L’Oréal’s NYX Makeup Branded DAO Soon Launching

Decrypt | Kate Irwin | Jan 19, 2023

NYX Pro Makeup US DAO project - L'Oréal’s NYX Makeup Branded DAO Soon Launching

Image: NYX Pro Makeup US

NYX Professional Makeup is launching an online beauty “incubator” in the form of a DAO called GORJS, as well as 1,000 Ethereum NFTs called the “FKWME Pass,” the L'Oréal-owned brand announced Thursday.

  • GORJS, pronounced “gorgeous,” aims to set a precedent for “what beauty will be in the metaverse, and lead the cultural conversation as it relates to the values of diversity, inclusivity, and accessibility,” according to the DAO’s litepaper, or technical explanation.
    • The DAO was first announced last June, but it’s finally launching in the near future with the same vision intact.
    • The FKWME NFT passes will be released to the public on February 1, with a price of 0.19 ETH—about $290 each at present.
  • NYX’s DAO, then, is a move beyond physical cosmetics sold at drug stores—an exploration of what makeup means in the digital age of avatars and pseudonymity.

See:  5 Ingredients to Cook Up Your Own DAO

  • The Ethereum DAO’s members will use non-transferable GORJS governance tokens—capped at a total supply of 100 million—as voting chips for various DAO proposals and projects.
    • DAO members can earn the “soulbound” GORJS tokens in a variety of ways, including by purchasing a FKWME Pass NFT (pronounced “fuck with me”). If a token is “soulbound,” it means it’s non-transferable and cannot be moved from the holder’s wallet.
    • The DAO also has a number of Web3-focused executives on its advisory team, including The Sandbox co-founder Sebastien Borget, Ready Player Me founder Timmu Toke, Polygon Labs Metaverse Lead Brian Trunzo, and Amber Ward, CEO of creative agency Invisible North.

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