Tag: farfetch

Luxury Fashion Firm Farfetch Begins Accepting Crypto Payments

British-Portuguese online luxury fashion retail platform, Farfetch has announced it will begin accepting cryptocurrency payments for its goods and services in the next couple of months.

The company, currently trading publicly on the New York Stock Exchange said the crypto payments feature will first be introduced to its private clients in the next couple of months.

Expansion of the crypto payments flexibility will be expanded to all customers before the end of this year with immediate access to customers in the United States, the United Kingdom, and Europe. Other countries will follow shortly afterward.

The London-headquartered company said initial payments will be in seven major digital currencies including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) amongst others. 

The crypto payments capabilities will be made possible with the active partnership with Lunu, a global crypto payments platform that will provide POS terminals at all of Farfetch’s locations as well as the payment gateway for those shopping online.

“FARFETCH launched cryptocurrency payments in two very distinct environments – the mono-brand boutique, with Off-White, and the multi-brand boutique, with Browns. This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community,” José Neves, Founder, Chairman, and CEO, FARFETCH. “As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”

Farfetch will not be the first, nor will be the only luxury fashion brand to embrace crypto payments. Gucci made the plunge back in May when the company confirmed it has started accepting crypto payments beginning with customers in its North American stores. Gucci had a slightly more expanded range of crypto it accepts including Shiba Inu and Dogecoin.

French Fashion Brand Lacoste Enters Web3 With NFT Collection

French fashion brand, Lacoste has made a dive into the non-fungible token (NFT) ecosystem as it has launched its own collection dubbed Underwater (UNDW3).

The collection consists of 11,212 NFTs, priced at 0.08 Ethereum per piece.

The NFTs feature a 3D version of the crocodile, the fashion company’s brand logo with a robotic, glowing eye that was making periodic movements in and out of still water. The company said besides the exclusive access to customized unique products linked to the Lacoste brand, users will also gain access to extensive utilities which will all be unravelled in the next few months.

Lacoste noted that the NFTs will be available for sale in the secondary market on OpenSea or LooksRare. 

While Lacoste is not the first brand to dive into the NFT world, it boasts as one of the few whose dedication to its digital collectables is designed to truly reward its customers as it redefines the overall customer engagement strategy. 

“If Lacoste is still here after all these years, it is because of one thing: you. In a world more and more connected, we think the next big step is to add you to our core team,” Lacoste said via its official Twitter handle, “By owning a part of the Lacoste experience you will join the Lacoste Family and will have your word to say on our future.”

The full embrace of NFTs by Lacoste is not a new feat in the fashion world as brands like Dolce & Gabbana have pioneered this ecosystem as reported by Blockchain.News. Besides the general fondness for NFTs, more fashion companies particularly Balenciaga and more recently, Farfetch are redefining the pace at which they enter the Web3.0 world, beginning with the acceptance of digital currencies for payments for their goods.

The entry of Lacoste into the NFT world indicates that the art and fashion industry is growing fonder of the blockchain ecosystem.

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