Meta partners with L’Oreal & HEC Paris to launch Web3 Accelerator

Partnership with the brands –

Meta partners with L’Oréal and French college HEC Paris and offers a Web3 accelerator program. These five companies will participate in the program in 2023. The partnership comes into action keeping in mind the interest of startups in digital clothing for metaverse avatars. Meta accompanied by L’Oréal and French college HEC Paris to support these startups and their ventures related to the meta world.

Companies in augmented reality (AR), virtual reality (VR), 3D production, mixed reality, avatars, user experience portability, and the token economy can qualify for the accelerator program. And can join their hands in this adventure.

Applying for the program-

L’Oréal hopes to use Web3 for further development and to attract a tech-friendly audience in their world.  These tech Applications will close on Nov. 20, 2022. The selected companies will participate in the program for the first six half of 2023. The program will take place at Station F, in Paris, where qualifying companies can access mentorship and investors. Companies do not have to be in the fashion domain to get involved & qualify.

 L’Oreal’s perspective on the event –

“We are proud to associate ourselves with L’Oréal thanks to this ambitious project, which aims to support the French startup ecosystem that will have a key role in the building of a shared, creative and inclusive metaverse,” stated Laurent Solly, Meta vice president.

As we know Meta and L’Oréal previously joined hands in augmented reality technology Modiface to Instagram. That collaboration allowed Instagram users to try on makeup using Modiface’s AR technology.

“The benefit for us is that we can use that creativity for our DMI international marketing direction] and brands. So, of course, we will leverage that,” stated Chief digital and marketing officer Asmita Dubey.

“While L’Oréal and Meta are not targeting fashion-centric tech startups. Still, L’Oréal still hopes to use ideas generated through the accelerator program to help its marketing efforts.”  she further added

Fashion brands close in on digital avatar clothing

While definitions of the metaverse change depending on who you talk to, the concept of an avatar is central to most discussions. Your avatar is a 3-D visual representation of you. It forms a big part of your identity in the digital world. It is the Web3 equivalent of a profile picture.

 Meta’s Avatar store will allow dressing avatars with clothes from Prada and Balenciaga. Later, the English soccer club Liverpool FC started offering LFC digital apparel in Meta’s store.

 Fashion Companies including L’Oreal on Web3

“If you look at Web2, live streaming, image recognition, voice, the cloud that’s all very vibrant,” L’Oréal marketing and digital director Asmita Dubey told Vogue Business. “It’s a highly charged digital space. Social commerce is booming for us. There’s a strong foundation for Web2 deployment. And we’re very excited about Web3 and the metaverse. We’re moving from O+O (online + offline) to O+O+O (online + offline + on-chain).”

Also luxury luggage brand Rimowa unveiled a collaboration with Nike-owned digital fashion studio RTFKT to launch NFTs on October 27 that can be used to redeem a physical suitcase during a forge event on December 15.