To make sure it doesn’t get left behind, the avant-garde fashion giant Balenciaga is getting ready to accept cryptocurrency payments from its American customers.
Bitcoin and Ethereum payments will be accepted by the French luxury brand in the United States beginning next month.
Balenciaga’s flagship sites in Beverly Hills and New York City are now accepting cryptocurrency, despite the recent decrease in the value of most crypto assets, which may be argued to be a poor time for the move.
When it comes to cryptocurrency and currency changes, the fashion house Balenciaga claims that they’re nothing new. Other areas and e-commerce are expected to follow suit, according to the business.
Because currency markets aren’t new, a spokesperson from fashion’s biggest company says the company isn’t concerned about cryptocurrency’s volatility.
The world’s biggest fashion firms are embracing the trend of wearing Bitcoin and other cryptocurrencies. Just when the bitcoin world was gushing about some luxury firms permitting cryptocurrency payments in their US locations, Balenciaga decided to embark on its own digital trip of sorts.
Other high-end stores are already taking bitcoins. Off-flagship White’s shops in Paris, Milan, and London all adopted a similar payment mechanism in March.
Additionally, LVMH Hot and Tag Huer stated earlier this month that they would take Bitcoin, Dogecoin, and Ethereum as payment methods for their products and services now.
Cryptocurrency’s Potential Has Been Extolled by Some of the Biggest Brands
Fashion mogul Frédéric Arnault, CEO of Tag Huer, thinks cryptocurrencies will transform the industry. Arnault personally owns NFTs and other Web3 assets.
Regarding the news, Arnault told Vogue Business: “We’ve been keeping a close eye on the growth of cryptocurrencies from the beginning of Bitcoin trading. Although the market has fluctuated, we expected Tag Heuer, as a forward-looking watchmaker with a pioneering mindset, to embrace what seems to be a globally integrated technology in the near future.”
Additionally, Web3 technologies have been quickly adopted by Gucci’s design team. Recently, Gucci launched a Web3 team and bought digital property being built on The Sandbox.
Adidas, Al Dente, and others are building virtual properties on The Sandbox, a blockchain-based real estate platform.
The premium brand NFT market is expected to reach $56 billion by 2030, according to Morgan Stanley. This helps to explain why more and more people are interested in NFTs, as well as why prominent businesses have jumped on board with the crypto and NFT trend.
Also Read: Australia’s Next Prime Minister Has A Strong Interest In Regulating Crypto
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