Estée Lauder is Venturing into the Metaverse with Free NFTs
Laura McQuarrie — March 23, 2022 — Fashion
References: wwd
Decentraland's Metaverse Fashion Week is scheduled for March 24th to 27th and Estée Lauder is an exclusive partner of the virtual event that will be dropping its first non-fungible tokens as free NFTs. Inspired by the brand's beloved Advanced Night Repair serum, the digital asset promises to give avatars a "glowing, radiant look." The free NFTs created by virtual creator Alex Box will be given out in limited quantities complementarily during the fashion event.
With this metaverse activation, the brand is intentionally reaching and engaging customers in a new way. Rather than trying to entice existing consumers into the metaverse, this strategy focuses on attracting potential customers who are already spending time in virtual reality.
With this metaverse activation, the brand is intentionally reaching and engaging customers in a new way. Rather than trying to entice existing consumers into the metaverse, this strategy focuses on attracting potential customers who are already spending time in virtual reality.
Trend Themes
1. Metaverse Marketing - Brands venturing into the metaverse and partnering with virtual events or creators to reach new potential customers through non-traditional marketing strategies.
2. Beauty Nfts - Beauty brands tapping into the NFT market to create digital assets that tie-in with their physical products or campaigns, providing customers with unique digital experiences.
3. Virtual Fashion - Virtual fashion events as a new way for fashion and beauty brands to showcase their products and engage with potential customers in the metaverse, while offering exclusive virtual merchandise or NFTs.
Industry Implications
1. Beauty and Cosmetics Industry - Using NFTs to extend brand storytelling beyond product packaging and physical experiences to engage customers digitally and tap into an emerging market of NFTs and virtual experiences.
2. Virtual and Augmented Reality Industry - Providing opportunities to brands to reach wider audiences and generate revenue by providing innovative experiences through virtual and augmented reality technologies.
3. Fashion Industry - Openings for fashion brands to showcase virtual clothing lines and accessories and leverage the popularity of virtual fashion events to increase exposure and drive sales in the growing metaverse market.
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