LG first in S.Korea cosmetics industry to digitize beauty brand with NFTs

LG Household & Health Care is minting 3,000 non-fungible tokens (NFTs) on OpenSea to promote its beauty brand Belif with plans to further expand linkage with the metaverse.

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Fast facts

• LG’s Klaytn blockchain-based NFT collection consists of 12 characters from the Belif beauty brand universe, with which the company aims to promote brand values in customers.

• In 2020, South Korea’s burgeoning cosmetics industry was the third-largest cosmetics exporter behind France and the U.S., according to the country’s Ministry of Food and Drug Safety.

• A total of 3,000 NFTs called the Belif Universe Collection will be on sale this month, arranged as a bundle with one of LG’s best-selling cosmetic products, Numero Essence.

• The collection will be minted five times this year — collectors of all five NFTs will be given various membership benefits.

• In partnership with NFT project Treasures Club, LG says it will continue to pursue its ventures in NFTs and the metaverse.

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