Balenciaga’s top stores in Beverly Hills’ Rodeo Drive and New York’s Madison Avenues will allow customers to pay in BTC and ETH from June.
- Fashion brand Balenciaga launches ETH and BTC payments in selected US stores.
- Clients can pay with crypto in stores at Beverly Hills’ Rodeo Drive and New York’s Madison Avenue.
- Balenciaga plans to add more cryptocurrencies soon as it decides on the crypto transactions partner.
The latest moves show Balenciaga tip-toeing toward being a leading cryptocurrency-friendly luxury brand. For instance, it introduces crypto payments after embracing NFT earlier this month. The fashion giant revealed launching an NFT collection on Crypto.com’s marketplace.
Top fashion brands like Off-White and Gucci introduced crypto payments in the US flagship stores. Now, it’s that time for Balenciaga to dip into the crypto world.
Buy Balenciaga’s Iconic Designs Using Digital Currencies
Balenciaga CEO Cedric Charbit revealed that selected stores in the United States would accept ETH and BTC payments. The executive confirmed to Wall Street Journal that the latest crypto crash – UST and LUNA – did not impact his dedication to launching cryptocurrency payments. Charbit stated that he targets long-term goals.
Balenciaga’s creative director Demna Gvasalia revealed that website buyers could also access crypto payments. Though the services will start in selected stores in the United States, the company plans to expand to other regions and add other tokens in the future. Moreover, the brand is yet to choose a crypto transactions provider.
The Metaverse and NFT Obsession
The move to introduce crypto transactions confirms how luxury brands attract the younger generation by embracing emerging trends. Balenciaga and different fashion giants like Gucci have innovation experts navigating the web3 and Metaverse space. In 2021, Balenciaga declared building a Metaverse business.
In October, Meta tagged several firms that might fit its Metaverse vision, including Pinterest. Surprisingly, Meta asked Balenciaga about Metaverse’s dress code. Meanwhile, each week sees announcements of brands making non-fungible tokens, including Adidas, Gucci, Dolce & Gabbana, Givenchy, and JW Anderson.
Morgan Stanley sees luxury branded NFTs becoming a $56 billion industry by 2030. That confirms NFTs obsessions and why leading names join the bandwagon.
Editorial credit: Primakov / shutterstock.com