COINHOT.ORG French luxury brand Balenciaga will accept Bitcoin and Ethereum as payment, Crypto is a step closer to mainstream acceptance as a payment method, if buying smashed $1,250 hoodies can be considered mainstream, that is.
Starting next month, French luxury fashion brand Balenciaga will start accepting Bitcoin and Ethereum as payments online and at select physical locations, according to The Wall Street Journal.
This move makes Balenciaga the latest legacy fashion brand to adopt cryptocurrency as a payment method. Earlier this month, Gucci announced that it would begin allowing cryptocurrency payments online and in five stores. Gucci currently accepts the cryptocurrencies Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu as payment methods.
Balenciaga will initially only allow payments in Bitcoin or Ethereum, the two largest cryptocurrencies by market cap, but plans to expand the program to other currencies in due course.
Luxury fashion is no stranger to the Web3. Over the past year, many traditional brands, including Balenciaga, Gucci, Nike, Dolce & Gabbana, and Burberry, have launched NFT collections and pop-up metaverses. While these brands are traditional in some ways, they all seem to align with digital fashion as a business opportunity: According to several industry insiders who spoke to Decrypt in October, the digital fashion industry could eventually approach or even equal $2 trillion in value. physical fashion market.
In December, Balenciaga announced the creation of an internal metaverse business unit. Although Cédric Charbit, the label’s CEO, declined to reveal anything to the WSJ about the unit’s long-term plans or strategy, he said he views the Metaverse as a country, a market as important as any country. brand is currently signed in. operate on.
The news of Balenciaga’s crypto adoption comes as many believe that the crypto market is entering another Crypto Winter. The amount of Bitcoin needed to buy a $1,250 Balenciaga hoodie in November would be worth under $563 today. But the turmoil in the crypto market has not intimidated brand management. When asked if the recent stock market crash had affected Balenciaga’s stance on crypto, Charbit simply replied that his thinking was “long term”.