Crypto is emerging fast in the luxury goods sector. According to data compiled by BitPay, nearly 20 percent of the items purchased in 2021 with cryptocurrency were luxury goods, including expensive jewelry, watches, yachts, and cars. This trend is proving popular for Web3 users that want to use their digital assets for transactional purposes. American apparel retailer Ralph Lauren recently announced it is partnering with BitPay to accept cryptocurrency for the first time in its Miami Design District store. The partnership will also grant patrons the option to gift Non-Fungible Tokens (NFTs).

Various high-end brands are turning to crypto payments and creating crypto-friendly experiences to attract new customers. Merrick Theobald, Vice President of Marketing for BitPay, believes that this is a way to make the crypto space more accessible and to increase its user base. He states that educating the market around blockchain technology and knowing how to move digital assets is key to this growth.

Peer-to-peer transfer services have served as an effective narrative on-ramp to crypto as they appeal to people who want an alternative form of payment. This is further evidenced by the Republic of El Salvador adopting Bitcoin as legal tender. On a larger scale, merchants are now beginning to offer crypto payment options at their online stores.

With luxury goods beginning to dominate crypto payments, many are wondering what this means for the future of crypto adoption. Merrick Theobald believes that from luxury goods there will be a downstream effect and that everyday essentials will soon be purchased with digital assets. In any case, the growth in this market is showing no signs of slowing, and it looks as if digital payments are here for the long haul.



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