New technology is having an overwhelming impact on our daily lives. The quantity and speed of change is bewildering and, for some, hard to keep up with. What the future impact on our industry will be is hard to predict. Thankfully, the younger generation and those more accustomed to new technological trends seem to be able to take it all in their stride.
One digital innovation that has captured my imagination is the fascinating convergence of two seemingly unrelated fields: beauty and cryptocurrency. It’s a fusion of sorts that is reshaping our approach to beauty and financial empowerment, with amazing intersections and implications for our future.
Cryptocurrencies focused on wellness and beauty are emerging. They offer new ways to incentivize healthy behavior and promote beauty treatments. For example, FitCoin rewards users for physical activity by tracking steps and workouts through smartphone apps and wearable devices. Earned tokens can be redeemed for health products, gym memberships, or converted to other cryptocurrencies.
Comparably, BeautyCoin gives customers exclusive access to limited-edition products and loyalty rewards when they buy cosmetic procedures and products. These specialized tokens provide a new form of payment and create ecosystems that encourage healthier lifestyles and self-care routines.
This behavior refers to our innate desire to get rewarded and recognized, potentially leading to long-term positive habits.
Blockchain technology, in addition to cryptocurrencies, is revolutionizing many facets of the beauty business, with some obvious advantages for professionals and consumers alike. For example, blockchain enables supply chain transparency – end-to-end traceability of beauty products helps combat counterfeiting and ensures ethical sourcing practices. Blockchain can also ensure data integrity and reduce fraud, as well as streamline the clinical trial process for new beauty and health products.
This phenomenon, which we can refer to as “The Tokenization of Beauty,” creates new opportunities in the fields of health and beauty, particularly regarding financial instruments.
Opportunities range from Fractional tokenized ownership that provides easier access to traditionally exclusive ventures, to crowdfunding beauty startups by issuing tokens to fund new startups, allowing backers to invest in promising new brands, or even blockchain-based loyalty programs.
Despite some annoyances, such as regulatory restrictions, environmental sustainability concerns (due to the high energy consumption associated with some blockchain networks), and the need to educate consumers for proper fruition, we can be sure that beauty will become more and more intertwined with cryptocurrencies and blockchains.
In not too distant a future, consumers will have unprecedented access to information about the products they use, from the source of ingredients to the environmental impact of production processes. This transparency and traceability provided by blockchain could usher in a new era of conscious consumerism in the beauty industry.
Currently, there are websites (like Coinsbee) that let cryptocurrency owners pay with their crypto wallets to access some of the most well-known and respected international beauty retail stores, like Sephora, or well-known brands, like Estee Lauder, M.A.C. Cosmetics, Dermalogica, and many more.
