NFTs: L'Oréal Paris wants to boost women's visibility

Women are the focus of the NFT series being launched by L'Oréal Paris USA for the debut of its new lipstick line. With this project, the brand hopes to initiate "change, balance and equity for the future of females in cryptocurrency."

A recent report from market research firm ArtTactic revealed that female artists accounted for only 16% of all NFT sales over the past 21 months. L'Oréal Paris, which has been involved with causes promoting women's empowerment for over five decades, is looking to help shift these figures. And so, to redress the balance, slowly but surely, the cosmetics giant called on five female artists to create digital artworks inspired by the shades of red in its new Reds of Worth by Colour Riche range.

Set up in partnership with global talent firm UTA, this initiative aims to highlight the work of the artists, but also to benefit "Women of Worth," the philanthropic program of L'Oréal Paris, which will receive a portion of "secondary market" sales from the NFTs. 

"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 in the sector, while attracting more women artists and buyers," said Maude Brunschwig, Senior Vice President of Marketing at L'Oréal Paris USA.

Artists Amber Vittoria, Arina BB, Hueman, Lili Tae and Puks are all working with the project. The Reds of Worth NFTs are already available for auction on OpenSea until December 15th.  To purchase one of these NFTs, the starting bid is set at $1,500.