Web3 expert encourages beauty brands to make ‘first small steps’ into the future

“I really believe that it’s time for the brands to start moving into Web3. For the first step, start small, maybe with NFTs, which is easily to play and start with,” ​said Jean-Philippe Hanquez, founder of Web3 consultancy MNT3.

Hanquez was speaking at a webinar event held by the Singapore Society of Cosmetic Chemists (SCSS) that explored the future opportunities and challenges within the beauty industry.

He highlighted that Web3 was not just a playground for big brands, noting that he has worked with a young Singaporean brand, Omno to develop an NFT.

“The key takeaway that I would like you to remember is that even a younger brand – [Omno] is two years old – they can test, they can innovate, in order to get ready for the future.”​

Recently, more and more companies have been experimenting with the Metaverse, which Hanquez said we can think of as the site of the “shopping mall of the future”.​

“Now brands have to think about how they can build the shop of the future. How do brands want the experience to be like? You can even have concerts in the Metaverse so really, your imagination is the limit here,”​ said Hanquez, who is the founder of Web3 consultancy MNT3.

He explained that there are companies buying land in the Metaverse in anticipation of this. “You can imagine it will be a way to create experiences without having to rent expensive venues. They can also create a whole new image that we do not have at the normal shops. It unlocks a lot of creative opportunities.”​