In the year 2022 was the global metaverse market valued at $68.49 billionthis value is expected to increase to $1,527 billion by 2029. The beauty industry has not shied away from the opportunities presented by the virtual world. Early adopters engage with consumers through Web3 spaces in a variety of ways, from NYX Professional Makeup to urban decay Adventure towards Roblox Clinique’s mobile Clinique Lab And Living Proof’s virtual store. L’Oréal was also a pioneer in virtual beauty, creating hairstyles for Ready, Player platform and manufacture one minority interest at the Metaverse start-up Digital Village. Creative agency Cult Ldn capitalized on the Metaverse’s potential for beauty brands and organized the first-ever Metaverse Beauty Week.

Metaverse Beauty Week will take place from June 12-16 in Decentraland, Roblox and Spatial and will feature popular names such as Brand Agency London brand – Lottie London, Ciaté London and I Am Proud – as well as Lush and Neutrogena. The initiative was inspired by Metaverse Fashion Week, launched by Decentraland in March 2022. In the first year Metaverse Fashion Week The event attracted 108,000 unique attendees over five days and generated $77,000 in sales for offerings such as avatar wearables. The event was considered a great success. In its second year, Metaverse Fashion Week saw a significant drop in attendance, with virtual attendance dropping 76% to 26,000 for the current days March 28-30.

The decline in Metaverse Fashion Week attendance was due to consumers feeling that the events on offer lacked hands-on experiences. Many felt that Metaverse Fashion Week focused too much on recreations of real stores, rather than creating experiences that are inaccessible in real life. “They don’t just want to recreate real life in the Metaverse; They want to push boundaries and go really crazy with their designs, show spectacles and actual experience,” says Max Vedel, co-founder and creative director at Metaverse creative agency Swipe Back, said in response for feedback.

Hoping to learn from the trials and tribulations of Metaverse Fashion Week, Cult Ldn plans to focus on user experience and offer wearables for avatars, including hairstyles and beauty features, as well as popular beauty initiatives that thrive in real life, including patterns and gifts .

“We hope to engage with our consumers in fun and reimagined ways during Metaverse Beauty Week,” Nora Zukauskaite, Global Marketing Director at Brand Agency London, told BeautyMatter. “Experiences like this help brands continue to tell their story and connect beyond the mere product, avoiding the constraint of inaccessible locations or time zones that would be the case with a physical experience.”