Off-White™ Is Integrating Cryptocurrency Payments
The London-based company Off-White™ is the latest luxury fashion brand to move into the Metaverse and will begin accepting crypto assets as payment at their stores.
Starting at flagship stores in London, Paris and Milan, Off-White™ customers will now have the option to swap Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Tether (USDT) and USD Coin (USDC) in exchange for all products, with no payment limits (following fraud checks), according to Vogue Business.
This move follows luxury brands Hublot and Philipp Plein announcing crypto transaction options in 2021.
To account for crypto price volatility, the company uses the LUNU POS terminal to find the exchange rate of currency-to-crypto. Refunds crypto purchases will be issued in store credit in local currency.
“This is another important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever evolving customer base,” the Off-White™ team proffered.
Off-White™ was founded by the late Virgil Abloh who himself had big plans for Web3, as his NFT and DAO plans were revealed by his close friend Fred Ehrsam, illustrating his desire to “change the balance of power in favor of creators.”
Ehrsam shared detailed Abloh’s blockchain project “Skyscraper”, which paints a deep vision for the future of fashion including NFTs and social tokens, tweeting that “Virgil Abloh was a pioneer in music, art, and fashion. Most people don’t know he was also ahead of the curve on Web3.”
“What I have been running in my head is to start a real-life, digital museum. For it to become an institution where the currency used in that space is my unique social token. Inside the space will be my work, but also the work of a community of adjacent artists operating on a token of the space.” ~ Virgil Abloh, Founder of Off-White™
In 2021, LVMH acquired a majority stake in Off-White™.
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