Los Angeles-based beauty company KiKi World recently secured $7 million to expand its operations. The funding came with backing from Estee Lauder’s New Incubation Ventures. KiKi World is on a mission to revolutionize the traditional beauty industry using blockchain technology.
Key Takeaways
- Revolutionizing Beauty with Blockchain: KiKi World’s $7 million funding round marks a significant step in integrating blockchain technology into the beauty industry.
- Customer-Centric Approach: Unlike conventional targeted advertising, KiKi World empowers customers by letting them vote on beauty products created by its members.
- Transparency and Security: KiKi World prioritizes transparency and security by storing customer votes on decentralized blockchain software called Ethereum.
- Blockchain’s Growing Influence: GlobalData’s 2024 Thematic Intelligence report highlights blockchain’s potential in overcoming barriers to adoption.
- Predicted Growth: With a projected global blockchain market value of over $291 billion by 2030 blockchain technology is set for exponential growth.
Jana Bobosikova, one of KiKi World’s co-founders, stated that the current targeted advertising in the beauty industry doesn’t effectively meet customer needs. She emphasized the need for improvement in meeting customer expectations.
She said that despite influencers bombarding customers with recommendations on platforms like TikTok, customers often receive more generic ads.
KiKi World takes a different approach. Instead of bombarding customers with ads, it lets them vote on beauty products created by its members. The most popular products are then manufactured and sold by the brand. As an incentive for voting, customers receive store credits and digital tokens from the company.
Blockchain Meets Beauty
To ensure transparency and security, KiKi World stores its customers’ votes on decentralized blockchain software called Ethereum. According to KiKi World’s co-founders Jana Bobosikova, Ricky Chan, and Brendon Garner, the internet and its communities are seen as catalysts for creating brands and products. They aim to leverage these tools to enhance the customer experience. KiKi World aims to enhance the customer experience by leveraging these tools.
GlobalData, a research and analysis company, highlighted a lack of clear use cases as the greatest barrier to blockchain technology in its 2024 Thematic Intelligence report. However, industry-specific applications like KiKi World’s use of Ethereum are helping blockchain gain traction in the corporate world and mature.
GlobalData predicts that by 2030, the global blockchain market will surpass $291 billion, with a Compound Annual Growth Rate (CAGR) of 55% from 2023. Key drivers of this growth are expected to include asset tokenization, blockchain development, and infrastructure services.
The majority (42%) of blockchain spending comes from the banking, finance, and insurance sectors, according to the report. Outside of finance, industries like retail and construction are also adopting blockchain technology. This signals its potential for widespread impact beyond the financial realm.
Disclaimer
FAQ
KiKi World is revolutionizing the beauty industry by integrating blockchain technology into its operations. This includes empowering customers to vote on beauty products, prioritizing transparency and security through blockchain implementation, and embracing a customer-centric approach.
Unlike traditional beauty companies that rely on targeted advertising, KiKi World empowers its customers by allowing them to vote on which beauty products to create. This approach prioritizes customer preferences and fosters community engagement.
Blockchain technology enables KiKi World to ensure transparency and security by storing customer votes on decentralized platforms like Ethereum. This not only enhances trust between the brand and its customers but also provides a tamper-proof record of product preferences.
