“Fashion and Crypto” continues its association with the introduction of a new luxury fashion brand, Off-White, which has announced that it is accepting payments in Bitcoin and cryptocurrency in its flagship stores in London, Paris and Milan.
Fashion and Crypto: Off-White also accepts payments in Bitcoin and cryptocurrencies
Customers will therefore be able to spend BTC, Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Tether (USDT) and USD Coin (USDC) at flagship shops in London, Paris and Milan.
Off-White‘s statement reads as follows:
“This is another important step in the growth of the brand, that looks towards 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 from crypto price volatility.
In this regard, it is necessary for brands entering this sector to have the constancy to monitor exchange rates, so as not to find themselves selling their products and making a loss if the price of the crypto collapses.
To reduce this risk, Off-White has decided to use POS LUNU, a special terminal that finds the best fiat-crypto exchange rate at the time of the transaction. The terminal is compatible with several crypto-wallets and is used by scanning a revealed QR code to settle the payment.
In the case of refunds on items purchased in crypto, Off-White explains that at the moment they will only be issued via “shop credit”, in fiat currency.
Fashion industry follows the evolution of blockchain technology
Off-White joins a number of luxury and fashion brands that are very quickly embracing the evolution of blockchain technology.
The well-known Swiss watch brand Hublot, for example, was one of the first to want to accept BTC in 2018, when it had launched 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 queen of crypto precisely as payment since last February.
But fashion and luxury aren’t just about crypto payments, there’s more. Indeed, with the boom in the Non-Fungible Token (or NFT) market, many brands have decided to venture into digital works of art, even entering the Metaverse on the Blockchain.
Examples include Dolce&Gabbana, which issued its ‘Genesi’ collection of 9 NFTs, inspired by Venice, which saw record sales of $5.65 million.
Or, at the end of last month, there was Decentraland which directly hosted Metaverse Fashion Week with over 60 participating brands, artists and designers.
While on TheSandbox, another metaverse on Blockchain, the latest VIP to want to be part of it was Paris Hilton, who will create her own avatar and her own dedicated space.