"I believe the metaverse is the next chapter of the internet,” Mark Zuckerberg, founder and CEO of the company formerly known as Facebook, declared last October in a video announcing the tech giant’s decision to rebrand itself as Meta.
Outlining his intentions to “move… beyond the constraints of screens, beyond the limits of distance and physics”, he promised “a future beyond any one company, that will be made by all of us”.
And Zuckerberg’s vision may soon become reality: the metaverse could be worth an eye-watering US$1 trillion by the end of the decade, according to analyst CB Insights.
Rather than any single platform or piece of technology, the metaverse encompasses interconnected concepts including, but not limited to, virtual worlds, cryptocurrency, non-fungible tokens (NFTs) and augmented reality (AR).
And beauty brands have been keen to dive in – particularly with NFTs, with launches from the likes of Ciaté London, Guerlain and MAC, and the world’s first digital fragrance from Look Labs hitting the market last year.
Not yet a Subscriber?
This is a small extract of the full article which is available ONLY to premium content subscribers. Click below to get premium content on Cosmetics Business.
Subscribe now Already a subscriber? Sign in here.