NFTs, or non-fungible tokens, are suddenly gaining priority on beauty brands' to-do list. And it is no surprise, as the digital artwork industry is (virtually) blowing up, not just year-on-year-, but quarter-on-quarter. NFT sales surged to US$10.7bn in Q3 2021, reported analytics platform DappRadar – 704% versus the previous quarter.
For its latest collaboration with Netflix's Selling Sunset star Christine Quinn, Ciaté London hired street artist 1Penemy to design four digital artworks, which sold out in less than 24 hours.
Elsewhere, Gallerist Amar Singh, who recently partnered with Givenchy on its NFT debut, has brokered $300m worth of upcoming NFT collaborations, many of which are with the beauty industry.
The almost overnight success of this burgeoning technology sector has