the Group’s leading brands,” comments Evelyn Morafounder and CEO of the startup.

The manager, based in Paris, is an experienced professional in the fashion industry. She is notably the founder of Helsinki Fashion Week. She was also a consultant within the Kering group between 2020 and 2021.

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L’Oréal invests in the metaverse and NFTs with Digital Village – Coins.fr

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