I[/dropcapn this nascent digital industry, it’s mostly guys who are making money. This is something that the cosmetics behemoth wants to change. (An NFT will also be explained.)
L’Oreal Paris USA intends to give women artists in the NFT sector a major boost.
Amber Vittoria, Arina BB, Hueman, Lili Tae, and Puks — five online creators — recently announced an auction of NFT digital creations made by them.
In a news release, marketing senior vice president Maude Brunschwig said, “As a brand that is strongly committed to empowerment and inclusiveness, we are happy to build on our objective of supporting women and offering these artists a global platform to showcase their work.”
An NFT is a digital asset that denotes ownership of online-based products like as art or music. The acronym stands for “non-fungible token,” which indicates it’s a token that can’t be traded.
NFTs are purchased (with money or cryptocurrency) to give the buyer exclusive ownership of almost any form of digital production. Consider it like getting your hands on a valuable baseball card: it has a monetary worth, yet the card itself cannot be swapped for cash.
Purchasing an NFT grants someone exclusive, one-of-a-kind ownership of a piece of property — in this case, works of digital art — in the L’Oreal Paris USA auction. (If you’re interested in learning more about NFTs and their importance in the art world, check out this explainer.) Meanwhile, if you’re wondering how to show off an NFT, prominent manufacturers like Samsung and LG sell digital TVs that look like picture frames and can display digital artworks, while some collectors prefer to show off actual copies.)
The NFT art world, like many other developing technology and marketplaces, is riddled with gender bias. According to a recent survey, only 5% of NFT art sales went to proven female creators. And, given the market’s size — $2.5 billion in NFTs were sold in the first half of 2021 — it’s critical that women break into it.
With its current endeavour, L’Oreal Paris USA hopes to change this aspect. “Through this programme, we intend to draw attention to the gender discrepancy in the NFT arena and highlight the women who are already working in the field, as well as attract additional female artists and consumers,” Brunschwig added.
Participants expressed their gratitude for the chance. One of the commissioned painters, Lili Taie, noted in a news release that “this project is [also] an opportunity to inspire confidence via my artwork,” in addition to gaining empowerment as a digital artist.
The artists will receive 100% of the proceeds from primary sales. Meanwhile, a portion of any secondary sales made on these NFT artworks will go to L’Oreal Paris USA’s philanthropic arm, Women of Worth, which will be recorded using blockchain technology.
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