The fashion and crypto sector continue their partnership with the introduction of a new luxury fashion brand, Off-White, which has announced that it accepts payments in Bitcoin and other cryptocurrencies at its flagship stores in London, Paris, and Milan.
Fashion and cryptocurrencies: Off-White also accepts payments in Bitcoin and cryptocurrencies
According Vogue Business, off-white joins the ranks of luxury fashion brands entering the crypto world, accepting payments in Bitcoin (BTC) and other cryptocurrencies . Therefore, customers will be able to spend Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Tether (USDT), and USD Coin (USDC) at flagship stores in London, Paris and Milan.
The Off-White Statement says the following:
“This is another important step in the growth of the brand, which looks to the future including Web 3.0 technologies, understanding the needs and desires of its ever-evolving customer base.”
How Off-White wants to reduce volatility risk
As is well known, when the decision is made to accept Bitcoin and other cryptocurrencies, the brand is exposed to risk due to the volatility of the prices of cryptocurrencies. In this sense, it is necessary that the brands that enter this sector have proof of monitor exchange rates, so as not to find yourself selling your products and taking a loss if the price of the cryptocurrency collapses. To reduce this risk, Off-White has decided to use POS LUNUa special terminal that find the best fiat-crypto exchange rate at the time of the transaction. The terminal is compatible with various crypto wallets and is used by scanning a revealed QR code to settle the payment. In the case of refunds for items purchased in crypto, Off-White explains that at the moment they will only be issued via “store credit”, in fiat currency.
The fashion industry follows the evolution of blockchain technology
Off-White joins a number of fashion and luxury brands that are rapidly embracing the evolution of blockchain technology. The well-known Swiss watch brand Hublotfor example, was one of the first to want to accept BTC in 2018when he had thrown a special watch (210 limited edition pieces at $25,000 each) to celebrate 10 years of Bitcoin. What’s more, Hublot is said to have started accepting the king of cryptocurrencies precisely as payment since last February.
But fashion and luxury are not just about crypto payments, there is more. Indeed, with the rise of the Non-Fungible Token (NFT) market, many brands have decided to venture into digital works of art, even entering the Metaverse on the Blockchain. Examples include Dolce and Gabbanawhich issued his 9 NFT ‘Genesi’ collection , inspired by Venice, which posted record sales of $5.65 million. Or, at the end of last month, I was Decentraland, what directly organized the Metaverse Fashion Week with more than 60 participating brands, artists and designers. Meanwhile in TheSandboxanother metaverse in Blockchain, the last VIP to want to be part of it was Paris Hilton, who will create her own avatar and her own dedicated space.