Key Takeaways:
- Luxury brand Off-White to accept payments in cryptocurrencies.
- The brand has taken measures to safeguard against losses.
- This step has been taken primarily to lure in the young generation.
The sports and the gaming industry are the mass adopter of cryptocurrencies. There is news of multi-million dollar deals and partnerships with famous sports brands and gaming giants almost every day. However, the fashion industry is yet to catch up. One of the earliest adopters of crypto in the fashion world was Philipp Plein, an Italian luxury streetwear brand. Brands like Hublot and Michele Franzese Moda.
Announcement by Off-White
Recently, the modern luxury clothing and accessories label, Off-White has started accepting cryptocurrency payments in its flagship stores in London, Paris, and Milan. The brand considers this a significant step in its development in and around Web 3.0 technologies and “understanding the needs and desires of its ever-evolving customer base.”
Now Off-White will allow its customers to trade currencies like Bitcoin, Ethereum, Binance Coin, Ripple, and stablecoins like Tether and USD Coin for products of the brand. The brand will keep an eye out for fraud checks and will also allow no payment limit.
Investing crypto in fashion is subject to risks. There is a possibility that the resale value may not be able to match the profits of a digital currency bull-run. Another hazard might be the fall in the value of the Cryptocurrency at which the brand displays a garment. However, to avoid this situation, the brand utilizes the LUNU POS terminal. It will help the brand look for the best currency-to-crypto exchange rate during transactions. It will help scan any QR code to initiate payments as it is linked to several crypto wallets. The store has also made a policy regarding returns of products purchased via Cryptocurrency and says it will issue only in-store credit in the native currency.
This power move by Off-White is to attract Gen-Z customers who find investing in fashion worthwhile.
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