Cryptocurrency has finally made it to the fashion industry, with e-commerce sites now accepting them as a different payment method. Although there are more than 400 different types of cryptocurrencies, Bitcoin and Ethereum have increased in popularity. They are often known as coins that were previously only offered for buying using fiat money.
Although cryptocurrencies are very young, it doesn’t suggest they aren’t important. As described in 10 ways to pay with cryptocurrencies in Canada, they reflect how the business will operate in the future, making it simpler and safer to complete transactions. Let us take a few brands from the fashion industry that accept bitcoin and other cryptos as a form of payment.
In May 2022, a small number of Gucci boutiques in the US started taking cryptocurrency. Currently, the currency is accepted in roughly 70% of its fully staffed, directly controlled establishments. Customers of Gucci will have a dozen ways to pay with cryptocurrency; the company now accepts Shiba Inus, Dogecoin, Litecoin, Ethereum, and Apecoin.
Gucci is the pioneer in accepting cryptocurrencies, taking this position in the hope of luring wealthy luxury consumers. There is an element of adventure when using blockchain cash, and Gucci, Nike, and Tiffany all obviously want to be at the forefront of it all. These executives’ initiatives will undoubtedly inspire fresh approaches among the rest of the sector.
In keeping with the cryptocurrency frenzy, Balenciaga is the second high-end fashion house in the Kering Luxury Group. While the official payment answer provider has not yet been established, Balenciaga will begin taking Bitcoin and Ethereum as cryptocurrency payments.
It was added that the US flagship stores situated on Madison Avenue in New York City and Rodeo Drive in Beverly Hills would be the first to accept this new payment method. Crypto payments will also be accepted on the company’s website.
The upscale clothing brand added that it finally hopes to add more locations and e-commerce features. Later, it will incorporate other cryptocurrencies as payment methods, giving Balenciaga customers additional choices when paying online.
A major specialised retailer, Pacsun offers a variety of new brands and current styles through the prism of teenage culture. Using the top blockchain payment provider BitPay, Pacsun became the first significant brand in the fashion and retail sectors to take bitcoin and other cryptocurrencies as payments. The company started accepting crypto payments in October 2021. Celebrity endorsements promote cryptocurrency adoption and make it simple for those who already have it to spend. Therefore, Pacsun is providing a new location for individuals with cryptocurrency to enjoy young fashion.
In 2008, this brand was explicitly designed with the idea that nobody should ever pay more than $20 for a T-shirt. The company offers sale services directly through their website to avoid any markup on websites like Amazon and Walmart. The business is based in Florida and is among the few fashion brands with low prices that accept Bitcoin as payment. 6DollarShirts started accepting bitcoin in 2014.
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