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Kiki World: Helping Consumers Create & Co-Own Beauty Products Using Web3 Technology

Image Credits: Kiki World
By: Headliners News / April 23, 2024

Meet Kiki World, a new and innovative beauty startup that is aiming to revolutionize the cosmetics industry through customer co-creation and ownership leveraging web3 technology, has secured a $7 million seed round from prominent investors, including the Andreessen Horowitz crypto fund and The Estée Lauder Companies’ New Incubation Ventures.

The startup, founded last year, seeks to redefine the traditional brand-consumer relationship prevalent in Web 2.0. Kiki’s co-founder, Jana Bobosikova, emphasizes the dissatisfaction often experienced by loyal consumers who receive little more than retargeted ads for their brand advocacy efforts. Kiki’s innovative approach involves allowing community members to vote on product features before they are developed, earning points towards free products and receiving digital tokens in the company as rewards.

This paradigm shift not only fosters greater consumer engagement and loyalty but also helps mitigate inventory surplus, a common challenge faced by cosmetics companies. By adopting an on-demand production model, Kiki reduces capital and resource expenditures, aligning with the principles of sustainability and efficiency.

While Kiki’s voting system records users’ preferences on the Ethereum blockchain, Bobosikova highlights that participants can engage with the platform seamlessly without explicit knowledge of blockchain technology. Users can simply sign in with their email, with Kiki automatically creating an on-chain account to store members’ votes securely.

The decision by a16z to invest in Kiki underscores the startup’s potential, particularly following its successful completion of a 10-week crypto startup accelerator program. Arianna Simpson, a general partner at a16z, praises Bobosikova’s leadership and deep expertise in both the beauty industry and web3 technology, highlighting her unique understanding and vision.

Kiki’s current product offerings include five collections, with plans for future expansion beyond the beauty sector. While challenges persist in physical product development, Bobosikova remains optimistic about the power of consumer-driven innovation. As Kiki continues to disrupt the cosmetics industry, its model of customer co-creation and ownership could pave the way for similar initiatives across diverse sectors.

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