This post is also available in: Español
Cryptocurrencies have permeated several industries and now, it’s the turn of the beauty industry. Companies in this space are leveraging cryptocurrencies for customer-based rewards programs. Even though blockchain technology in the beauty sector is still new, two platforms have accelerated its adoption.
Sharing data is an incentivized choice
Opu Labs is a startup that is bringing skincare product manufacturers, blockchain technology, artificial intelligence, and customers under one roof. How?
This Southeast Asian startup allows users to earn OpuCoin tokens (rewards) when they submit personal data. OpuCoins can then be used to buy goods and services on the platform. The data collected is utilized by service providers and skincare manufacturers for research. The platform also uses artificial intelligence alongside blockchain to analyze and store users’ information, including photos.
“We want to promote the idea that blockchain means you own your data and you get to decide if you want to share it or not. The crypto incentive is a way to decide if you want to participate and get discounts and services.”
Creating incentives through cryptocurrencies
Perfect365 is a digital makeup application that uses augmented reality incentivize customers to use goods and services. Its users earn the pre-existing digital currency, Kin, when they watch video tutorials or take surveys on the platform. Users can redeem their Kin for high-resolution downloads of videos and photos. They can then upload the media on social networks to attract advertising deals with large brands.
By providing brands with more customers and incentivizing those customers with Kin, the application hopes to bridge the gap between beauty brands and consumers. Kin is the brainchild of a Canadian messaging application called Kik.
Making crypto sexy for women?
According to a survey by Circle, only 7 percent of millennial women are willing to invest in cryptocurrencies compared to 18 percent of their male counterparts. Though the beauty industry is not isolated to women, they are undoubtedly the largest group in this sector. Creating crypto-reward and blockchain-based solutions introduce cryptocurrencies to this demographic in a non-threatening and educational setting.