The L’Oréal- owned brand NYX Professional Makeup declared Thursday that it will launch an online beauty “incubator” in the form of a DAO called GORJS and 1,000 Ethereum NFTs called the “FKWME Pass.”
GORJS, which is pronounced “gorgeous, wants to set a standard for “what beauty will be in the metaverse and lead the cultural conversation about the values of diversity, inclusion, and accessibility, according to the DAO’s litepaper, or technical explanation.
The DAO was first announced in June of last year, but it will finally start up soon with the same aims. On February 1, the public will be able to purchase FKWME NFT passes for 0.19 ETH, or about $290 each.
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NYX Global Brand President Yann Joffredo stated in a statement that GORJS was created to highlight “3D creators” and provide them with “a path to success within the Web3 ecosystem.”
Joffredo considers digital “makeup” designs to be radically unique from physical cosmetics, as developers are able to go above and beyond with surreal components that defy the laws of physics.
“From extraterrestrial glass skin to morphing elemental lashes, makeup and digital fantasy are entwined in an aspirational, accessible way,” Joffredo said. “In one instance, eyelashes might be stacked in a multi-tier beauty application norm; in Web3, they could dramatically flare into lifelike flames that dare the viewer to dream.”
Therefore, NYX’s DAO is an expansion beyond the physical cosmetics available in drugstores; it is an examination of what makeup means in the age of avatars and pseudonymity.
This Web3 effort looks to be a difference from NYX’s traditional diet of beauty influencer material, which includes smartphone footage of producers applying makeup posted to Web2 social media platforms such as TikTok, Twitter, and YouTube.
When asked how NYX’s DAO and NFTs align with the brand’s demographic, Joffredo said that NYX has always been a “pioneer in the digital and aspiring artistry space.” Joffredo also said NYX has a history of supporting “rising makeup creators” and “young creators” in the beauty industry.
Joffredo believes that GORJS will still be able to realize its ambitious goal despite the decline of the NFT industry during the previous several months.
Members of the Ethereum DAO will utilize 100 million non-transferable GORJS governance tokens as voting chips for various DAO proposals and projects. A DAO, or decentralized autonomous organization, is a collection of crypto enthusiasts that aim to govern pooled resources collectively using tokens for community voting.
In an ideal DAO structure, there is no single entity that has all the power, and the community is able to execute on a common aim or mission using a more equitable power structure as opposed to a top-down structure.
Members of the DAO can receive soulbound GORJS tokens in numerous ways, including buying an FKWME Pass NFT (fuck with me). If a token is soulbound, it cannot be moved from the holder’s wallet and is non-transferable.
The NFT automatically provides the holder with a daily yield of GORJS tokens and allows the holder to engage in future NFT Airdrops and exclusive future sales. The DAO will also provide a tool for NFT minting, allowing members to mint their own works of art through its website.