Just like most of the industries, the Crypto market has a strong influence on the fashion industry, too!
Accepting Cryptocurrencies as Payment Methods
It is estimated that luxury fashion brands will have a market share of $2 trillion in the crypto market.
Some luxury brands started to accept cryptocurrencies as payment such as Hublot.
*The first fashion company ever accepted crypto payment in-store is Philipp Plein.
*Philipp Plein started with accepting 15 different cryptos, including Bitcoin, Etherum.
*In the press release, Plein said that he believes cryptocurrencies are the future, and his team and he had made a significant commitment in time resources.
The Power of Blockchain in the Fashion Industry
- Some blockchain platforms and solutions like VeChain and AURA provide transparency and proof of authentication for the fashion industry.
- VeChain not only did collaborations with brands such as H&M, Renault, and BMV, but also they entered into the sustainable fashion market with blockchain carbon footprint SaaS service!
- On April 2021, Prada Group, together with LVMH and Cartier, part of Richemont, created the Aura Blockchain Consortium. Aura will promote the use of a single global blockchain solution open to all luxury brands worldwide to provide consumers with additional transparency and traceability.
- Technology of Aura Blockchain matches a product ID to a client ID to enable consumers to access the history of a product and proof of its authenticity.
- According to the press release, the Aura Blockchain Consortium currently has more than 15 million digital tokens on their own, private permission based blockchain platform which offers both up-stream and down-stream traceability in the supply chain which is direct to consumer.
- Daniela Ott, Secretary General of Aura Blockchain Consortium, said: “Our ecosystem is growing on a daily basis and Aura’s solution covers the entire lifecycle of luxury production and consumption. Aura SaaS provides a game-changing toolbox for the luxury industry with an easy onboarding, minimum costs and without the need to manage any Cloud infrastructure and deploying any instance, thus reducing the Time-to-Market to launch new blockchain use cases. This solution is meant to last and benefit the whole value chain. Given its accessible pricing, it is a solution suitable for luxury brands of any size, for most product categories within the luxury sphere.”
Welcome to the Future
We have just entered to the Metaverse era and crypto market is here to stay. What will happen during the process of accepting and infusing blockchain into the fashion industry?
Do you think cryptocurrencies might completely replace traditional finance (GDP, USD, etc.) in the future?
Photo credits: VeChain, Aura, LVMH