Since 2021, the fashion industry and luxury brands have embraced cryptocurrencies and the Web3. Accepting cryptocurrencies for payments is a natural step into the Web3 space.
With the transition from the real to the virtual world, the adoption of cryptocurrencies for payments has also caught on.
Digital currencies are now mainstream
The broader acceptance of cryptocurrencies for payments comes despite this year's cryptocurrency sell-off. Earlier this month, backer Web3 and luxury fashion house Gucci began accepting cryptocurrency payments at US stores.
This week, Swiss luxury watch maker TAG Heuer joined an ever-growing list of names that accept cryptocurrency payments.
The Swiss luxury watchmaker accepts online cryptocurrency payments in the United States
On Thursday, TAG Heuer announced that customers in the United States can shop online for watches and accessories using cryptocurrencies.
According to the announcement:
"With an increasing number of customers using or earning digital currencies on a regular basis, TAG Heuer intends to be a key player in the upcoming transformation of the e-commerce and retail spaces."
The announcement goes on to say that:
"With the support of BitPay, which specializes in building customized blockchain payment technologies for businesses, TAG Heuer is now accepting a total of 12 cryptocurrencies at checkout."
The 12 cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) and five stablecoins pegged to the USD. Here find the quotation in real time of the major crypto.
Luxury jumps on the boat
Stable currencies with USD face value include BUSD, DAI, GUSD, USDC, and USDP.
There is no minimum spend, and US customers can purchase up to $ 10.000 per transaction in supported cryptocurrencies.
Frederic Arnault, CEO of TAG Heuer, said:
“We have closely followed the developments in cryptocurrencies since Bitcoin started trading. As a pioneering watchmaker with an innovative spirit, we knew that TAG Heuer would adopt what promises to be globally integrated technology in the near future, despite fluctuations - a technology that will profoundly transform our industry and beyond. . "
"As a luxury brand, we had to make sure that our entry into Web3 met our standards of excellence and thanks to our agile in-house teams and BitPay support we are able to dive into this new financial world in the best possible way." This new cryptocurrency payment feature is just the beginning of many exciting projects for TAG Heuer in the Web3 universes. "
With TAG Heuer official partner and timekeeper of the Red Bull Racing Formula 1 Team, Web3 is a goal.
Formula 1 team owner Red Bull tries to pave the way for the Web3
In March, FX Empire reported that Red Bull filed digital and metaverse-related trademarks. The questions raised the prospect of a Red Bull zone in the metaverse. The opportunities here are endless. Fans could purchase drinks, clothing and equipment, and even experience Red Bull-sponsored extreme sports.
With TAG Heuer embracing the Web3, interconnecting with Formula 1 could prove to be a tempting prospect.
Red Bull Racing Formula 1 led the way, partnering with Tezos (XTZ) to launch the Red Bull Racing Formula 1 NFT. Red Bull Racing Digital Collectibles NFTs are available for sale on the Sweet Market.
At the time of writing, however, there were no NFTs available for sale, with the “MAX VERSTAPPEN, WORLD CHAMPION 2021” NFT. NFT is out of stock. TAG Heuer's entry into this sector could incentivize Red Bull and Red Bull Racing Formula 1 to immerse themselves more in virtual space.