Beauty brands closing the gap between women and crypto
Most women have stayed on the sidelines when it comes to investing in non-fungible tokens (NFTs), but a number of beauty brands are hoping to change that by offering digital artwork with their products.
NFTs are unique digital certificates that confirm ownership of a digital asset. NFTs have been a way to launch new products and give fans the chance to own a digital collectible.
Only 15% of women invest in crypto, compared to just over 38% of men, according to a GoBankingRates study released in June. People who avoid investing in crypto—both men and women—do so because they don’t understand it, it’s too volatile to trust, they’re wary of unregulated investments, or they think it’s a passing trend.
But companies like Clinique Laboratories LLC and NARS Cosmetics are giving women an easy way to enter the industry by attaching NFTs to the products they sell.
Clinique’s Almost Lipstick, for example, was popular on TikTok and sold out everywhere, so the brand released an NFT of the product for its loyal customers.
NARS collaborated with three female artists to create a collection of free and paid NFTs that included a limited edition product. The $500 NFTs sold out within 10 minutes.
Valdé Beauty recently released 34 physical refillable crystal lipstick containers – called Armors – that can only be acquired by purchasing an NFT to get the physical product. Customers who purchase an Armor, which ranges in price from $1,200 to $2,500, will also receive an NFT artwork, 11 refillable lipsticks, and access to makeup artists through a chat room.
Startup cosmetics company Beauty and the City is among the latest beauty brands to enter the crypto space through NFTs. The newly launched Beauty and the City Crypto & Beauty NFT, available on OpenSea, includes a Beauty in the City lipliner and the BNTC Crypto and Beauty Newsletter.
“This year is about exploring innovation for the brand,” said Tanille Edwards, founder of the New York-based e-commerce company that focuses on creating clean, vegan products. “Crypto cosmetics is a great way to expand and connect with other women who want to know more. Knowledge, art and beauty can be powerful.”
Edwards and her partners started the year-old company. Edwards said she will likely seek funding from outside investors in the next 12 months.
Edwards’ goal with Beauty and the City NFTs is to get women involved in crypto through the newsletter and a series of seminars to get them talking about it.
“I wanted to do something to empower women with crypto,” Edwards said. “They are curious but cautious. I’m trying to figure out how to bridge that gap.”
See next: How to get free NFTs
