L'Oréal invested in a metaverse developer

A French company producing cosmetics and perfumery took part in the Digital Village investment round and invested $4,000,000 in this company. Representatives of the WWD publication learned about this. The money came from the venture fund Business Opportunities for L'Oréal Development.

Exactly how much money L'Oréal invested is not known, but we do know that in total Digital Village raised about $4,000,000 from different companies, including L'Oréal. In addition to the French cosmetics manufacturer, Venrex, the Venture Reality Fund, the British Fashion Council and other organizations have also invested in the metaverse developer.

Digital Village said that they will use the raised funds received from investments to expand the capabilities of their platform. The developers want to add new tools for better 3D world design, as well as provide advanced customization of user avatars and make it possible to create a virtual store in the vastness of their metaverse.

Camille Croeli, who serves as head of metaverses at L'Oréal, said the French company wants to support the most promising startups that adhere to high visual and technical standards.

For the French cosmetics manufacturer, this is not the first collaboration in the field of virtual worlds. Last November, L'Oréal partnered with the metaverse avatar marketplace Ready Player Me. The French teamed up with digital artist Evan Rochette to make it possible for their skins to be released in the metaverse. As a result, L'Oréal launched five of its own skins on the Ready Player Me platform.

Maybelline New York, the US arm of L'Oréal, has also released five cosmetic kits for the Ready Player Me platform.

Recently, many experts from the IT industry, digital assets and others have been talking about the development and prospects of Web3 technologies. The Metaverse has many followers like L'Oréal and even fans like Mark Zuckerberg. At the same time, Web3 technologies also have ideological opponents. For example, Bill Gates, who founded Microsoft, believes that people should not invest in the metaverse, but in artificial intelligence. However, in the case of Gates, this is not surprising, since he has always kept himself away from the world of cryptocurrencies.