L’Oréal Paris USA has used the launch of the new lipstick range to support female artists and highlight the inequality of female representation in the NFT industry. The company commissioned 5 artists to create NFT art inspired by the six shades of red within the new L’Oréal Paris Reds of Worth by Colour Riche range of lipsticks.
Why it’s important
While NFTs have exploded in popularity in the past year, most of the artists benefitting from the boom are men. In fact, according to a recent report by ArtTactic, women make up only 5% of all NFT sales. Furthermore, women account for just 16% of the NFT art market.
- L’Oréal Paris has given itself the mission to support women. For over fifty years since declaring its iconic tagline, ‘Because You’re Worth It,’ L’Oréal Paris has, “supported the individual beauty and intrinsic worth of every woman. From its inclusive product ranges to a diverse roster of spokeswomen and the causes it stands for, empowerment of women is threaded into the brand’s mission and its very DNA.”
- The NFT art movement has an opportunity to open up the art market beyond its traditional confines, to allow artists and collectors from all backgrounds to benefit.
- Diversity within the NFT art community is essential if the movement is to properly represent all artists and collectors.
- A wide range of artist backgrounds and experiences will encourage more inspiration and creative crossovers. The recent West African Art Exhibition and range of Ballet NFTs have demonstrated this.
- “Through this program, we want to bring attention to the gender disparity in the NFT space and hope that we can shine a light on the women already working within the sector, while attracting more women artists and buyers,” notes Maude Brunschwig, Senior Vice President of Marketing, L’Oréal Paris USA. “As a brand that is deeply committed to empowerment and inclusion, we are proud to build on our mission of supporting women and giving these artists a global platform to showcase their work.”
The L’Oréal Paris art
- L’Oréal Paris USA has commissioned five female artists, Amber Vittoria, Arina BB, Hueman, Lili Tae, and Puks to create artwork inspired by the new Reds of Worth lipsticks.
- The Reds of Worth NFTs launched on OpenSea on 13th December with artists retaining 100% of primary sales.
- Each NFT started at a floor price of $1,500. Sales totalled 14.5 Eth at time of writing.
- Fifty percent of up to one year of the secondary market sales will be donated to support Women of Worth, L’Oréal Paris’ signature philanthropic initiative that recognizes women making extraordinary differences in their communities.
- The project is being executed in partnership with global talent, entertainment and sports company UTA, under its digital assets practice.
This initiative by L’Oréal Paris will hopefully inspire other organisations to see the value that inclusivity and diversity bring to innovation and the associated brand value. “What I’ve learnt after joining the NFT community is that my creations matter. Putting myself in a bigger world could be intimidating but I’ve also been encouraged and lifted by so many fellow artists and supporters from all over the world,” remarks Lili Tae. “This project is an opportunity to inspire confidence through my artwork. I want to communicate how confidence contributes to one’s own self-value and how the color of red can be the spark to help achieve this.”
Title art: Luminary by Lili Tae, L’Oréal Paris NFT