More brands are making inroads into the NFT world. From NARS to Clinique, e.l.f. and Givenchy, these brands are building a community around NFTs and their products. In fact, according to a recent report, 90 percent of shoppers will be interested in NFTs by 2023. If your brand isn’t already a part of this community, you should consider joining it.
Cosmetic brands and non-fungible tokens
The beauty industry is ripe for cryptocurrencies, but not yet to the extent that cryptocurrency could make the industry more viable. Blockchain technology and traceability of non-fungible tokens could be an excellent way to verify cosmetic products’ authenticity. With the rise of e-commerce platforms, counterfeit beauty products have become more prevalent than ever. Not only do they pose a health risk to their users, but they can also create legal and financial problems for manufacturers, distributors, and retailers.
The fast growth of digital consumership has led to the rise of cryptocurrency and blockchain technology. Tokens are a unique form of digital asset that represent an irreplaceable asset. Cosmetic brands, for example, have jumped on the bandwagon and announced their plans to launch NFTs as part of a long-term consumer engagement strategy. While these innovations are still in their early stages, some are already seeing promising results.
Mac cosmetics NFT case study
MAC Cosmetics has entered the metaverse with the release of its first-ever NFT collection, a collaboration with the Keith Haring Foundation. The Viva Glam line celebrates the iconic works of the late artist, while promoting equal rights for all. The lipsticks, available in three different rarity levels, feature Haring’s artwork. While MAC does not make the products, it will donate a portion of each sale to a charitable cause.
MAC Cosmetics is not the first brand to engage in the phenomenon. Estee Lauder and Clinique have both launched NFTs. MAC’s NFTs will be available for purchase from 10 April to 1 June 2022. In addition to MAC Cosmetics, Nivea and Clinique are also launching a limited edition lipstick in collaboration with Keith Haring. The Viva Glam x Keith Haring collection will sell for $25, and MAC is selling limited editions of twenty-five pieces. The limited-edition lipsticks will cost up to a thousand dollars each.
MAC’s NFT collection is the natural extension of the physical collaboration between MAC and Keith Haring. Each lipstick contains an NFT that corresponds to the corresponding colour. The partnership between MAC Cosmetics and Keith Haring represents the ideals of self-expression and equal rights for all. If a company wants to make a big splash with its NFT products, they can use this model to help their clients reach a wider audience.