Farfetch, the luxurious version of Amazon that hosts brands like Gucci and Prada, will now be accepting crypto as payment. Luxury fashion brands in Western Europe have been building their presence on TikTok, joining the gaming world, and entering the metaverse in some way to reach Gen Z and Millennials, and now Farfetch is helping them reach young crypto investors. The online luxury marketplace announced last week that their “VIP” consumers will be able to pay via Bitcoin, Ethereum, and Binance Coin in hopes of attracting young shoppers. All U.S. and European consumers will have access to the new payment method as the brand says they need to “extend their growth efforts” in order to appeal to the “large number of wealthy people under the age of 40 [who have] invested in Bitcoin.” YPulse’s WE Buying Into Crypto and NFTs trend research found that 56% of Gen Z and Millennials in the region think brands should start accepting payment in cryptocurrencies. (WSJ)
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