Your guide to Bitcoin, Ethereum and Web 3.0

NYX Professional Makeup is launching an online beauty incubator in the form of a DAO called GORJSas well as 1000 Ethereum NFTs called “FKWME Pass,” the L’Oréal-owned brand announced Thursday.

GORJSpronounced “beautiful,” 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, inclusion, and accessibility,” according to DAO’s little paperor technical explanation.

The DAO was first announced last June, but it is finally launching in the near future with the same vision intact. The FKWME NFT passes will be released to the public on February 1st, priced at 0.19 ETH—about $290 each currently.

In a statement, NYX Global Brand President Yann Joffredo said GORJS was created to shine a light on “3D creators” and give them “a path to success within Web3 ecosystem.”

Joffredo sees digital “makeup” design as radically different from what’s possible with physical cosmetics, because creators can go above and beyond with surreal elements that defy the laws of physics.

“From alien glass skin to sculpting elemental lashes, makeup and digital imagination are intertwined in an ambitious, accessible way,” Joffredo shared Decrypt by e-mail. “In one case, eyelashes could be stacked in a multi-layered beauty application norm; in Web3, they could dramatically flare into lifelike flames that make the viewer dream.”

NYX’s DAO is thus a move beyond physical cosmetics sold in drugstores – an exploration of what makeup means in the digital age avatars and pseudonymity.

“We believe that a new generation of Web3 creators will help redefine beauty,” said Joffredo Decrypt.

This Web3 push also seems to be a move away from NYX’s traditional diet of beauty influences contentswhich typically consists of smartphone footage of creators applying makeup shared on Web2 social media platforms such as TikTok, Twitter, and YouTube.

When asked how NYX’s DAO and NFTs align with the brand’s demographics, Joffredo said NYX has always been a “pioneer in the digital and ambitious artistic space.” Joffredo also said that NYX has a history of supporting “emerging makeup artists” and “young creators” in the beauty industry.

Despite the slowdown in the NFT market in recent months, Joffredo believes that GORJS will still be able to deliver on its ambitious vision.

Ethereum DAO’s members will use non-transferable GORJS control symbols— limited to a total supply of 100 million — as voting tokens for various DAO proposals and projects. A DAO, or Decentralized Autonomous Organization, is a group of crypto-enthusiasts who attempt collective governance over pooled resources using community voting tokens.

In an ideal DAO structure, no single entity holds all the power, and the community is able to execute on a common goal or mission—whether it’s supporting a protocol, collecting valuable assets, etc.—using a more egalitarian power structure rather than a top-down one.

Image: GORGJS DAO.

DAO members can earn “soul bound” GORJS tokens in a number of ways, including by purchasing one FKWME Pass NFT (pronounced “fuck with me”). If a token is “soul bound”, it means that it is non-transferable and cannot be moved from the holder’s wallet.

Joffredo told Decrypt The FKWME name was chosen because it is “a casual phrase used when you want others to share the same vision as you: to join you, connect with you, and thrive with you on a social level.”

The NFT automatically provides the holder with a daily return on GORJS tokens, and also authorizes the holder for future NFT airdrops and exclusive future sales. The DAO will also offer an NFT imprinting tool, allowing members to imprint their art through the website.

GORJ’s founding members include NYX’s Joffredo, NYX Global VP of Digital and Ecommerce Matthieu Guerin, and three other NYX executives. Each NYX leader will hold 2% of the total token supply at launch.

DAO also has a number of Web3-focused leaders 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.

“I decided to join as [an] adviser because they are genuinely purpose-driven, says Borget Decrypt in a message. “I think they’ve designed a DAO system that really benefits the digital talent, creators and artists.”

Ward told Decrypt that NYX is not‘t is necessarily trying to target its retail customer base with its Web3 efforts.

“The primary demographic for GORJS is creators and digital artists native to the Web3,” Ward said in a message. “This is a niche, long-term play.“

The DAO’s small paper suggests that it may lean heavily into “artist referrals” to grow the community, rewarding those who successfully bring their creative friends into the DAO with GORJS tokens.

While this could be interpreted as a type of multi-level marketing (MLM) scheme, apparently that is not the case here because GORJS tokens cannot be converted into real funds. More referrals will not earn members money directbut it could lead to more individual power in the DAO.

The little paper also explicitly states that GORJS tokens are not an “investment” and “under no circumstances may tokens be exchanged for any L’Oreal shares, securities or currency.”

The city told Decrypt that the soul-bound nature of the GORJS token solves what might otherwise lead to speculation in the governance token, which crypto-founders like Ethereum’s Vitalik Buterin have be decreased the last few months.

“The board is really meant to be a recommendation engine through trust [soulbound tokens] which cannot be sold, and thus does not risk becoming a financial instrument, said Borget.

NYX’s dive into Web3 aligns with parent company L’Oréal’s fascination with crypto. L’Oréal is already involved in metaverse and digital community building, having invested in metaverse startups Digital village through its VC arm, Bold. It’s also no surprise that NYX has entered Web3, considering L’Oréal’s 17 trademark applications filed last year for NFTs and blockchain use for its brands, including NYX, Kiehl’s and Urban Decay.

As NYX moves forward with its Web3 plans, it remains unclear whether the average NYX customer is interested in crypto – or whether NYX’s Web3 world will see a whole new demographic of users.

Editor’s note: This article was updated after publication to correct the list of project advisors following a last-minute change in the announcement materials.