. 1 min read

Meta Partners with Fashion Company L’Oréal to Launch Web3 Accelerator Program

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Web3 is gaining momentum as an innovative wave for many businesses, brands, and individuals. This wave has increased the adoption of the Metaverse through different applications and virtual possibilities.

Meta recently revealed its partnership with French business school HEC Paris and L’Oréal. The collaboration is geared toward launching an accelerator program for startups to facilitate creativity in the Metaverse.

L’Oréal Plans to Leverage the Program for Its DMI and Brands

From November 20, interested startups can file their applications for the program. Meta, L’Oréal, HEC members, and other investors and entrepreneurs will be involved in the selection process. Applicants selected will receive mentorship and access to experts and investors.

Asmita Dubey, L’Oréal’s chief digital and marketing officer, reacted to the new plans with the program. Dubey stated that the program unites and offers the right creative energy to young people who represent the future.

Solly from Meta also expressed her excitement for the program. 

“We are proud to associate ourselves with L’Oréal thanks to this ambitious project, which aims to support the French startup ecosystem that will have a key role in the building of a shared, creative and inclusive Metaverse. ”

Heightened Commitment To Web3 And Metaverse

Notably, many brands in the same industry as L’Oréal have dived into Web3 with the launch of some initiatives. These include Lancôme, YSL Beauty, Mugler, Nyx Professional Makeup, and Armani Beauty.

Following the drastic bearish trend in the crypto market this year, some critics began writing off NFTs and Web3. But events are moving contrary to their expectation as new projects from beauty, fashion, and luxury brands keep springing up.

On Monday, Rimowa, the LVMH-owned luxury luggage brand, disclosed its partnership with Rtfkt, a new digital fashion startup by Nike. The aim is to boost the luxury fashion industry into the Metaverse world.