With the rise of wearable NFTs and virtual makeup popping up in the metaverse, AR beauty tech companies are now making their way into space.
AI and AR beauty companies, including Perfect Corp. and PulpoAR, have recently developed metaverse and NFT capabilities as brands look for new ways to take advantage of these technologies. As NFTs move beyond image and video formats to become virtual makeups, the question is how and where they can be used.
Brand participation in NFTs and the metaverse “is all about marketing and building buzz,” said Rayan Godoi, co-founder of AR beauty tech company PulpoAR, which is currently developing a metaverse AR app called MetaBeauty. He predicts that the metaverse will be “one of the main sales channels” for beauty through virtual looks in the future.
After announcing his plans for the metaverse at CES earlier this year, Perfect Corp. also unveiled the introduction of portable NFTs in March at South by Southwest. The company launched four makeup looks, “Astral Queen”, “Cosmonaut”, “Mystical” and “Glitching”, on the NFT OpenSea platform. Shoppers who buy on OpenSea can access looks in Perfect Corp.’s YouCam app, the only place where they can be used.
Perfect Corp. also introduced a service to digitize portable NFTs for fashion and beauty brands, using popular NFT trading and wallet platforms such as OpenSea. According to CEO Alice Chang, the company’s wearable NFT looks will “open up new revenue stream opportunities for beauty and fashion brands, while giving customers an interactive and personalized element that has not been possible in the space until now. NFT”.
PulpoAR first created a virtual try-on app in 2019 and has collaborated with beauty companies such as Sephora, MAC and Yves Rocher to create virtual try-on tools. They include trials through branded DTC sites and in-store mirrors.
PulpoAR’s MetaBeauty app she develops is intended to be a hub where brands and creators can create their own digital makeup looks and convert them into NFTs. Users can limit the number of times a look can be used, which can exhaust digital makeup items like physical items. The app is expected to launch this year.
“With NFTs, once they create the assets, the creator or beauty brand can also [define] specific usability. For example, you can hit an NFT that says the SKU can only be used 20 times, then you create a deficit,” Godoi said.
The biggest challenge for platforms right now is finding a way to translate makeup looks across all platforms. Looks from Perfect Corp. are available exclusively in YouCam, for example. Social apps and games companies need to create and implement new technologies to enable the use of NFTs from other platforms on their platforms.
Godoi tries to make that possible. His “long-term vision” for MetaBeauty is to one day allow brands to sell digital makeup products that can be used on social platforms as a filter on Instagram, Snapchat, video chat platforms and others, he said. He said the company is currently in talks with major social platforms in hopes of convincing them to allow the opportunity.
In five years, he predicts that NFTs will be incorporated into smart glasses, allowing people to “wear” different looks while appearing in someone else’s lenses.
Perfect Corp’s first virtual makeup NFTs. were colorful and fantasy-inspired, pointing to a virtual makeup world that would likely be bolder and more colorful than real life.
Godoi said a big question his company is asking is, “If we’re talking about what beauty will be in the metaverse, are people going to try to replicate exactly what they look like in the real world, or will they try to look different? see?” He predicts that preferences will lean towards the latter.
“Beauty will fundamentally change. People will express themselves very differently in the metaverse,” he said.