Starting 2022, famous fashion house BALENCIAGA will begin accepting Bitcoin and Ethereum as forms of payment for online purchases and at select stores. The strategic crypto integration adds Balenciaga to the list of luxury fashion brands to embrace cryptocurrencies as a payment method. Balenciaga will initially only permit payment in Bitcoin or Ethereum, the two largest cryptocurrencies by market cap. But the company stated that they had plans to expand the program to other coins in the future.
Recently, Gucci announced that it would begin permitting crypto payments online and at five in-store locations. They currently accept Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu as payment for luxury purchases.
This news is another exemplary application of mainstream adoption of web3 into luxury fashion. To name a few examples: Balenciaga, Gucci, Nike, DOLCE&GABBANA, and Burberry have all launched NFT collections and metaverse pop-ups.
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