From Avatars to a DAO. A look at the Metaverse & Web3 journey of one of L’Oréal‘s brands – NYX Professional Makeup 💄
NYX is an American cosmetics company founded in 1999 and acquired by L’Oréal in 2014.
🌈 NYX entered the Metaverse space in June 2022 during pride month using Web3 to celebrate diversity. NYX partnered with The The Sandbox and People of Crypto Lab to launch an avatar collection incorporating traits such as different sexual orientations, gender identification, as well as different makeup looks.
💄 In December 2022 NYX entered Roblox in a partnership with iHeartMedia with the launch of the “House of NYX Professional Makeup” offering limited-edition makeup looks for their Roblox avatars.
To me, the most exciting news is from a few days ago when NYX (with Insomnia Labs) launched GORJS – the world’s first DAO dedicated to promoting the growth of the 3D artist community and its changing approach to makeup in the metaverse.
❓DAO (Decentralized Autonomous Organization) is a community-led entity with no central authority. It is fully autonomous and transparent with the use of smart contracts. DAO is governed entirely by its individual members who collectively make decisions about the future of the project.
Based on the GORJS DAO light paper its activities will include:
1️⃣ To find and grow digital artists
2️⃣ To build a safe community of creators and art enthusiasts
GORJS plans to onboard digital creators by
🎨 Continually growing a diverse community of global artists
🖌️ Give access to digital product creation tools
📜 Provide a proposal review system to determine funding and project approvals
🤝 Engage in royalty splits with creators
🗓️ On January 31 NYX will sell FKWME Passes – a limited collection of GORJS NFTs that will grant owners governance power within GORJS. FKWME pass will make you eligible for airdrops of artists’ NFTs and $GORJS token allocation including its daily yield.
🗳 The $GORJS token will allow users to participate in the DAO governance and determine the future of creative projects. There will be also a possibility of token staking to reserve allowlist spots and early access to exclusive drops.
I am very excited to see a major traditional brand go beyond launching an NFT collection and experimenting with DAO, token yield, staking, and community governance to create and support a community of Web3 creators and artists.
Is your brand thinking about entering Web3 space in a meaningful way? Get in touch! We are here to help.
by Ondrey T.