L’Oréal And Meta Collaborate On Web3 Startup Accelerator

L’Oréal, a cosmetics company, and the French business school HEC Paris have partnered with IT giant Meta to support a new startup acceleration program for creativity in the metaverse.

According to a report by Vogue Business, it will aid companies who specialize in 3D production, AR, VR, mixed reality, avatar creation, portability in user experience, token economy, or other topics relating to the metaverse and web3. At least five companies will take part.

The initiative will be hosted by the social media company in Station F, a startup campus in Paris. The social media company will release its earnings later this week. Successful applicants will have access to mentors and specialists for their firms from January 2023 to June 2023.

Big software companies now frequently use incubators and accelerators to observe the developing web3 market. In July of this year, AWS also invited proposals for a finance startup incubator.

Meta has already dipped its toe in the metaverse fashion waters

With its July partnership with digital fashion start-up DressX to offer fresh avatar fashion styles on Meta’s Avatar Store. The business also announced earlier this year that it would join with Balenciaga, Prada, and Thom Browne to develop a digital fashion marketplace.

Fashion will not be a primary emphasis of Meta and L’Oréal’s accelerator, although the sector has generally embraced web3’s promise. Gucci stated earlier this year that it would join SuperRare, its first decentralized autonomous organization.

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