The Crypto Industry is Attracting the Fashion Industry Too

Other industries might have accepted digital currencies without too much of a fuss. However, the fashion industry took quite a long while to come to terms with them. It still preferred hard cash, credit/debit cards, or cheques, as modes of payment. Fortunately, the scenario has been witnessing some drastic changes, since 2021. Today, quite a few fashion retailers are keen to include cryptocurrencies as a mode of payment, like this content that the crypto in the Chinese market is attracting the industries despite some areas crypto is banned.

Fashion Houses Bonding with Cryptos

Philip Plein was one of the first fashion houses to bond with virtual currencies. This luxury retailer supplies clothing and clothing accessories for men, women, and children. 

It was followed by Off-White, another fashion retailer offering luxurious clothing across Milan, London, and Paris. The store is willing to accept Ripple, Ethereum, Bitcoin, and Binance Coin. Customers may also pay for products via Stablecoins (USD Coin, Tether). If they pass the fraud check successfully, they gain the reward of ‘no payment limit’.

Reebok permits the usage of non-fungible tokens for purchasing various types of footwear. Crypto Emporium even gives customers the advantage of remaining unaffected by the volatility of cryptocurrency marketplaces. 

Off-White Luxury Retailer

The company has formed a partnership with a digital payment provider in Berlin, called Lunu. Lunu is a facilitator of digital payments for other companies too, indicating that it is well-reputed. 

Customers may access a modern and sleek-looking Lunu terminal, for making in-store payments. The terminal displays an exterior consisting of chrome and glass. Thus, it becomes possible to make retail purchases at the point-of-sale, in a speedy and uncomplicated way. The task is as easy as the one using a credit card. 

Regarding e-commerce, it is possible to integrate Lunu with an API, payment link, button, or widget. Whether the sale is online or offline, the Lunu point-of-sale terminal ensures that the best currency-to-crypto exchange is in place. In case, a customer demands a refund on goods bought via cryptocurrencies, it will go through successfully. The seller will issue it in the local currency, and with store credit.

The Off-White brand is keen to show its compatibility with the latest technology. It is Web3 technologies that are so closely associated with the digital currency world. As Blockworks (financial media brand) states, major brands wish to display their modernity by adopting sophisticated payment infrastructure. 

Fashions and NFTs

Individual designers are joining the bandwagon too. For instance, two well-known, Indian couturiers, Manish Malhotra and Raghavendra Rathore, offered collections that could only be purchased via cryptocurrencies and NFTs. They were able to do this by using blockchain technology skillfully. 

According to Rathore, people have begun expressing great interest in virtual fashions. When customers have the freedom to use a novel method of payment, they gain easy access to branded clothing. They even begin to look at fashion trends in a different way. They may enjoy the idea of owning assets that are traceable and genuine. Above all, crypto payments grant access to a secondary market for both consumers and designers.

Of course, Malhotra and Rathore are not the only individuals to have tried this idea. There are others too. Gucci and Burberry seem to have been the inspirers. For example, Gucci, the luxury fashion house, and Superplastic, the digital character brand, came together to offer the SuperGucci NFT collection.

Similarly, Burberry and Mythical Games partnered to produce toys participating in a multiplayer game taking place on a blockchain. Nike’s wearable metaverse sneakers have also entered the world of NFTs.

Predictions for the Future

Experts believe that NFTs should be able to stop the spread of fakes in the fashion industry. It is because the blockchain will provide proof of genuineness and ownership via its ledgers.

However, they also believe that this is only the beginning. Much more can be done to help NFTs to display their true potential in the world of fashion. 

It is also the responsibility of the authorities to ensure that there are proper regulations in place. They must also be able to bring about changes by observing consumption patterns. A consumer should be able to transfer the unique choice and personal expression from the virtual world to the real world, with ease. Thus, NFTs should be translated as objects of culture and social recognition.