“As a luxury brand we had to ensure that our entrance into Web3 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 way possible. This new crypto payment feature is just the beginning of many exciting projects for Tag Heuer in the Web3 universes,” the executive added.
LVMH-owned Hublot accepted crypto on a limited edition watch in 2018 to coincide with the blockchain anniversary, partnered with digital wallet Ledger on limited edition watches in February 2022, and released two NFTs with artist Takashi Murakami in April. Independent watchmaker Breitling has begun issuing NFTs along with physical watch sales; watch brand Jacob & Co began accepting cryptocurrency along with Franck Muller, who launched a Bitcoin watch called Vanguard Encrypto in 2019.
In luxury fashion however, cryptocurrency is only just getting started. Early adopters include Off-White, the contemporary luxury label founded by the late Virgil Abloh, which accepts crypto payments in its London, Paris and Milan flagship stores; and Kering-owned Gucci who said it will accept cryptocurrency payments in some US stores this month. For its part, Tag Heuer does not accept crypto payments in physical stores for the time being. “We do not exclude such a development in the future, but it is not a priority project at this time,” the company said.
“We are excited to see global brands such as Tag Heuer investing in the crypto space,” said Bitpay co-founder and chief executive Stephen Pair, in a statement. “We look forward to seeing the positive results of this new payment feature both for Tag Heuer customers and the brand and we will continue to support and help implement their vision as the technology and demand evolves.”
Meanwhile, Tiffany & Co. executive vice president of products and communication Alexandre Arnault, Frédéric Arnault’s brother, has embarked on a playful Web3 strategy that involves acquiring NFT artwork and a release of real 18k gold coins jokingly dubbed “Tiff Coin”. He also recently had his CryptoPunk NFT profile picture made into a one-off pendant set with a sapphire, ruby and yellow diamond.
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
More from this author:
Zegna joins Nike linking CEO bonuses to climate targets
Moncler Genius, AZ Factory: Can the rotating designer model keep spinning?
Web3 platform Arianee raises €20 million
This news is republished from another source. You can check the original article here
Be the first to comment