The industry that is experiencing explosive growth in Blockchain is Beauty and cosmetics. The global cosmetic market’s expected growth will exceed $758.4 billion by 2025.
It drives extensive selection across skincare, natural, and coral reef-based beauty ranges. It’s surprising to see that the men’s personal care market is also expanding, reaching $166 billion by 2022.
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What is Blockchain Beauty?
Blockchain beauty is the ultimate blend of industrial applications using blockchain innovation. This advanced integration of evolving technology allows innovative ways to interact with diverse brands and customers.
Blockchain offers encrypted real-time data storage and sharing, allowing customers to have a customized shopping experience. Consumers can also create entirely new classes of products as it records every detail about products or their composition.
How is Blockchain Gaining Trust in the Beauty and Cosmetic Industry?
In early 2023, NYX came up with GORJS, which is known as the world’s first beauty-focused decentralized autonomous organization (DAO). It ensures amazing beauty experiences within Web 3.0 technology.
The GORJS platform integrates Web 3 artists and beauty enthusiasts to explore more about digital makeup and blockchain exploration.
Here are several segments that blockchain is adding for smart beauty consumers:
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Fosters opportunities and self-recognition
Blockchain technology adds digital spaces for beauty freaks to express their understanding and their interactions with products. Additionally, having digital spaces also improves physical safety and polarizes familiarity with the physical world.
Beauty brands can easily collaborate with the Avatar company to boost their celebration and vocalize their beauty game.
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Eliminates trust issues
Greenwashing is one of the major concerns in the beauty industry. Receiving and buying products that are cruelty-free, eco-friendly, and natural is what consumers want.
With the advancement of blockchain technology, customers can easily track their product’s manufacturing process. People can easily trace the source, origin, and ingredients of the product by scanning a QR code.
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Smooth and exciting experience
Blockchain technology is still evolving and experimenting with new ways to deliver seamless and smooth beauty experiences. The audience needs to be fed based on current demands, preferences, choices, and product selection. Many beauty brands are trying to establish a strong consumer base and the right approach for their brand value.
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Effectively streamlining operations
Maintaining relationships, message transmission, and updating can be challenging; it requires a complexity hack to ease the task. Blockchain technology provides automated processes for the beauty industry that eliminate the risk of human error and improve operational efficiency.
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Enhanced regulatory compliance
The beauty and cosmetic industry is prone to alteration or counterfeiting, which is why products require safety testing and several regulations. Blockchain technology provides an audit trail and real-time capability to ease compliance and reduce risk related to reputational damage.
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Data management to build personalized products
Beauty and cosmetic brands are using blockchain technology to allow consumers to get personalized products based on their demands. This technology stores detailed analyses of consumers’ skin using the blockchain’s system. It leads to the goal of building a beauty and wellness platform that offers recommended, refined formulas and a customizable range.
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Loyalty rewards program
The beauty industry is one of the revolutionary sectors that is offering successful loyalty rewards programs. Blockchain technology allows consumers to earn a portion of Bitcoin every time they buy or share a buy link and a purchase is made.
Top Beauty Brands that Use Blockchain Technology
Blockchain is advancing and bringing noticeable changes to several industries, and the beauty sector is no exception. All over the world, beauty brands leverage blockchain technology to provide exceptional customer experiences. Here are the names of some leading blockchain-enhanced brands worldwide.
Cult Beauty
Cult Beauty is a UK-based e-commerce site that uses blockchain provenance to gather all information about products. It easily tracks the origin, ingredients, process, and claims about the products. The provenance has developed a blockchain solution known as ‘proof points, which has been merged into the Cult beauty shop.
In proof points, there are two stages involved: the first is stated, and the second is verified. Using blockchain technology, Cult Beauty allows its users to make informed purchasing decisions. It shares dated accreditations and certifications that ensure sustainability and cruelty-free products.
Pureearth
Pure Earth is a scalable skincare brand that works on blockchain technology, fostering digital dimensions in its range. With its partnership with Provenance, Pureearth allows its consumers to verify the origin of products and their authenticity. It helps people find genuine products because they can track everything from start to finish in one place.
Michelle Phan’s EM Cosmetics
EM Cosmetics is another brand that runs on blockchain technology. It was founded by Michelle Phan, who was widely known as the YouTube beauty guru. She was at the peak of her career in 2010, and in 2013, she collaborated with Loreal to start her own beauty line named EM Cosmetics.
This company has partnered with Lolli, a Bitcoin reward platform that ensures its buyers earn Bitcoin using a browser extension while placing an order.
In conclusion
The beauty industry relies on a blockchain development company that offers legitimate blockchain development solutions for beauty product customization.
Consumers can make informed purchasing decisions based on beauty brands and the minimal cost of blockchain apps. Brands are now making futuristic decisions using blockchain technology that can help them position themselves better among competitors.
Many brands worldwide are utilizing blockchain for sorting their management, building trust, and sharing seamless Bing experiences with their consumers.
Since the beauty industry started working on blockchain, users feel secure sharing their skin’s detailed information for an improved experience. It would not be wrong to mention that blockchain holds the future of the beauty and cosmetic industries.
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