Luxury watchmaker Tag Heuer announced a partnership with BitPay yesterday. Following the agreement, there 12 different cryptocurrencies options will be made available as payment options on Tag Heuer’s U.S. website. These will include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE), plus popular stablecoins like Tether and USD Coin.
Rising Demand for Crypto Payment Options
In its newest press release, Tag Heuer pointed out the rising demand for crypto payment options. The initial release of the feature will let customers located in the United States pay for watches online for up to $10,000 per transaction. No minimum payment amount will be enforced, but the cheapest watch on the website costs 0.17 BTC, which converts to $5143.82 at the asset’s current market price at press time.
Tag Heuer Readying to Enter Web 3.0
In addition to the new crypto payment options, Tag Heuer revealed that it has plans to enter the Web 3.0 space in the near future, with an NFT collection already in the works, as well as adoption of blockchain technology in Tag Heuer’s upcoming products and services.
“As a luxury brand, we had to ensure that our entrance into Web 3.0 would meet our standards of excellence, and thanks to our nimble teams in-house, and with the support of BitPay, we are able to dive into this new financial world in the best possible way,” enthused Frederic Arnault, CEO of Tag Heuer.
The Fashion Sector’s Consistent Adoption of Blockchain
Aside from Swiss luxury watchmaker Tag Heuer, many other prominent names in the fashion & accessories industry have been adopting blockchain technology. For instance, fellow Swiss luxury watchmaker Breitling has already released an NFT collection to go together with their physical counterparts.
Well-known French fashion magazine L’OFFICIEL recently announced that some exclusive collections will be launched on the metaverse. Moreover, Prada released a collectible NFT in partnership with Adidas.
Though the NFT world is mostly ruled by gaming NFTs and avatars, it looks as though fashion NFTs are making their mark in the blockchain world. In September 2021, Dolce & Gabbana made a record sale when its 9-piece NFT collection was sold at auction for $5.56 million. The winner of the bid not only received the NFT collectibles, but the physical items as well.
Just last month, Paris played host to the ‘Paris NFT Day’ event as a part of ‘Paris Blockchain Week’, which was dedicated to blockchain and the future of its collaboration with the fashion industry. As the need for digital fashion grows, it’s likely we’ll see more collaborations between top brands in fashion and crypto.