Philipp Plein is the first major fashion brand to accept cryptocurrency as a mode of payments. The retailer will accept 15 cryptocurrencies for both online and in-store purchases.
The latest industry to have contracted and submitted to the cryptocurrency frenzy is the Fashion industry. Reports can confirm that renowned German-owned luxury fashion house, Phillip Plein, has become the first in the industry to incorporate cryptocurrency into its payment system.
The German fashion designer made the announcement to his two million-plus followers on his Instagram a couple of days ago. The announcement revealed the integration of his firm with blockchain automation as 15 decentralized currencies are adopted to purchase his goods.
A “Game Changer” Move for Philipp Plein
As stated in the announcement, the decision to integrate cryptocurrency is a first of its kind by any fashion industry. The luxury fashion brand in its bid to be the next crypto “All-stars” will be the first to permit the use of digital coins as fees for its online and physical stores.
With these now in operation, the fashion label will now accept 15% of payment in crypto. The adoption as revealed on Tuesday includes Bitcoin, and Ethereum with the two taking 7.97% and 6.49% respectively.
The development is an exciting one for the crypto-space given that many fashion designers and entrepreneurs themselves are active investors in crypto. They’ll also have thought of ways to incorporate cryptocurrency into the fashion industry.
Besides, the new payment inclusion will be facilitated with the fashion brand’s partnership with Voyage Digital’s Coinify. They will also accept payment in Plein bricks-and-mortar retail stores and online platforms.
Earlier Innovations by Fashion Companies Into the Crypto-Space
Plein’s crypto adoption is not the first in the industry to contact crypto-related projects. Before now, Louis Vuitton, a France-based fashion label and luxury goods company launched an NFT game app. The game app, “Louis: The Game”, is created in celebration of the 200th anniversary of the birth of founder Louis Vuitton.
Mike Winkelmann aka Beeple, has similarly posted a new work of art online. The works were the first purely digital NFT painting ever offered at Christie’s auction. Burberry’s B-Series, a limited-edition product, will be made available by August 11 for in-game purchases through the Blankos Block Party marketplace.
A small number of Luxury and beauty labels, which includes watchmakers Hublot and Franck Muller, are also accepting payments in digital currency for their products.
In the more recent past, brands like Prada, Cartier, LVMH have utilized several blockchain-powered technologies to wage war against counterfeits.
It is worthy of mentioning that Dolce&Gabbana has also announced its intent to inaugurate NFT wearables. The project is planned in collaboration with UNXD, a renowned marketplace for luxury.
These are other various technological insurgencies in the world of fashion. With Phillip Plein’s latest move with 15 cryptocurrencies, the odyssey of the fashion world into the blockchain space is getting just started, far more interesting, and definitely one to keenly watch out for.
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