Tag Heuer’s announcement comes as other LVMH brands and rival luxury fashion houses at Kering are investing in the metaverse and Web3, which is the concept for a new stage of the internet relying on blockchain technology.
Two brands owned by Kering announced they would start accepting crypto in some capacity this month. Balenciaga will soon start accepting Bitcoin and Ethereum as payment at its flagship U.S. stores and online, as reported by Women’s Wear Daily. Earlier this month, Gucci announced it would start accepting crypto as payment in select U.S. stores. The luxury brand even announced it would complete crypto returns in crypto, as opposed to offering store credit like the brand Off-White.