Renowned cosmetics brand Estée Lauder is gearing up to make its entry into the metaverse by collaborating with Decentraland, one of the most popular metaverse projects.
As reported by WWD, the prestigious brand plans to distribute the first Non-Fungible Token (NFT) awards during Decentraland’s Metaverse Fashion Week, scheduled to take place from March 24 to 27.
The NFT awards draw inspiration from Estée Lauder’s product, Advanced Night Repair. For further details, you can find more information on Metaverseplanet.net.
Estée Lauder shakes hands with popular metaverse coin project
Estée Lauder has unveiled plans to distribute up to 10,000 NFTs during the upcoming Metaverse Fashion Week event.
Avatars within the Metaverse will have the opportunity to enter the iconic brown apothecary bottle of the Advanced Night Repair product to acquire the wearable NFT, promising users a ‘shining, radiant look,’ according to WWD.
Stéphane de La Faverie, group president of Estée Lauder, describes this initiative as “a pivotal point for Estée Lauder in how we reach and engage with new and existing customers across the metaverse.”
As various businesses across diverse sectors venture into the virtual realm, including banks and investment institutions, the entrance of a cosmetics brand into the metaverse aligns with this evolving trend. Preceding this move, Clinique had launched its first NFT, and P&G introduced its own virtual world, BeautySphere.
Jon Roman, Senior Vice President of Global Consumer Marketing and Online at Estée Lauder, expressed the company’s focus on engaging events as they seek to connect with this new consumer base in the metaverse.
Decentraland’s price is also increasing with its popularity
The Decentraland metaverse coin project recently reminded users of the upcoming fashion week, emphasizing the need for a digital wallet to collect rewards and encouraging users to set up their wallets to embark on their metaverse journey.
In parallel, Samsung announced the launch of its 837X on the Metaverse, offering users the opportunity to explore mysterious worlds.
In terms of market performance, the Decentraland token was trading at $2.46 at the time of writing, reflecting a 2.64% increase in daily trading. MANA’s 24-hour trading volume surged to $460,573,029, indicating a significant 43% increase. According to Coinmarketcap, MANA holds the 32nd position with a live market cap of $4.5 billion.
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