E.l.f. jumps on NFT trend with crypto collectibles that try to offset carbon footprint
Dive Brief:
- E.l.f. Cosmetics is converting some of its most popular beauty products into nonfungible tokens (NFTs) to give fans a lasting piece of digital brand paraphernalia, according to an announcement.
- The marketer digitally dipped its Poreless Putty Primer, 16HR Camo Concealer and Ride or Die Lip Balm in gold and converted them into a line of crypto-collectibles that it has dubbed “Ne.l.f.Ts.” Only nine of these “holy grail” items exist — three for each product — and they will be sold via the Bitski platform on June 18 for the same price as their retail counterparts.
- Those who purchase the Ne.l.f.Ts will receive a certificate of authenticity and ownership. E.l.f. is attempting to offset the carbon footprint of transactions by working with Bitski and sustainability platform Aerial.
Dive Insight:
E.l.f., an acronym for “Eyes. Lips. Face.,” is appealing to diehard brand enthusiasts with a line of crypto-collectibles based on some of its most coveted beauty products. A group of influencer partners is raising awareness for Ne.l.f.Ts on social media, including @mualesandron, who created an explainer video that E.l.f. is sharing across owned channels like TikTok, where it has a large presence.
The Crypto Cosmetics campaign, developed with creative agency Movers+Shakers, is the latest in a wave of brand ploys angling to get in on the hype around NFTs, a fairly niche format prior to this year. NFTs are ostensibly unduplicable digital assets built on the immutable ledger of blockchain technology, giving them a collectible quality that has taken the art world by storm.
E.l.f. is attempting to distinguish its effort by pricing the Ne.l.f.Ts at the same level as their retail counterparts. Golden Poreless Putty Primer Dime, the most expensive offering of the bunch, is just $9. The brand is positioning itself around accessibility and inclusivity in working with Bitski, which allows users to easily purchase NFTs through a credit card and then mint them in their digital wallet.
Despite existing in the digital space, NFT art has sold at auction for eye-popping prices as speculative bidders create frenzied interest. Some marketers have wielded this phenomenon as a means to raise funds for charity, but E.l.f. is signaling its own crypto offerings are more squarely targeted at fans. The company intends to make a series of Crypto Cosmetics, marketing chief Kory Marchisotto said in a statement, indicating the concept is a long-term bet.
At the same time, NFTs — and the larger crypto market — have come under growing fire for their environmental impact, as the amount of computer processing involved in completing transactions can generate significant carbon dioxide gas emissions. E.l.f. has tapped Aerial, which tracks emissions for NFTs, to try and reduce its environmental footprint and make the Ne.l.f.T transactions carbon-negative — a move it says falls in line with its broader cruelty-free standards.
Some critics have questioned the long-term viability of NFTs, but marketers continue to buy into the concept even as values fluctuate. Mattel earlier this week unveiled a line of NFTs for Hot Wheels, its toy car brand, along with the ability to make cryptocurrency transactions exclusively using Ethereum.
