Swiss Watchmaker Tag Heuer Says it’s Time to Accept Crypto Payments

Swiss Watchmaker Tag Heuer Says it’s Time to Accept Crypto Payments

Luxury watchmaker Tag Heuer announced their partnership with BitPay just yesterday. There will be 12 different cryptocurrencies available for payments on Tag Heuer’s US website. These will include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE) plus the most popular stablecoins like Tether and USD Coin.

Rising Demand for Crypto Payment Options

In their newest press release, Tag Heuer pointed out the rising demand for crypto payments. The initial period of this feature will let customers located in the United States pay for a watch online up to $10,000 per transaction. There will be no minimum payment, but the cheapest watch on the website costs 0.17 BTC, which converts to $5143.82 at the current market price.

Tag Heuer is Getting Ready to Enter Web3

In addition to the new crypto payment option, Tag Heuer says they are planning to enter Web3 in the near future. An NFT collection is already in talks, as well as adoption of blockchain technology in Tag Heuer’s upcoming products and services.

‘As a luxury brand, we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best possible way’, – says Frederic Arnault, Tag Heuer CEO.

Constant Blockchain Adoption in Fashion Business

Aside from Swiss luxury watchmaker Tag Heuer, there’s been other prominent names in the fashion & accessories industry adopting blockchain technology. Another Swiss luxury watchmaker, Breitling, already released an NFT collection to go together with their physical goods.

The well-known French fashion mag L’OFFICIEL recently announced that some exclusive collections will be launched on Metaverse. Moreover, Prada has released a collectible NFT in partnership with Adidas.

Even though the NFT world is mostly ruled by gaming NFTs or avatars, it looks like fashion NFTs are finding their place in the blockchain world. In September 2021, Dolce & Gabbana made a record sale when their 9-piece NFT collection was sold in an auction for $5.56 million. The bid winner received not only the NFT collectibles, but physical items as well.

Just last month, Paris saw the Paris NFT Day event as a part of Paris Blockchain Week. The whole week was dedicated to blockchain and the future of its collaboration with the fashion industry. As the need for digital fashion grows, it’s likely we’ll see more collaborations between top brands in fashion and crypto.