Balenciaga enters the crypto world- The Cryptonomist


Balenciaga is preparing to accept crypto payments, while eBay and Magic Johnson are launching new NFT collections.

Balenciaga also opens its doors to the crypto world

crypto payments
Balenciaga implements cryptocurrencies in its payment system

Balenciaga, one of the best known and most exclusive luxury brands, has announced that from next month it will also accept payments in Bitcoin and Ethereum. For the time being, this option will only be available in certain shops in the United States and will then be extended to all shops around the world.

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The company has announced that it will be possible to pay in cryptocurrencies for online purchases. This is yet another case of a major luxury brand opening up to cryptocurrency payments. 

A fortnight ago it was the turn of Gucci, another historic fashion brand, which had announced that it would accept payments in 6 cryptocurrencies. Tag Heuer, Philipp Plein and Off-White are also accepting payments in cryptocurrencies.

NFTs and the metaverse enter the fashion industry

In addition to cryptocurrency payments, the use of NFTs and the metaverse is becoming increasingly popular. 

Balenciaga itself in early May announced the launch of its first NFT collection entitled “The Cristóbal Balenciaga: To the Moon NTFs”, named after the historic designer who founded the brand in 1919.

According to press reports, the launch of the new collection will take place via Crypto.com’s NFT marketplace. 

These will be exclusive collections, approximately 8,000 never-before-seen pieces that will be launched only for digital collectors. The pieces will be inspired by the collection of the legendary designer of the famous Parisian Maison of the 1980s, Lorenzo Riva.

In other words, fashion is showing increasing interest in the crypto world in general and in NFTs and the metaverse in particular. 

But while fashion is now approaching this new form of business, sport has already created a very close association with non-fungible tokens. 

Magic Johnson launches its own Non-Fungible Tokens

Football, basketball, Formula 1, and American football have signed important partnerships to open up new business opportunities. 

Most recently, American basketball legend Magic Johnson decided to launch the NFT collection “The anthology: Magic Johnson” on NBA Top Shot.

The collection of the American basketball champion will be released in June and will consist of 1,600 unique pieces, representing some moments of Johnson’s long NBA career. The package will start at $399 and will be developed through the Flow blockchain.

eBay and hockey

Turning to eBay, the company is using hockey and one of its most iconic champions to launch a new collection of NFTs. 

It is Wayne Gretzky, who played 20 seasons in the US NHL. He won four Stanley Cups and is regarded by many fans and experts as the greatest player of all time. The Gretzky NFTs are on Ethereum’s L2, Polygon, and were issued through a partnership with Sports Illustrated and the NFT OneOf platform.

Gretzky said:

“Forty years ago, I was grateful to be on the cover of Sports Illustrated, it was a monumental moment in my life. I’m honored to bring this collectible experience to my hockey fans who have followed my career for decades”.





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