Luxury Fashion Brands Continue To Embrace Web3 and Cryptocurrency
Balenciaga is the latest to join the space among others like Prada, Gucci, and Fendi.
Luxury fashion house Balenciaga now accepts crypto payments.
Philipp Plein ✔️
— Aleksandra Huk (@HukAleksandra) May 23, 2022
Balenciaga will reportedly begin accepting cryptocurrency payments with Bitcoin and Ethereum starting at its US flagship stores and online. The news comes at the same time as its spring 2023 fashion show which was symbolically held inside of the New York Stock Exchange, some speculate this is a nod to disruption.
Gucci also recently embraced Web3 in the form of NFTs with its most popular collection being “10KTF Gucci Grail,” which features Gucci makeovers of popular NFTs like Bored Apes, World of Women, and Cool Cats.
Prada has also entered the space with the release of its first NFT in partnership with Adidas in January. The collection consisted of 3,000 pieces of a single canvas that was designed in part by digital artist Zach Liberman and holders of Adidas Originals Into the Metaverse NFTs. The creator-owned and designed art piece was made to be an interactive and dynamic community contribution. The project’s goal was to facilitate education in Web3, community, and fashion.
Louis Vuitton also launched its own NFT game dubbed “Louis the Game,” which features its Vivienne character exploring six different worlds to collect 200 candles in commemoration of 200 years of Louis Vuitton.
As the interest in digital assets expands more and more brands are adopting the technology to create dynamic and creative products for consumers.
In other NFT news, eBay launces its very first NFT collection in partnership with OneOf.