Why Fashion Brands Are Joining The Crypto Club: Balenciaga Now Accepts Crypto Payments.
Adoption of cryptocurrencies by famous fashion brands as a means of payment seems to be the talk of 2022, with the latest move coming from Balenciaga, the French fashion house which made the decision to accept cryptos as a means of payment from their customers starting in June. This is following Gucci's decision to adopt cryptos and like I said in my post about Gucci's move, many other top fashion brands would be accepting cryptos for some key reasons.
One major reason why many of these fashion brands are adopting cryptos as a means of payment is because a vast amount of their customers are millenials and Gen Zs who use cryptocurrencies everyday. Transactions using cryptos are so easy and many people prefer doing business with any brand who offers easy and flexible means of payment for their services would be getting more attention. Not having cryptos as a means of payment is regarded as being non-versatile by some of their customers since they're a global brand and also, many of their customers have requested for cryptos as a means of payment over the years.
Another reason why many fashion houses are beginning to look into crypto is that it offers more opportunities to these brands when it comes to generating some revenue for example, via NFTs. Both Gucci and Balenciaga have now announced their upcoming NFTs collections which will feature wearables that would be owned by fans and customers of the brand.
Balenciaga stated they'll be accepting cryptos like Bitcoin, Ethereum and USDT in some US stores and would decide on which other cryptos to accept with time.
I've been a big fan of the Balenciaga fashion brand for quite a long time and it's really cool seeing they are one of the earliest adopters of cryptocurrencies when it comes to fashion. This is really just the beginning and we should be seeing many other fashion brands and other brands from different sectors joining the crypto club soon.
