Purchasing products and services with Bitcoin and other cryptocurrencies is now standard for regular people as these digital coins have become more accessible over time.
Investors and users across the globe diversify their portfolios by acquiring new and profitable coins, which gain value over time and allow them to buy anything, even luxury objects.
Seeing how popular these products became for worldwide investors, famous brands of premium clothing, vehicles, and jewelry started offering customers the option to pay with cryptocurrency and tap into a new audience.
Bitcoin is preferred in this case as it’s considered the safest and most valuable digital coin. In addition, the Bitcoin price chart shows its influence by limited supply, meaning its value will increase considerably in the future, making it the ideal store of value assets for wealthy people.
Therefore, more and more brands are providing new ways to access luxurious products. Introducing Ginza Xiaoma.
What is Ginza Xiaoma?
Ginza Xiaoma is a curated online shop where visitors can look for rare Hermès bags and purchase them through various cryptocurrencies like Bitcoin, Ethereum, and USDT. The company also allows buyers to interact with luxury advisors through platforms like WhatsApp and even have a private video consultation to help them decide on a bag.
The founder of Ginza Xiaoma described crypto bull runs as making investors buy luxury pieces with cryptocurrencies, which makes this business profitable due to the market’s volatility.
Hermès bags are already unique and valuable, but now investors can access them with crypto, as Japanese industry leaders authenticate them. In addition, advisors can guide investors to the best bag whose value fits their needs and wants.
This is not the first business to adopt crypto payments
While Ginza Xiaoma is uniquely offering access to Hermès bags, it’s not the first business to tap into the decentralized industry. The fashion industry has long accepted crypto as a safe payment option but in a “quiet way.”
This term is linked with the “quiet luxury” trend that became popular in the past years, in which wealth meant exclusivity and refined consumption instead of loud budgeting.
Some also know it as “quiet technology” since brands like Gucci and Dior adopted the terminology to suit fashion enthusiasts rather than crypto investors.
Therefore, catering an adequate communication medium between the two required companies to shift their approach from NFT-based clothes and metaverse luxury shopping to experiential investments in valuable pieces like the Hermès bag.
Luxury brands look to create meaningful experiences
Hence, instead of bombarding customers with NFTs, luxury companies are looking to make crypto and the metaverse worth the investment by immersing them in their brands’ unique insights on technology.
For example, the digi-physical brand IYK, created by Cristopher Lee, allows communities to connect by offering them the tools to make digital twins of their belongings. This way, any item can become a dynamic experience and appeal to those who want to try luxurious experiences.
Fashion brands are getting more creative in developing clothes and brand images that introduce the Web3 experience, but they leave out the technical terms and requirements of the market. In addition, they focus more and more on authenticity, as this is an essential aspect of fashion due to the value of rare clothes and accessories.
So, what luxury objects can you buy with crypto?
You can generally buy anything valuable with crypto, from artwork, cars, and precious metals to clothing and property. Of course, the accessibility of companies that sell it in every country depends on a series of factors, but as demand increases, these vendors appear more frequently on the market.
Moreover, buying with crypto is not that difficult. Here are the typical steps:
- Having a crypto wallet where you store your coins;
- Buying Bitcoin or any other cryptocurrency with which you want to make the purchase;
- Seeking vendors who accept your currency;
- Making the payment and confirming the transaction;
Know that some companies offer access to premium services in travel and accommodation, legal services, and health and wellness, in addition to luxury products.
Will luxury items help with crypto adoption?
Anyone with the right amount of crypto can buy almost any luxurious item on the market. But how valuable is this for the industry’s emergence, considering its current limitations? Crypto is scarcely regulated, and the challenges of integrating it into our traditional systems hinder its adoption.
We’re not sure how much the luxury industry will help crypto, but wealthy people might always demand them through crypto, considering its rising popularity. Moreover, regular users also push for the use of Bitcoin, and it has already become a legal tender in El Salvador, so we can assume crypto will become a thing at some point.
The future of crypto is all about adaptation
Many believe the cryptocurrency world has to mold around our financial systems, but it might only need to adapt to customer demand and need. This means we should also change our beliefs on what money can look like and its purpose so there’s a change from both parties for the final outcome of using it adequately.
Adopting crypto will require a change of infrastructure from worldwide companies and governments, pushing for the need to create new jobs and add something new to our world.
In the future, blockchain and the metaverse will become reliable technologies, and education on this matter will be included in schools so we can prepare the upcoming talented people who will reshape the industry. Industries like trade, manufacturing, and energy consumption will all change.
Would you buy luxury items with crypto?
Luxury items will always be in demand, especially when talking about vintage cars, clothes, and jewelry― their historical importance will always be valuable for collectors, and their buying process is now more accessible and more modern as they can purchase luxury with cryptocurrencies like Bitcoin.
A recent business idea allows investors to tap into the world of Hermès vintage bags as professional authenticators curate the best bags across the globe. Those interested only have to get in touch with them and seek advice from a financial perspective.
Article and permission to publish here provided by Mary Hall. Originally written for Supply Chain Game Changer and published on November 25, 2024.
Cover image provided by Freepik.com.