French luxury fashion designer, Balenciaga announced that it would begin to accept Bitcoin and Ethereum as payment.
Balenciaga is among the first luxury fashion houses to accept cryptocurrency. Others who have started accepting crypto payments and implementing Web3 are Tag Heuer, Gucci, Burberry, Nike, and Dolce & Gabbana.
When asked if they were concerned about the volatility of the market, the company reportedly said that “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new”
Where Balenciaga Would Accept Crypto Payments
Crypto payments would be accepted at their U.S. flagship stores located at Madison Avenue in New York and Rodeo Drive in Beverly Hills. Their website will also begin introducing the option.
Although only Bitcoin and Ethereum would be accepted now, the company plans to add more cryptocurrencies later in the future.
No announcements have been made regarding the preferred platform they would use to facilitate crypto transactions
They will accept payment not only online but also in some of its physical stores starting June.
Balenciaga In Web3
Web3 gives every sector a place in the metaverse and the fashion industry is no exception.
Last year, reports from several industry analysts stated that the digital fashion sector might ultimately reach or even surpass the $2 trillion worth of the physical fashion industry.
Balenciaga announced the development of an internal metaverse business unit in December. While the label’s CEO, Cédric Charbit, refused to discuss the unit’s intentions or long-term strategy, he stated that he views “the metaverse as a country,” a market equally as vital as any other country the brand already works in.
Balenciaga is owned by the Kering Luxury Group. They are a French-based multinational corporation specializing in luxury goods.
They own the luxury brands Balenciaga, Bottega Veneta, Gucci, Alexander McQueen, and Yves Saint Laurent. Kering S.A. Balenciaga is the second Kering company that Is beginning to accept crypto payments.
This move shows that crypto is another step closer to widespread acceptability as a payment mechanism. The luxury fashion houses accepting crypto are household names and this would increase adoption.
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