For its second season, the fashion and beauty event NFT Crypto Fashion Week has secured partners from major brands.
Showcasing her first makeup in an NFT, NYX Professional Makeup was the official beauty partner for the event, which took place September 10-17. Rebecca Minkoff also participated, with one of her NFT outfits Featured. Since the first Crypto Fashion Week took place in February 2021, several fashion and beauty brands have joined the NFT wave. For brands, participation offers the opportunity to enter the hype and the dedicated community of NFTs. Meanwhile, the organizers are betting on a future where virtual fashion and beauty becomes dominant.
âWe know the world is heading for the metaverse,â said Lady PheOnix, founder of Crypto Fashion Week. âWe know that everyone will have an avatar in the future. Those who want to be trendy IRL also want to be trendy in the metaverse.
Organized by Universe Contemporary, Lady PheOnix’s cryptomedia company, Crypto Fashion Week took place on Twitter Spaces, Twitch, YouTube and her own website. It featured live broadcasts, chats and NFT drops, and ended with its own virtual “Meta Gala” fashion show which aired live on Twitch and YouTube on September 17th.
For the Meta Gala, NYX Professional Makeup unveiled its first NFT as part of the official “Meta Gala red carpet” event featuring virtual fashion and beauty looks. The NYX Cosmetics look was first created in real life by special effects makeup artist Mimi Choi, with a digital version and an avatar created via a hologram capture. A digital version of the makeup was created in an NFT in the format of an AR filter, which visitors to the Meta Gala site could enter to win a giveaway. A digital version of Choi modeling makeup while wearing a Rebecca Minkoff outfit was featured in the fashion show.
Virtual makeup try-on is “an essential part of how we connect with our audience and bring the art of makeup to life,” said Yasmin Dastmalchi, CEO of NYX Professional Makeup USA. The brand’s entire product portfolio is available for a virtual trial, and online color matching is available on its site. “For us, it’s another way to connect with our native digital consumer base.”
Demand for virtual makeup has increased over the past two years, and especially during the pandemic with the lack of testers, said Dastmalchi. âI don’t think that will change as we continue to move into our new normal,â she said. âWe must continue to disrupt in this space. “
The fashion show also coincided with the start of a 24-hour virtual auction for NFTs of all looks featured in the fashion show alongside the NYX Cosmetics competition. The minimum starting bids for each look started at 1 ethereum, or US $ 3,377 at the time of this story’s filing. Within the first hour of the auction, an outfit already had a bid of 3 Etherum, or over US $ 10,000.
While the NYX Cosmetics look will be part of a giveaway, beauty brands such as Nars and Elf have sold NFTs through platforms such as Bitski and Truesy which allow the purchase of NFT by credit card rather than crypto. cash. Meanwhile, a handful of beauty brands allow people to order products on their sites with cryptocurrency.
Cryptocurrency is âsomething that we are always exploring,â Dastmalchi said.
Universe Contemporary also hosts NFT art, music and sports events, and has been at the forefront of the astronomical rise in prices of NFT art. The company’s Crypto Basel virtual art fair, held in October 2020, showcased the very first NFT artwork by artist Beeple. He went on to become a viral celebrity when one of his works sold for $ 69 million at Christie’s in March 2021. While the prices of NFT art have soared to astronomical levels over the past year, event planners have similar hopes for fashion and beauty. Beeple’s record sale sparked consumer and brand interest in DTVs.
The comment that always comes up is, ‘This thing that I can right click and save is now $ 69 million. How? ‘Or’ What?” noted Lady PheOnix. âIt’s because they don’t really see the trend of the future going digital. It is also about digital ownership, collective ownership of digital assets and a total creators economy based on sovereignty, cooperation and community.
In fashion and beauty, brands are looking at what they can do after making a splash with their initial NFTs.
âAs consumers continue to experiment with NFTs, we still have to define what it means for us in the future. But it is possible that NFTs are part of [our] activations and plans for the future, âsaid Dastmalchi.