l'oréal ventures into web3 with investment in metaverse startup 'digital village'

L’Oréal invests in ‘digital village’ metaverse-focused platform

L’Oréal has announced its decision to venture into the digital realm, with a minority investment in US-based startup Digital Village, a ‘metaverse-as-a-service’ platform and NFT marketplace for brands, creatives, and communities. The investment, which marks the cosmetics giant’s first foray into the Web3 space, was made through its corporate venture capital fund, BOLD, and is designed to expand the platform’s potential by building on new tools for developing 3D virtual worlds, as well as advanced avatar and virtual store customization.

Digital Village is a ‘metaverse-as-a-service’ platform and NFT marketplace for brands | all images courtesy of Digital Village

about digital village

According to Digital Village’s official website, the platform is dedicated to developing technologies to bridge the gap between brands, consumers and communities to Web3, IoT and immersive virtual environments. Led by an international team from the U.S., Europe and Asia, the company focuses on the creation and interaction of digital identities and assets in cyber worlds.

‘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. 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 (find more here).

‘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’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,’ shares Evelyn MORA, Founder and CEO of Digital Village (find more here).

the company focuses on the creation and interaction of digital identities and assets in cyber worlds