Cosmetics brand L'Oréal has invested in the developer of the Digital Village metaverse

French perfume maker L'Oréal has funded metaverse developer Digital Village in a $4 million round

French perfumery and cosmetics company L'Oréal has supported the developer of the Digital Village metaverse in an investment round. WWD writes about this with reference to the announcement of the investment round.

In fact, the project was supported not by the French company itself, but by its venture division called BOLD. In total, according to the results of the investment round, the French developer Digital Village raised $4 million. In addition to BOLD, the pool of investors also includes Venture Reality Fund, Venrex, British Fashion Council and others.

It is reported that the capital raised will be used to expand the capabilities of the platform, including adding new tools for developing a 3D world, advanced avatar customization, and creating a virtual store.. Head of Metaverse at L'Oréal, Camille Croeli, said the French brand wants to support “the most promising startups that hold themselves to the highest visual and technical standards.”

L'Oréal in search of innovation

For L'Oréal, this is the second collaboration with a project from the field of metaverses. For example, in November 2022, the French brand entered into a partnership with the metaverse avatar platform Ready Player Me.. In collaboration with digital artist Evan Roschette, the cosmetics brand has launched five custom VR avatar skins on the Ready Player Me platform.. The American division of Maybelline New York also released five makeup looks.

However, not everyone sees great potential in the virtual reality industry.. Microsoft founder Bill Gates downplayed the potential of Web3 and the metaverse, instead endorsing artificial intelligence as the next revolutionary technology.. He also admitted that he is very passionate about generative artificial intelligence that can create content.. Gates added that he was very impressed with the speed of its development and believes that this technology will have a big impact.

At the same time, Gates' attitude to blockchain technologies and cryptocurrencies is rather cold. The billionaire has repeatedly rejected digital assets, noting that he does not consider himself an ardent fan of cryptocurrencies.


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