Some naysayers believe that the hype around NFTs and all things Web3 is fading following the cryptocurrency crash earlier this year. However, fashion, luxury and beauty brands continue to invest in new projects. In the latest move on Monday, LVMH-owned luxury luggage brand Rimowa unveiled a new partnership with Nike-owned digital fashion company Rtfkt. And last week, Farfetch unveiled the eight startups selected for its own accelerator, designed to help the luxury fashion industry scale on Web3 and metaverse technologies.

L’Oréal also remains committed to Web3. Several brands in its stable, including YSL Beauty, Lancôme, Mugler, Armani Beauty and Nyx Professional Makeup, have introduced a number of Web3 initiatives. “If you look at Web2, live streaming, image recognition, voice, cloud, everything…