It’s a week of investments for Web3’s rising stars, with both tech-powered beauty newcomer Kiki World and vintage fashion pioneer Mntge securing deals with industry titans.
As early-stage disruptors like Kiki World make headway, traditional corporations are becoming increasingly eager to fortify their relationships with the new vanguard. Their backing is instrumental in helping Web3 startups secure a permanent foothold in the market.
In other news, Cartier has unveiled a revolutionary new way of trying on its famed Trinity ring — all done via the augmented reality app Snap. Virtual reality startup Xydrobe has also launched a new immersive cinema in the luxury hotspot of Harrods. While 2023 saw a boom in gaming platforms, could 2024 be the year virtual reality achieves mainstream success?
What happened: Kiki World has raised a $7 million funding round led by The Estée Lauder Companies’ early investment and incubation arm, New Incubation Ventures, and Web3 startup venture capital a16z crypto.
Other investors in Kiki World include 9dcc founder GMoney, digital communities RedDao and OrangeDao, Double Down, 2Punks Capital, and Advancit.
The verdict: As consumers become more shrewd over targeted ads, skewed AI-generated consumer reviews, and untrustworthy influencer ratings, the beauty industry’s product marketing model is under stress.
But Kiki World is changing the way that companies connect and communicate with their communities, putting consumers at the center through co-creation. It’s a tactic that beauty conglomerates like Estée Lauder are watching and investing in carefully as smaller, innovation-driven brands like Kiki flood the market.
What happened: Xydrobe, the multi-sensory VR experience, will launch its new state-of-the-art 4D cinema in Harrods next month. The destination will host a series of immersive experiences from various luxury brands on a monthly basis.
The experience can hold up to 20 visitors at once. Attendees will watch using headsets while being exposed to multiple sensations, including wind, temperature changes, immersive surround sound, and scents.
The verdict: Xydrobe is becoming a familiar face among London’s elite fashion set, thanks to its previous activations with beauty aficionado Dr. Barbara Sturm, Givenchy, and Manolo Blahnik. Now, the startup is tackling one of the city’s iconic retail destinations to bolster its reputation and break the mold.
Xydrobe is making its name known across the luxury realm at an impressive clip. Earlier this week, the company was announced as one of the 18 finalists in the running for the LVMH Prize’s Innovation Award. The finalists will be enlisted in LVMH’s business accelerator program, a springboard that provides each company with access to LVMH’s network of industry experts.
What happened: Cartier is celebrating the centenary of its signature Trinity ring with a digital twist. Unveiled last Wednesday, the heritage label introduced its latest experience in partnership with Snap Inc., enabling anyone to try on the ring via Snap’s AR Lens tech.
The virtual ring is designed to move freely with the user’s hand and reflect light as it would in the real world.
The verdict: Often regarded as the beau idéal of fine jewelry, Cartier is modernizing its heritage by incorporating buzzy tech solutions into its playbook.
But AR-powered tech remains an overlooked element, overshadowed by AI hype and the gaming platform boom. This year, as surrealism, CGI visuals, and hyper-realism gain traction in luxury out-of-home marketing, it’s Snap’s time to shine with its multi-dimensional take on the user experience.
The challenge, especially for a brand like Cartier, lies in achieving a seamless level of realism that resonates with consumers and makes experiences unforgettable.
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