Tiffany & Co has launched its first NFT collection aimed at CryptoPunk holders, which has driven up the price and trading volume of this type of NFT.
In its announcement, the luxury brand explained that its digital collection plans to include 250 highly exclusive pieces aimed at CryptoPunk owners. It has also offered these users the opportunity to exchange the NFTs in the collection for personalized pendants made with diamonds, gold, and precious stones, reflecting the punk style of each NFT owner.
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On the other hand, the luxury firm Gucci is the first major brand to accept payments with ApeCoin. This way, from now on anyone will be able to buy products with ApeCoin in their stores. ApeCoin joins a list of more than 12 digital assets that this popular luxury brand has been accepting in recent times. Among these cryptocurrencies we find Bitcoin, Bitcoin Cash, Ether, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu and also five stablecoins pegged to the dollar. As for ApeCoin, this measure will undoubtedly provide a lot of exposure to the project, as well as more utility to this cryptocurrency.
Prada, LVMH, Cartier and Richemont have also joined forces to create their own blockchain network so that buyers can trace the origin of their items, check their authenticity and very safely prevent scams and counterfeits.
The luxury sector is approaching the crypto world
In recent months, the luxury sector has been one of the commercial sectors that has come closest to the crypto world. In Europe, we find the example of Philipp Plein, a German luxury brand that has pioneered accepting up to fifteen different cryptocurrencies as a payment method in its stores. Gucci has also started accepting cryptocurrency payments in the United States and recently, as we explained above, has added the ApeCoin project currency to its payment methods. In addition, different firms have approached Web3 and blockchain with different implementations for their sector, such as the intention of being able to prevent counterfeiting through this type of technology.
Experts say that luxury brands are currently exploring the cryptocurrency sector and that interesting alliances may emerge, as the crypto world has something that luxury firms value highly: authenticity and exclusivity. In this way, by including cryptocurrencies as a form of payment, brands are able to reach a wider audience and get this audience to connect more fully with these proposals. Cryptocurrencies also allow big brands to reach out to younger sectors and experts warn that, after the adoption of crypto payments and the use of blockchain technology, luxury brands will also bet on NFTs because they offer exclusivity, which is key for fashion firms, since non-fungible tokens are unique and aimed at very small audiences.
Finally, experts warn that this initiative by luxury brands could be the gateway for the fashion sector into the crypto world. In this way, the most expensive segment of fashion can act as a connection point for the cryptocurrency, blockchain and Web3 market to reach the entire retail sector, establishing new and very interesting scenarios for the future.
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