L’Oréal Paris USA has commissioned five artists to create NFTs based on the six shades of red in the brand’s new Reds of Worth by Colour Riche lipstick range.
The brand commissioned female artists Amber Vittoria, Arina BB, Hueman, Lili Tae and Puks, to bring attention to what it calls the gender disparity in the NFT space. The NFT launch is being executed in partnership with talent, entertainment and sports company UTA, under its digital assets practice.
Despite the boom in NFT popularity over the past year, women make up 5% of all NFT sales, according to art market analysis firm ArtTactic data based on Nifty Gateway’s NFT sales during the past 21 months. Additionally, women make up 16% of the NFT art market, claims L’Oréal Paris USA.
The collections, called the Reds of Worth NFTs, will be available via auction on NFT marketplace OpenSea from December 13 to 15. The artists will retain 100% of the primary sales. Each NFT will start at a floor price of $1,500. Additionally, 50% of up to one year of the secondary market sales will be donated to L’Oréal Paris’ philanthropic institute Women of Worth.
The five artists will also be in conversation with OpenSea, UTA and L’Oréal during a Twitter Spaces session on December 14.
Reds of Worth by Colour Riche are described as red lipsticks that are suitable for all skin tones. The collection launched last month in the US.