Meta bets on Web3 technologies focused on the Metaverse

Source: Observatorioblockchain / Jennifer Maldonado

Meta will support companies developing Web3 with a focus on the Metaverse. The social networking giant, which has been busy developing its services centrally, is now opening up more to Web3 in order to build a more open and inclusive network. The company recently announced the launch of a new Web3 acceleration program in collaboration with the beauty multinational L’Oréal Group and the Parisian college of business studies, HEC Paris.

Meta, Metaverse and Web3

Meta Vice President South Europe, Laurent Solly, believes that the Web3 acceleration program will give an important boost to the development of the Metaverse and Web3. Specifically, Solly commented that his partnership with L’Oréal and HEC Paris will provide support to French startups that will play «a key role in building a shared, creative and inclusive metaverse.»

Meta’s interest in Web3 also led the company to integrate NFTs into its Instagram social network, giving users in 100 countries around the world the ability to gain more control and monetize their work within the social network.

Meta moves towards Web3 by integrating NFTs on Instagram in 100 countries

L’Oréal and HEC Paris

Along with L’Oréal and HEC Paris, Meta will provide advice and financial support to startups and companies participating in its new Web3 acceleration program. This program will be focused on those companies that explore different emerging technologies. Such as Virtual and Augmented Reality, Mixed Reality, the production of avatars and the digital economy based on the block chain. 

Nowadays, more and more companies are developing technologies related to blockchain and metaverse in order to offer innovative solutions and experiences to their users. Meta’s goal, as a social media giant, is to support and encourage the creativity of companies exploring the metaverse and emerging technologies. 

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In total, there will be five companies that will receive support from Meta to promote and shape their new projects. L’Oréal’s digital and marketing director, Asmita Dubey, indicated that creators are at the heart of the Metaverse and that the brand could take advantage of the rise of the virtual world to expand further. L’Oréal has been recognized as France’s number 1 make-up brand for five consecutive years. Likewise, it was the second beauty brand that had the most impact on the market in 2022, according to data from The Business of Fashion. 

Companies and Metaverse

Shirish Srivastava, professor of information systems at HEC Paris, explained how companies that are investing in the metaverse can foster trust within the virtual world , through a greater social presence. Srivastava noted that the metaverse is still a limited space, due to the multiple uncertainties that exist around identity, authentication and security. However, he believes that the arrival of world-renowned companies could help overcome these barriers, favoring the incorporation of more people and increasing trust and social interaction.

The announcement of this Web3 acceleration program comes less than a month after the announcement of a strategic alliance between Meta and Microsoft. Both companies are looking for ways to create the foundation for the virtual office of the future, as reported by Observatorio Blockchain. For its part, Mark Zuckerberg’s company remains willing to lead the development of the Metaverse, despite economic losses and criticism from its investors. 

Microsoft and Meta team up to build the virtual office of the future

Meta’s Web3 program will start in January 2023 and will run for six months. Companies that wish to participate have until November 20 to register for the program and submit their proposals. A jury made up of representatives from Meta, L’Oréal and HEC Paris, as well as investors and entrepreneurs, will decide the winning proposals. The program will be held at the Station F facilities, considered the largest startup field and incubator in the world . Station F is located in the 13th district of Paris.

Brands point to Web3

YSL Beauty, Lancôme, Mugler, Armani Beauty and Nyx Professional Makeup, which are part of the L’Oréal Group conglomerate of brands, have been exploring the Web3 for some time. The beauty multinational collaborated with Meta on another occasion to integrate makeup tests on Instagram through virtual reality. L’Oréal also created a Metaverse and Web3 division last month and named Camille Kroely as director.