impact of Web 3.0 on the beauty industry

Web3.0 and the Future of Beauty: The Intersection of Innovation and Consumer Engagement

The beauty industry has always been at the forefront of innovation, constantly adapting to changing consumer behavior and preferences. With the pandemic shifting the focus towards mental health, sustainability, and clean beauty, the industry is now exploring the impact of Web3.0 on its landscape.
In a recent tactical session, Myra Genovesi, founder and president of MGM Power, and Vic Sheridan, founder of Vic Beauty, discussed how Web3.0 is reshaping the beauty industry by creating a decentralized and permissionless web. This new web allows creators to engage with consumers through avatars, NFTs, and virtual goods, providing unique experiences for the consumers.
Direct to Avatar and NFTs are some of the ways the beauty industry can engage with consumers in this new environment. For example, Clinique has launched an NFT makeup collection, Yves Saint Laurent’s token garden page, and Burrito’s release of virtual perfume ingredients.

Web3 also allows for greater access to data and personalization, as well as shoppable content that entertains audiences, leading to increased engagement and immersive entertainment. Consumers can now participate in co-creating products with brands and influencers.
The future of the beauty consumer journey will be about the combination of offline, online, and on-chain experiences, and the role played by influencers will be crucial. Web3 will enhance engagement, immersion, and education, and brands and influencers will have a huge responsibility to create a sense of presence and educate consumers on how to engage in this new universe.

Vicky Sheridan, an influencer and founder of her own brand, shared her perspective on the future of beauty with Web3. The speakers emphasized the importance of impact, purpose, and authenticity in creating an unlimited connection with consumers.
The conversation also delved into the community aspect of the beauty industry, with a focus on understanding the different groups, interests, needs, and ways of shopping and interacting. The speakers discussed how influencers are creating their own brands, disrupting the traditional media model, creating more paths, perspectives, and ways of communicating, and adding more voices and different points of view.
The speakers concluded that the evolution of Web3.0 is here to stay and that it is important to be open to change and to observe, consider, and try out new things. The beauty industry is constantly evolving, and the allure of Web3.0 is how it can make the digital experience better for the consumers, providing unique and personalized experiences.

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