L’Oréal Prioritizes NFTs and the Metaverse
The cosmetics behemoth has registered trademarks for a slew of its properties, indicating that it intends to enter the virtual cosmetics market.
With major corporations such as Microsoft and Apple foraying into the Metaverse, L’Oréal, the founder of the cosmetic company, is starting to plan to do so as well. On Feb 10, CoinDesk reported that the world’s largest brand had filed seventeen NFT and digital trademarks for some of its most well-known beauty brands.
According to the World Intellectual Property Organization, the documents are in the names of beauty brands such as Pureology, Kiehl’s, It Cosmetics, Maybelline, Redken, Urban Decay, and nail varnish brands Essie. L’Oréal would be capable of covering electronic channels, art, tokens, NFTs, collectible advanced things, and pictures after successfully completing the registration.
In addition, Kiehl’s will have access to non-downloadable simulated fragrances in the metaverse. The vast bulk of L’Oréal’s registrations has been submitted with the intention of allowing its buyers to shop, sell, and barter virtual beauty products in the virtual environment.
When contacted by CoinDesk, L’Oréal declined to comment on the move, but we can assume that the French beauty behemoth is keen to stay in the digital world.
L’Oréal’s 1st Metaverse action plan occurred in December 2021, when L’Oréal Paris USA commissioned five artists to create NFTs to support women’s rights in the online realm. However, this attempt was a failure, as it only generated $1,550 in revenues to this very day.
L’Oréal claims to be providing a metaverse for people to browse, accumulate, buy, sell, and trade virtual cosmetics.
While the concept of virtual perfume in a metaverse environment may be difficult to grasp, trademarking such items is no longer uncommon.
Businesses varying from McDonald’s to Walmart, as well as celebrities such as Bronny James, Logan Paul, and the late Kobe Bryant, have recently filed for NFT-related trademarks.