The Newest Big Luxury Spenders are Young, Smart & Wealthy Gen Z Crypto Holders

The convergence of luxury products and the crypto community is stronger than it has ever been, and examples are everywhere of how the new generation of crypto millionaires are spending their money on luxury goods more and more. Brands like Dolce & Gabbana are releasing NFTs while LA-based brands such as Fear of God, Rhude and Amiri are capturing the attention (and the pocket-books) of popular crypto influencers.

We saw Philipp Plein in August 2021 announce that it would start accepting cryptocurrency as payment options on its website or in the store. This is after Hublot, way back in 2018, also decided to accept payments in crypto and recently launched a blockchain wallet in collaboration with Ledger. In January 2022, we saw Fendi team with Ledger as well to create luxury hardware wallet accessories.

As an industry, crypto has evolved largely around memes and internet culture, and because of this, the personal styles of members are an important component of how members of the community view one another, ultimately attempting to reflect their online personas in the real world, and using luxury brands to do so. While many impulse buys are custom-order fashion items, there exist many other purchases which can function as a dual investment as well: “If I buy these shoes and one day, for whatever reason, I want to sell them, I know that I can” — that is coming from crypto influencer Bryan Jung.

Indeed, in this new millennial millionaire club, there is a definite predilection toward what can be deemed “conspicuous consumption” — a spend-thrift motif which is constant and holds true across countries and borders, much like the blockchain itself. Cities like Los Angeles, where a deep hustle culture exists, are now merging their local culture with blockchain and tech startups in order to create fresh new crypto communities defined by streetwear, rampant social media and healthy Gen Z energy.

As more and more open-minded individuals enter the crypto space and more blockchain-based Marketplaces such as LuxFi become established, we will assuredly see a preponderance of luxury brands following suit, hoodies in hand.

About LuxFi

LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.

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