Recently, Italian luxury brand Gucci announced that they’ll start accepting crypto at selected stores. After that, many companies in similar segments are looking at ways to incorporate crypto into their system. Moreover, there is a new luxury brand, Balenciaga that has announced that they’ll accept crypto.
CEO Cedric Charbit has stated that some Balenciaga stores in the US will accept Bitcoin (BTC) and Ethereum (ETH) payments. At the initial stage, the brand’s establishments in Madison Avenue, New York, and Rodeo Drive in Beverly Hills will accept crypto payments. Gucci had also adopted the same strategy with an option for crypto payments to only some specific stores.
Coming back to Balenciaga, the brand’s creative director Demna Gvasalia stated on Instagram that they will accept crypto for website transactions.
Besides all this, the brand has also announced their NFT collection dubbed: “Cristóbal Balenciaga: To the Moon”. The brand will lunch this NFT collection on the Crypto.com NFT market. This NFT collection is in remembrance of Cristobal Balenciaga, the founder of the company.
The individual had started this firm in 1919 and soon later, Freny luxury major Kering had bought the firm.
However, Balenciaga and Gucci aren’t the only luxury brands looking at crypto payments. TAG Heuer, Off White, and many others had announced that they’ll accept crypto payments.
More than that, many experts believe that the widespread adoption of crypto from luxury brands is leading to a domino effect. What that means is, that whenever there is a growth of crypto in this particular segment, its effects can be seen in multiple segments as well.