L’Oreal Paris joins the world of NFT art through the philanthropic initiative. Amber Vittoria, Hueman, Arina BB, Puks, and Lili Tae are the five female artists appointed to create NFT art. They took inspiration from the recently launched L’Oreal Paris Reds of Worth by Colour Riche range of lipstick that has a range of red shades.
OpenSea is going to host the auction from December 13th to December 16th. The brand’s purpose was to draw attention to the lack of female representation in the NFT space. A November report by the art market analysis firm ArtTactic reveals that female artists account for only 16% of NFT art and only 5% of NFT sales.
Maude Brunschwig, the SVP of marketing for L’Oreal Paris, emphasized the importance of identifying spaces to make a noticeable impact. Irrespective of the magnitude of the change one can bring, leading it with values can prove to be fruitful. NFTs are one of the many white space opportunities that can help in elevating deserving women. While leveraging the latest technologies, the company can work for the greater good.
The artists retain 100% of the primary sales and 50% of secondary market sales. The remaining will directly go to the philanthropic efforts of the company. L’Oreal’s initiative Women of Worth will receive grants for one year. The company is facilitating the artists to gain recognition and income from their work. Each NFT will start from $1,500 and then be auctioned, whose end coincides with the one-hour broadcast event on NBC of the Women of Worth award ceremony.
With time, NFTs are becoming more mainstream, and opportunities for women to create and invest in them will keep popping up. Cat Turner, chief creative officer and co-founder of creative agency Cult, considers NFTs versatile. According to her, they can take any form and open doors of greater accessibility for creative people.
Various beauty brands are coming up with their NFTs and approaching this digital asset in various ways. Apart from Nars, other brands taking part in producing NFTs include Ciaté London, Clinique, E.l.f. Cosmetics, Givenchy Parfum, and Australian skin-care brand Sunny Skin.
L’Oreal Paris would rely on its brand power and social media presence to let the word reach a maximum audience before the start of the auction. The artists will interact with L’Oreal, OpenSea, and United Talent Agency on Twitter. The purpose is to raise awareness regarding the program and let more people know about the auction. Also, the artists will share their inspiration as female artists in the NFT space.
One of the artists, Lili Tae, appreciates the NFT community as it helped her in having confidence in her creations. She appreciates the encouragement she has been getting from artists across the world. Calling this project a great opportunity, she wants to talk about self-confidence through her work. She intends to communicate how confidence contributes towards self-worth and how the color red can give the necessary spark to achieve the goal.
Explaining L’Oreal Paris’ next steps, Brunschwig added that the company takes cues from the consumers. It’s always the priority to reach the customer based on her preferences, antics, and interests. The ultimate goal is to encourage and promote young and upcoming female artists to recognize the amazing work they are doing in this field and empower them to act on their aims.
