L'Oréal contributes to a startup in the metaverse Digital Village

Beauty giant L’Oréal has announced a minority investment in metaverse platform and NFT marketplace Digital Village through its venture capital fund, Business Opportunities for L’Oréal Development (BOLD).

Pritish Bagdi

The investment will be the first of its kind by L’Oréal in the metaverse and Web3 space, as well as the first to be part of its recently launched BOLD’s Female Founders initiative.

“As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards,” said Camille Kroely, chief metaverse and Web3 officer at L’Oréal, in a release.

Kroely added: “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.”

Launched in 2021, Digital Village is operated by an international team spanning the US, Europe and Asia, offering scalable technology solutions for the creation and interaction of digital identities.

Among its members, it counts founder and CEO Evelyn Mora, who was also behind the creation of Helsinki Fashion Week, as well as top executives from Pangaia and open-world platform The Sandbox.

Speaking on the investment, Mora said: "We are excited to be backed by BOLD and look forward to collaborating with L'Oréal to revolutionise the beauty industry through the creation of cutting-edge virtual experiences for L'Oréal's 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.”

#thecommunique #tc #tcn #metatainment #loreal #future #NFT #AR #VR

H&M emphasises textile recycling in new ‘Metaverse Design Story’

Fast fashion retailer H&M has presented its latest collection as part of its Innovation Stories initiative, a project through which it said it is aiming to push the fashion industry towards more sustainable methods of consumption.

Photo Credits: Campaign image from H&M's new Innovation Metaverse Design Story collection. Photo courtesy.

Initially unveiled during an event in Madrid, Spain, the ‘Metaverse Design Story’ exists in a ‘phygital’ format, with both a ready-to-wear menswear and womenswear collection to be available to purchase, rent and own as digital assets, all of which is set to launch December 8.

Key pieces in the physical line have been designed as evening wear styles, such as corset-waisted dresses, beaded bomber jackets and metallic sandals.

In a release, the retailer said several pieces feature “recycled polyester fibres made entirely out of old garments and textile waste” collected through H&M’s in-store garment-collection programme.

It added that one of its form-fitted dresses was made using a zero-waste pattern cutting process, while other materials utilise Repreve’s Our Ocean recycled polyester made from ocean-bound plastic bottles.

Next to the physical collection, five augmented reality (AR) filters, accessible via its app, complete the line.

Designed in partnership with the Institute of Digital Fashion and powered by Snap, the AR lens allows users to virtually try-on the pieces in a bid to merge the physical and digital worlds.

Alongside the collections, customers can also experience the collection via an interactive metaverse space now available, celebrating the garments made for the line and the future possibilities of digitalisation.

#metaverse #digitalfashion #HandM #fashion #VR #AR #metaverse

New report suggests metaverse could be five trillion dollar sector by 2030

Mumbai (India), July 05: A new report by McKinsey & Company has suggested that the metaverse’s potential economic value could see it generate up to five trillion dollars in impact by 2030.

Swati Bhat

According to the management consulting firm, digital worlds are quickly becoming the biggest new growth opportunity for a number of industries over the next decade, including e-commerce, which it estimated could have a market impact of up to 2.6 trillion dollars by 2030.

The report said the virtual goods economy, for example, was estimated to contribute nearly 75 percent towards global gaming revenues, with about 79 percent of consumers active in the metaverse to have made a purchase, mostly to enhance their online experience.

Out of products bought, 47 percent of consumers had made in-game purchases, 37 percent bought virtual cosmetic items and 33 percent purchased real-world items.

“Consumer behavior has largely shifted toward adopting digital personas, yet many brands have yet to provide a solution,” noted AnamXR co-founder and CEO, Irene-Marie Seelig, in a statement for the report. “This opens up a whole new revenue model for brands who can supply digital assets like clothing, for example.”

McKinsey said that businesses already leveraging the metaverse “may build lasting competitive advantages”, noting that leaders should be developing a strategic stance by establishing metaverse goals and the role they want to play in it.

#thecommunique #tc #tcn #metatainment #metaverse #NFT #ar #vr #ir #globalgaming #business