The program will support creative startups that are building in the fields of avatar creation and augmented reality
Meta continues its drive to be a dominating force in the metaverse. The company has recently joined forces with L’Oreal and French business school HEC Paris in an effort to launch a new start-up accelerator.
The program is set to give support to at least five new startups that are specializing in 3D production., Augmented Reality, Virtual Reality, Mixed Reality, Avatar Creation, portability in user experience, token economy, and any other topic related to the metaverse and web3 none of which have to be specifically related to the beauty industry.
The project will be located at the Meta Space within STation F, in the 13th arrondissement of Paris, also known as the “world’s biggest startup campus.” Applications will be open this year until November 20 and the judges will all be composed of members of Meta, HEC, and L’Oreal. The startups will be selected and the program will run from January of 2023 to June of the same year.
There are those that believe the metaverse, NFTs, and web3 are all dying, especially with the crypto crash and constant regulations and heckling by Gensler and the SEC. The sentiment is not shared however between those in the fashion community as fashion companies continue to invest in the space. Many companies have shown interest in using NFTs and blockchain technology to further sales and build community. Rimowa recently unveiled a collab with RTFKT which is owned by Nike and has been responsible for that company’s constant NFT success.
L’Oreal is also very committed to web3 and plans to utilize the technology for several of its brands
including YSL Beauty, Lancome, Mugler, Armani Beauty, and Nyx Professional Makeup. Each of these brands has introduced many new web3 initiatives.
L’Oreal has recently hired Camille Kroely to a new role titled “Chief metaverse and web3 officer” part of her job will be to find ways to enter into the space responsibly.
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