by Michael Lorence (https://linktr.ee/melorence1)
Personal care and cosmetic brands constantly look to innovate and reach consumers in new and impactful ways. One of the latest trends in the personal care market and abroad is NFTs, the abbreviation for Non-fungible Tokens.
NFTs are a cryptocurrency that guarantees exclusivity for digital products and media, promoting a different kind of luxury that the cosmetic market always looks for. This exclusivity allows brands to explore other marketing angles to reach new consumers.
Nivea’s Campaign on the Importance of Touch
Nivea entered the digital artwork market by making a powerful statement on our senses, specifically touch. Nivea collaborated with the Italian artist Clarissa Baldassarri to create a unique piece of digital art with raised lines to outline the importance of touch.
The artist dealt with visual impairment issues early in her life. The visual impairment allowed her to create a delicate artwork and expressive piece that draws attention to the importance of touch in our daily life. The marketing campaign raised Nivea’s popularity and left many customers wanting a Nivea exclusive NFT themselves.
Look Labs Daring Digital Fragrance
In a flash of genius, Look Labs collaborated with Canadian artist Sean Caruso to create their first limited digital fragrance, with exclusive items only redeemable by NFT owners.
The artist made only ten digital artworks to limit the product and raise exclusivity. Each NFT could be used to redeem a physical version of Looks Labs new unisex perfume, created exclusively for this promotion.
Taking advantage of the massive momentum from this promotion, Look Labs also opened preorders for a time-limited batch of a similar perfume with its own Non-fungible tokens. It was a consolation prize for those who couldn’t get one of the ten artworks.
E.l.f. Golden Digital Exclusives
E.l.f. entered the NFT space with an impactful marketing stunt. The US-based cosmetic company took three flagship cosmetics, Poreless Putty Primer, Ride or Die Lip Balm, and 16HR Camo Concealer, minted them in Gold, and made them into NFT exclusives by the name of Ne.l.f.Ts.
Each product received only three non-fungible tokens, making them a highly sought-after luxury. However, E.l.f. doesn’t intend to stop here. Kory Marchisotto, the Chief Marketing Officer at Elf Beauty, promises to release more NFT exclusives in the future, all based on their biggest sellers.
L‘Oréal Paris Equality Statement
L‘Oréal Paris observed a severe disparity between men and women in the NFT market, with only a tiny percentage of all NFT sales being made by women.
To help bring more women to NFT, L‘Oréal partnered with the artists Puks, Lili Tae, Hueman, Amber Vittoria, and Arina BB to create a range of NFT art inspired by L‘Oréal Paris collection of lipsticks, Reds of Worth.
The Non-fungible tokens were auctioned in December 2021, with prices starting at $1,500 for these digital pieces of history.
The Impact of NFT on the Cosmetic Market
Non-fungible Tokens opened several new marketing angles for cosmetic brands. They’re a great way to engage customers, foster exclusivity, increase product value, or send a message.
While the market is catching up to the massive perceived value of NFT, brands are racing each other to capitalize on the opportunity.