The metaverse called, and beauty brands answered. Undoubtedly one of the most defining trends of 2022, luxury and mass brands alike rushed in to stake their claim in the metaverse.
From dropping their first NFTs to hosting parties and press events on Decentraland, the beauty world has immersed itself in the metaverse with speed and style. And with McKinsey & Co estimating that it could grow to a value of $5 trillion by 2030, it’s safe to assume that it will influence the beauty industry even more in 2023.
Lucie Greene, founder and CEO of futures think tank Light Years, tells Cosmetics Business: “After a veritable arms race and crowding of initiatives in to NFTs and the metaverse, we’re going to see a consolidation and different new platforms succeed, and scale. And others that don’t.
“The first wave of metaverse initiatives have also been quite superficial and PR driven – rather than understanding the communities driving this space. But in 2023 there will be more pressure to create meaningful partnerships and ventures.”
Here, Cosmetics Business gets the lowdown on the five big metaverse trends to influence beauty in 2023.