2022 was a turbulent one for the cryptocurrency market, which, thanks to ongoing economic pressures and uncertainty, rising inflation and an unfortunate scandal or two, has seen prices fall dramatically across the board. But for the seasoned investor, the so-called ‘crypto winter’ is of no great concern, and many are now eagerly taking advantage of tumbling prices to buy as much Bitcoin, Ethereum and the like as they can.
A market known for its long-term volatility, prices are expected to rise again in the long-term and could bring with them some great returns as the world recovers and the development of the Metaverse continues to gather momentum – so it’s little wonder that despite the current scenario, trading platforms like bitcodemethods.com are continuing to report high numbers of new sign-ups each month.
And, as the luxury market continues to embrace cryptocurrency as a means of payment, their popularity is only set to grow over the longer-term, with some of the biggest names in the fashion world now embracing digital payments as well as looking ahead to how they might fit into the Metaverse as it slowly but surely comes to fruition.
These three luxury women’s fashion brands are leading the pack, paving the way for other iconic names to do the same – so if you’re wondering where you can spend your stash once prices rise again, then look no further.
Gucci
Gucci became the first major luxury women’s fashion brand to accept cryptocurrencies as payment in store and online back in 2021, when it announced that customers would be able to pay for their goods in Bitcoin, Ethereum and a handful of other major cryptos. The brand has been something of a trailblazer when it comes to embracing the digital world and modern payment methods, and in May 2022, it was also the first to announce that it was now accepting ApeCoin alongside its current line-up of twelve digital currencies.
Clearly keen to get – and stay – ahead of the game, Gucci has also adapted quickly when it comes to the ongoing development of the Metaverse, having already dipped its toe in the water. In 2021, the brand joined forces with Roblox to exhibit its covetable accessories in digital avatar form in a specially designed ‘Gucci Garden’ virtual world, allowing customers to snap up one-of-a-kind Gucci non-fungible tokens (NFTs) for the first time.
Philipp Plein
Last year, fashion designer Philipp Plein threw open the doors to his futuristic ‘crypto-concept store’ – the first of its kind in the world – on London’s Old Bond Street. Spread over three stores, the store hosts show-stopping exhibits made up of unique fashion NFTs, which customers can purchase using a range of different cryptocurrencies including Bitcoin, Ethereum, and several others.
Merging physical and digital shopping in one innovative space, the store has been making waves in the luxury fashion world, and rightly so. It’s becoming increasingly clear that the brands set to fare the best as we continue to move deeper into the digital world are those that continue to stay ahead of the latest tech developments and trends – and Philipp Plein is a prime example of how it can be done.
Balenciaga
French luxury fashion house Balenciaga has also been quick to adapt to the opportunities offered up by the digital world – although not as speedy as some.
In May 2022, it announced that, following a catwalk show at the New York Stock Exchange, it would begin accepting cryptocurrency payments in some of its U.S. bricks-and-mortar stores, including those on Madison Avenue in New York and Rodeo Drive in Beverly Hills, before eventually expanding the initiative further afield. This will include its e-commerce offering, eventually making crypto payments accessible to its worldwide customer base – a move that is certain to win it favour amongst a certain segment of them.
Currently, Balenciaga is accepting just Bitcoin and Ethereum, but it intends to widen the scope of crypto payments further over the coming year by adding further digital currencies as options.
The bottom line
As the women’s luxury fashion industry continues to evolve and embrace the digital world and all that come with it, some might say that the adoption of cryptocurrencies as a means of payment makes the most esteemed brands more accessible than ever – but for others, it simply makes them feel all the more exclusive.
Whichever way you look at it, one thing is for certain – the acceptance of major cryptocurrencies as means of payment is set to become the norm over the coming years, and with the development of the Metaverse now well underway, the potential for luxury fashion brands to continue to appeal to a high-net-worth customer base using new and innovative tactics over the next decade knows no bounds.
