L’Oréal Paris has partnered with United Talent Agency (UTA) to launch a non-fungible token (NFT) collection centered around initiatives that empower women. Bidding for the assets takes place on OpenSea.
The initiative is part of a marketing strategy for L’Oreal’s new lipstick collection, ‘Reds of Worth’ by Colour Riche. The NFT collection features five different pieces, each inspired by the color Red and designed by a female digital artist. All the proceeds from the initial sales will go towards the artists that designed the pieces. Meanwhile, 50% of the transaction value of sales in the secondary market will go towards L’Oréal’s philanthropic campaign, Women of Worth, which supports everyday women making a difference in their communities.
Like most other technology based industries, the NFT space is male dominated, not only on the supply side but also on the consumer side. A report from ArtTactic showed that only 16% of artists in the NFT art market are female and that women consumers contribute to only 5% of the total sales. For L’Oréal, a brand with a heavily female audience, entering the NFT space with an initiative that supports and welcomes female participation can help promote women in technology and cast a halo over Reds of Worth lipstick.
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