nft_boom_sweeping_the_beauty_industry

What to Know About the NFT Boom Sweeping the Beauty Industry

The NFT craze that is making its way all over the digital and social media space has opened new avenues for brands to market themselves and their products. Beauty industry giants have begun to realize the relevance of adding NFT elements to their latest campaigns, and so far such ventures have produced interesting results.

However, the role that NFTs have to play in a brand’s development, as recently discovered, is not limited to attracting customers. Let’s take a look at how NFTs are impacting beauty brands and the way they do business.

Major beauty brands that have joined the NFT game

As trendsetters for many emerging brands, several top beauty-based companies are playing their cards with NFTs and bringing in innovations to the industry. The following are some of the most popular beauty brands in the NFT space:

  1. Nars, owned by Shiseido, launched an NFT campaign in 2021. The campaign consisted of three commissioned NFT artworks created by artists who identify as female. This was enabled on the platform Truesy and popular digital artist Sara Shakeel was involved in the campaign.
  2. Popular brand Givenchy Beauty’s launch of their Pride NFT was their way of digitally exploring “new horizons”. The brand worked with LGBTQIA+ artists to create a digital art collection that sold 1,952 copies within the first two seconds of launching.
  3. In 2021, e.l.f Cosmetics launched three limited edition NFTs based on their top-selling products. The aim of the campaign was to portray NFTs as accessible rather than exclusive, which is why each NFT was priced at $9.

There is no doubt that campaigns like these are creative, and are taking the beauty industry into a new era of combining the digital and physical world. However, the question remains: Is there any other way in which NFTs can impact the beauty industry in the long run? This is where Authlink’s tailor-made NFT solutions for the beauty industry come in.

Transforming beauty-based business concepts with NFTs

The best way for beauty brands to tap into the business potential of NFTs is by linking them with real-life products. In other words, the Auhtlink platform enables beauty brands to create verifiable NFTs for their products. This benefits beauty businesses and their customers in the following ways:

1. Enables a practical solution to trace products along the supply chain:

Beauty products tend to come in a variety of shapes and sizes, and are often produced in huge volumes, Fcatores like these make it difficult to track each product as it moves along the complex supply chain system. However, by assigning an NFT for each product on the Authlink platform, it is possible to digitally trace its journey along the supply chain. Authlink’s track and trace services also help in automating processes to enhance supply chain efficiency.

2. Brings down product authenticity concerns and promotes anti-counterfeiting:

A common issue that top beauty brands face is product counterfeiting. A surprisingly large number of fake beauty products make their way into the market every single day. More often than not, it is not practical to actually curb such practices. Such issues also damage brand reputation and diminish customer trust. By enabling Authlink’s anti-counterfeiting solutions, beauty brands can stay upto date with the counterfeiting hotspots to watch out for and take appropriate action. Also, they can make the authenticity of each product easily verifiable.

3. Enhances customer awareness, loyalty and engagement:

Customer concern regarding sustainability issues in the beauty industry is nothing new. However, not many brands are aware of the best ways to highlight their sustainable and ethical practices, and thereby stand out from the competition. However, it is perfectly easy with Authlink Smart Tags. Customers can scan the smart labels of their products from the store and access detailed provenance and sustainability information. They can also access detailed and dynamic product use tutorials, recycling information, and much more.

So, are you ready to transform your beauty business with NFTs?

NFTs are here to stay in the beauty industry, and it is best to explore the countless opportunities the technology has to offer. Schedule a demo of the Authlink platform or sign up for the beta version today.

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