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Cryptocurrency makes entry into Beauty Products Market

Pooja
Pooja

Here’s the good news for all beauty product fans as cryptocurrencies have apparently made its entry into major beauty products companies. Popular platforms like Opu Labs, Perfect365, Cosmochain, R+Co have started to use cryptocurrencies.

As rightly quoted by the Richard Reed, COO of Opu Labs,

[ctt template=”7″ link=”8b9Ld” via=”yes” ]“I think in a not-too-distant future everyone will have the equivalent of a PayPal account with different cryptocurrencies — you will have all these different loyalty programs and points [from different brands]”[/ctt]

With growing hype of bitcoin and other cryptocurrencies, it comes as no surprise that beauty platforms have started using them. Interestingly, these platforms are using reward giving strategy to promote crypto among its customer base. But this comes with the downside that restriction of using specific currencies to purchase virtual products and only within that respective platform,

As mentioned earlier, popular brands on beauty platform have already leveraged the blockchain tech. Below are the brief use cases of such platforms on how they are using crypto and the tech behind it.

Opu Labs

Known for feedback system on its community-driven platform, the Opu Labs is making use of blockchain to store user uploaded images. These images are then processed through AI so that dermatologists and brands can use them for research. With the help blockchain, the uploaded images are still owned by the user but at the same time aids in research.

The impressive fact here is the usage of Opucoin, which is nothing but a token/platform owned coin. Technically speaking the platform will reward the user with Opucoin in return of sharing their images which can then be used for buying goods and services. Also, the platform has gained huge customer base of around 120,000 people right after its initial coin offering(ICO).

Perfect365

Unlike other beauty platforms, Perfect365 is making use of crypto to promote user for upload/download of hi-resolution photos of their makeup looks onto social platforms.  To do this, Perfect365 is using Kin, a cryptocurrency created by the messaging app company Kik a year ago.

Users can earn Kin cryptocurrency by answering survey questions and in the coming months, by creating and sharing makeup looks.  But the thing to remember here is that, currently, the Kin currency is only available for a test group of Perfect365 Android users in the U.S., India, U.K., Canada, and Australia.

Sergio Silva, director of partner success at Kin-creator Kik spoke about the strategy behind its platform and said that,

You’re creating earned opportunities, but what you’re really trying to do is create spend opportunities,[..] That drives the [crypto] economy

Well put this way, if you’re receiving a type of payment for completing a task, you’re going to want to ultimately spend it on the platform and then the cycle continues.

So, readers what do you think of this idea and acceptance by major beauty platforms? Will crypto eventually become a household thing? Share your thoughts in below comment section.

 

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc