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Meta and L’Oréal team up on web3 startup accelerator

Tech giant Meta has struck a partnership with makeup brand L’Oréal and French business school HEC Paris backing a new startup acceleration program for creativity in the metaverse.

It will aim to help businesses that specialise in 3D production, AR, VR, mixed reality, avatar creation, portability in user experience, token economy or other topics related to the metaverse and web3, according to a report by Vogue Business. At least five businesses will partake.

The social media firm, which reports earnings later this week, will play host to the project in Station F — a startup campus in Paris. It will run from January 2023 to June 2023 with successful applicants being granted access to mentors and experts for their businesses.

Incubators and accelerators have become a popular way for big tech firms to get a look in on the nascent web3 industry. AWS also opened applications for a fintech startup accelerator in July this year.

Meta has already dipped its toe in the metaverse fashion waters, having partnered with digital fashion startup DressX in July to provide new avatar fashion looks on Meta’s Avatar Store. The company also said earlier this year that it would launch a digital fashion marketplace through partnerships with Balenciaga, Prada and Thom Browne.

Although Meta and L’Oréal’s accelerator will not be specifically focused on fashion, the industry has by and large embraced the potential of web3. Earlier this year, Gucci announced joining its first decentralized autonomous organization with SuperRare. Burberry also launched a web3 game.

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