The French luxury fashion brand Balenciaga is warming up to the digital age. The brand has announced it will start accepting cryptocurrency as a payment option. However, the new feature will be open to United States users only. Also, the payment option will begin in June, with BTC and ETH as top options.
Despite the drop in the value of crypto recently, various brands continue to roll out crypto payment options. They include New York’s Madison Avenue and Beverly Hills’ Rodeo Drive. The French company will accept cryptos at its popular locations in the US.
Balenciaga Undisturbed By Volatility Of Crypto
The luxury company stated that its aware of the instability in the crypto market. As a result, it will assess the cryptos and note their price fluctuations. Also, the service will be rolled out to other regions in the future.
A representative from the brand noted that the company is not new to price fluctuations. Therefore, the present state of the market does not deter the brand.
Cryptos are in the spotlight as various fashion brands continue widespread adoption. Balenciaga is no exception, as the fashion brand has joined the frenzy.
Other popular brands like Tag Heuer and LVHM Hot have joined the crypto bandwagon. Earlier this month, they added various cryptos like BTC, ETH, and DOGE as a payment option.
Top Brands Key Into The Potential Of Crypto
Frédéric Arnault, CEO of a luxury watch, Tag Heuer, believes digital assets have potential. He noted that they could revolutionize the world of fashion over time. The watch brand recently announced the addition of crypto payment to its list.
Arnault, while speaking to Vogue Business, noted that:
“Since BTC trading, our company has paid close attention to crypto development. Although there have been fluctuations, Tag Heuer would adopt the new technology. Crypto has potential, and we would not be left behind.”
Gucci has embraced the usage of web3 tech. It established a team that will focus on web3 development. Also, it has acquired a virtual estate in The Sandbox platform. It will sell its services and products to the next generation of consumers.
Sandbox is one of the platforms that support virtual real estate. Presently, brands such as Al Dente and Adidas are building virtual properties there.
Meanwhile, an analyst, Morgan Stanley, predicts the NFT market for luxury brands will surpass $56 billion in 2030. For this reason, several brands continue to show interest in NFTs. Others will continue to join the crypto bandwagon in the future.