A crossover of make-up and crypto is not obviousBut that doesn’t mean it’s not happening. Get into: the first makeup collective of the metaverse, crypto beasts,
Founded in 2020, Crypto Besties started not as a makeup brand, but as a community for women interested in the metaverse. But founders Rima Patel and Jaiya Gill quickly saw a gap exist: Fashion had been a big part of VR spaces for decades, but what about makeup?
“Our target audience [for our beauty brand] did not exist in [the crypto] space, so we thought, ‘Why not go where our target audience already exists?’” Patel said. “Women have the most purchasing power in the makeup industry, but for too long they have not been given a voice in the beauty industry, just as they have not been informed about how to invest in their future.”
patel and gill decided to combine a physical beauty line with a digital one that lives on the blockchain and in the metaverse through Crypto Besties. Anyone can join Crypto Besties by entering their Discord to chat about makeup and crypto, by sending a request to contribute to the platform or by purchasing an NFT friendship bracelet that contributes to the largest crowdfunding fund to get started Crypto Besties makeup line. Your friendship bracelets can be purchased on the Web3 platform Mirror, with each level of support reflected in the color of the bracelet. Additionally, each bracelet color comes with exclusive benefits, including first access to products and tokens that will then be used to vote on upcoming Crypto Besties products.
Crypto Besties members who participate at any of these levels are also eligible to become voters in their product creation process. There are community product proposals and votes on various product names, shades, and packaging on the blockchain for each product released. Crowdsourcing for the company’s first product began during the week of May 10, with members ultimately settling on a lip gloss as the brand’s inaugural item. It will be released later this summer.
“The community will be able to choose the name, color and brand of the product. We sourced the designers and creators directly from our community,” said Gill.
Like Patel and Gill, the majority of the 5,000 members of the Crypto Besties collective are millennial and Gen-Z women. The brand name and brand style dates back to the early 2000s, during the early rise of internet culture, when everything was pink and sparkly.
While creating their dream makeup products, community members can also learn about cryptocurrency investing, NFTs, and the decentralized web on Pallet, a web3 community-based recruiting platform.
Every physical product released by Crypto Besties comes with an identical digital collectible. Customers of makeup product drops can redeem their Polygon-based NFTs in any supported metaverse, including Decentraland, Axie Infinity, and Sandbox. for your avatar to use. Once a release is voted on by the Crypto Besties community, a limited number of those products are released.
“Everyone who purchases the first product will receive a free digital collectible. This will allow those unfamiliar with the Web3 ecosystem to get on their feet at no additional cost or risk to themselves,” said Gill. “We hope this will spark curiosity and push more people towards action items like creating a wallet, using the digital collectible, and getting involved in the process of creating the next release.”
The limited falls will be dimensioned based on the demand of the community. It’s been a challenge for Patel and Gill to find manufacturers willing to deliver small products quickly, but the founders used connections with other mixed-reality fashion and lifestyle brands to make it happen. Patel and Gill did not disclose who their manufacturing partners are. Funding for the initial product launch came from NFT sales, consulting services provided to the largest beauty brands looking to enter the metaverse, and angel investors. Crypto Besties has raised $10,000 in crowdsourced NFT sales so far, but Patel and Gill did not disclose any further investment in the collective.
Muaz Notar, co-founder of Revstance, a metaverse product development company, sees the metaverse as a place to democratize. “The metaverse makes the inaccessible now accessible. [Plus] it reduces barriers, improves inclusion and challenges our perceptions. The metaverse enables brands to remove barriers of distance and create more immersive customer experiences,” Notiar said.