L’Oreal subsidiary, NYX Professional Makeup, launches world first beauty metaverse and DAO

L’Oreal subsidiary, NYX Professional Makeup, launches world first beauty metaverse and DAO

A DAO strategy is in the works for the beauty industry as L’Oreal beauty brand’s subsidiary, NYX Professional Makeup, announced the planned launch of the first decentralized autonomous organization (DAO).

A beauty-themed metaverse

According to a January 19 release, NYX Professional Makeup is offering a special pass to prospective members of the DAO. The FKWME Pass is a special purpose non-fungible token (NFT) designed to help members of the DAO to unlock perks and privileges associated with the metaverse, GORJS. There are currently 1000 limited editions for the earliest members.

The duo stated that the project is the future of the beauty industry, stating that a detailed litepaper explained the strategy that the DAO will employ in building its beauty-themed metaverse.

It added that the project named GORJS was built on the Ethereum network and gives creators all the tools that they need to pre-mint FKWME NFTs. The pass enables digital creators to join the allowlists that will be opened for sale on January 31, 2023. As per the statement:

“GORJS serves as a decentralized incubator for the next generation of digital creators. NFT enthusiasts, collectors, and individuals can pre-mint FKWME NFTs and access GORJS in the allowlist sale on January 31, 2023, with the full NFT drop scheduled for February 1, 2023 on GORJS.”

Cultivating growth, equity, and innovation

The Clichy-based  L’Oreal, the parent company of NYX Professional Makeup, has been involved in the empowerment of creative artists in the past.

The new move is premised on its desire to utilize the state-of-the-art technology of Web3 to create a community of make-up artists and collectors with the sole aim of bringing beauty to the metaverse. The company invited beauty creators and enthusiasts to become a part of the future by joining the movement to create the Gorjs metaverse.

“With our first FKWME NFT collection, GORJS is elevating 3D creators across the industry, and cultivating growth, equity and innovation within the community, and ultimately, providing them a path to success within the Web3 ecosystem,” said Yann Joffredo, Global Brand President of NYX Cosmetics.

Redefining the concept of beauty through the metaverse

Earlier on January 10, the company released the litepaper and tokenomics of the project. It showed how the governance structure of the DAO works, and the function of the FKWME Pass in the ecosystem.

The company promises more to creators and beauty brands who join the metaverse. The project is particularly interested in empowering underrepresented groups and establishing a new beauty concept for the coming era through its community-led initiative at the DAO.

These artists would retain full rights to their works, enabling them to earn royalties from them. The company further said that it had invited some of the top make-up artists to GORJS with the hope that they would help to pass the word around about the initiative.

Evolving artistic creativity beyond physical and genetics

“At NYX Professional Makeup, we invite artists to join the movement with us to ‘Make the Metaverse Gorjs,’ and to evolve their artistic creativity beyond the basis of physical and genetic appearances,” said the NYX representative.

Other benefits that creators will get from GORJS are a partnership discovery portal with a global audience, a suite of tools to build what they need, and the prospect of funding for NFT projects initiated by the creators. The social function enables creators to collaborate with other DAO members in accomplishing objectives.

Voters can declare interest in artworks

Holding the FKWME NFT will grant users priority access to NFT projects built by participating artists on GORJS. It also confers on the holder, rights to initial token allocation that is needed for DAO governance, yield from tokens used in voting, allowlist to bidding, and airdrops. The announcement read:

“Holders will cast votes to determine which airdrop/allowlist they would like to receive from the first season’s collection, using tokens to declare interest for the art piece they want.”

The update said that the community is given preference in the distribution of GORJS tokens. These will be done through 12 airdrops spread over 3 years.

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