Crypto Avenue – Gucci won’t feel alone in the cryptosphere. It is indeed not the only luxury brand to dive into cryptocurrencies. This 105-year-old French fashion house is opening its stores in bitcoin (BTC).
Bitcoin in luxury: Balenciaga opens its fashion house to cryptos
The stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills, of the French luxury fashion house Balenciaga, will accept cryptocurrency paymentsaccording to a May 23, 2022 article from Women’s Wear Daily.
The brand’s website will also offer this new payment option. Balenciaga would plan to extend this initiative to its other stores later.
The company will initially accept bitcoin and theether (ETH)but other cryptocurrencies could – should? – then add themselves to this list.
However, it has not yet chosen a payment gateway to be able to easily accept cryptocurrency transactions.
This announcement comes against a backdrop of a bear market for cryptocurrencies. The company, however, seems ignore fluctuations of these in the short term.
Indeed, she asserted that “ Balenciaga thinks long-term when it comes to crypto while emphasizing that “fluctuations in the value of currencies are nothing new.”
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From 1917 to web3: the future of Balenciaga and other brands in the metaverse
Balenciaga is one of the luxury fashion houses pioneers who dived into the web3. The French brand had launched in September 2021, a line of digital fashion clothing for the game Fortnite. These clothes could be purchased with in-game currency. Their price was around 8 euros.
The metaverse today offer new markets for fashion brands to conquer. The latter can open virtual stores there with NFT products having their physical equivalents in the real world.
They can also organize fashion shows in the metaverses, or even dress the avatars that populate these virtual worlds.
Gone are the days when bitcoin and its younger siblings were just geek currencies? Bitcoin now makes it possible to buy a luxury fashion product. This property developer has even decided to accept bitcoin payments for the purchase of his $59 million mansion on an island of celebrities.
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