Web3 is integrating new tools into existing business models of luxury brands to make a real impact.
2022 was the year of hype around Web3, but 2023 is shaping up to be the year when the plans are being implemented. Luxury brands are now focusing on more concrete utilization closely connected with the physical product in contrast to digital-only assets existing solely for the metaverse.Luxury in Web3
According to Merrick Theobald, Vice President of Marketing at BitPay, consumers have gravitated to using crypto to pay for luxury goods thanks to its popularity and the emergence of easy-to-use platforms. While speaking to CryptoPotato, the exec said:“One of the most difficult aspects of widespread crypto adoption will be education around blockchain technology, wallets, and how to properly send digital assets to the correct addresses.
The American apparel retailer’s decision to dip its toes in Web3 depicted an increasing trend of luxury goods becoming a favorite with the crypto crowd. But what does this mean for the future of crypto payment adoption?For true crypto adoption, everyday essentials need to be paid for in crypto or digital assets. This has been a contentious subject for the most part. But BitPay’s Theobald expects that such a trend will follow suit in the near future, with luxury goods paving the way for it.
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