Three giants in their own fields–French beauty company L’Oréal, French business school HEC and American social media giant Meta have come together to launch a metaverse startup accelerator, in Paris. Five startups, not necessarily from the beauty industry, will receive support . They will be hosted at Meta’s space in what is regarded as the the world’s biggest business incubator, Station F in the 13th arrondissement, in Paris.
Vogue Business reported that the program would support creative Web3 startups in the following 3D technical fields:
Augmented Reality (AR)
Virtual Reality (VR)
Mixed reality
Avatar creation
Token economy
Portability in user experience and more.
Startups can apply until November 20. A jury that will consist of members from Meta, L’Oréal and HEC will select at least five startups in December to begin the program in January to June 2023. The chosen startups will be assisted with mentoring and access to both experts as well as investors.
Although there is a slow down in the crypto industry, fashion and luxury houses continue to invest in Web3 and there is a long line of luxury products being developed for avatars and more in the metaverse and Web3 related products.
L’Oréal chief digital and marketing officer Asmita Dubey told Vogue Business that the program brought “a lot of young talents together” and generated a huge amount of creative energy.
Meta vice president for Southern Europe Laurent Solly spoke of the company’s aim to support the French startup ecosystem that would contribute to a future metaverse that was “shared, creative and inclusive.”
Dubey also told the business and fashion outlet that L’Oréal was very excited about Web3 and the metaverse. The officer added that the company was “moving from O+O (online+offline), to O+O+O (online + offline + on chain).” The technology underlying Web3 is blockchain (chain).
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Web3 continues to attract investment from big companies in finance, entertainment, luxury goods, automotive and more
