Meta has L’Oréal. Launched the Web3 Accelerator in partnership with

Meta joins with fashion company L’Oréal and French college HEC Paris to support startups developing Web3 technologies, including avatar development.

Companies in augmented reality (AR), virtual reality (VR), 3D production, mixed reality, avatar, user experience portability and token economy may qualify for the accelerator program.

L’Oréal hopes to use Web3 technology

Applications will close on November 20, 2022. Selected companies will participate in the program for the first six months of 2023. The event will take place at Station F, a major startup campus in Paris, where qualified companies can access mentorship and investors. , Companies do not have to be involved in the fashion industry.

“We are proud to associate ourselves with L’Oréal for this ambitious project that aims to support the French startup ecosystem, which will play a key role in building a shared, creative and inclusive metaverse,” said Laurent Soli, Said a meta vice president.

Meta and L’Oréal previously worked together to bring augmented reality technology Modiface to Instagram. The tie-up allowed Instagram users to try on makeup using ModiFace’s AR technology.

While L’Oreal and Meta aren’t targeting fashion-focused tech startups. Nevertheless, L’Oréal still hopes to use the ideas generated through the accelerator program to help with its marketing efforts. This was confirmed by Asmita Dubey, Chief Digital and Marketing Officer.

“The advantage for us is that we can use that creativity for our DMI” [international marketing direction] and brand. So, definitely we will take advantage of it,” she said.

Fashion brands are closer to digital avatar clothing

While definitions of the metaverse vary depending on who you talk to, the concept of avatar is central to most discussions. Your avatar is your 3-D visual representation. It is a big part of your identity in the digital world. This is Web3 similar to a profile picture. The word “avatar” is a Sanskrit word meaning “descendant of a deity from heaven”, according to venture capitalist Matthew Ball in his book “The Metaverse”. The term first appeared in the 1986 online game Habitat, released by Lucasfilm.

According to world-renowned Web3 strategist Cathy Hackl, marketing in the metaverse will eventually become “direct-to-incarnation”. So there’s no reason to believe that fashion brands won’t target avatars with digital clothing. Accordingly, it will probably be a matter of time before people can embrace different avatar appearances. As in the real world, this will depend on whether they are attending a work meeting, watching a sporting event, or socializing.

Major brands are already

Already, major fashion houses such as Gucci, RTFKT (a digital fashion house owned by Nike), Dolce & Gabbana, Balenciaga and Burberry are in a race to be your digital clothing brand of choice. For example, Gucci used Roblox to showcase digital handbags, hats and sunglasses in 2021. During practice, someone bought a virtual handbag for $4,000. Meanwhile, Balenciaga, a French fashion house, chose four items to be used as avatars skins in Fortnite.

Right now, Meta’s Avatar Store will allow you to outfit your avatar with clothes from Prada and Balenciaga. Later, English soccer club Liverpool FC began offering LFC digital apparel at Meta’s store.

Earlier this year, Reddit launched a non-fungible token marketplace for its CryptoSnoos NFTs. Artists designed the avatars using Reddit’s avatar creator.

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