Farfetch accepts Bitcoin for online purchases

Farfetch is a well-known British online platform in fashion, luxury and design online sales. 

It is a giant in its specific field, with 14 branches around the world and more than 5,400 employees. Its website consistently exceeds 30 million monthly visits, with sales of more than $4 billion in 2021. 

Since 2018 it has also been listed on the NYSE in New York with the ticker FTCH, and a current market capitalization of nearly $3.4 billion. 

Summary

• Farfetch implements Bitcoin in its payments system
• NFTs and the luxury sector

Farfetch implements Bitcoin in its payments system

Yesterday the company officially announced that it has begun offering its customers the ability to pay in cryptocurrencies in 37 countries. 

Initially, they will accept only six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and USDC, but it is possible that more will be added later. To pay in cryptocurrencies, it will be sufficient to scan the appropriate QR code displayed on the screen at the time of payment with your wallet. The payment gateway used is TripleA.

Farfetch Platform Solutions will also offer cryptocurrency payment capabilities for the luxury brand’s customers with the upcoming launch of Stadium Goods. 

In order to avoid having to do like Tesla, which first enabled payments in Bitcoin and then took them away apparently because of their environmental impact, Farfetch has joined the Crypto Climate Accord (CCA). This is an initiative inspired by the Paris Climate Agreement, and focused on decarbonizing the crypto and blockchain industry. 

The goal of CCA is to support the crypto sector to transition to zero greenhouse gas emissions by 2040. 

Farfetch Chief Marketplace Officer Edward Sabbagh said:

“Innovation is at the core of our business and we are continually looking to implement new technologies that provide an enhanced shopping experience for our customers. We are excited to offer cryptocurrency as a payment option for customers shopping on the FARFETCH Marketplace. Customers are increasingly interested in new payment methods and cryptocurrency is growing in importance with luxury customers.”

NFTs and the luxury sector

In reality, it is not only cryptocurrencies that are spreading in the luxury sector, and particularly in the fashion sector, but also NFTs. 

Indeed, starting in 2020 it seems that overall they have surpassed all other sectors in terms of the number of brands launching NFTs. 

This was revealed in a recent study by CoinGecko according to which as many as 19 brands in the luxury & fashion sector have launched NFTs in this period. 

In second place was the media sector with only slightly more than half.

The study looked only at “traditional” brands in the US and Europe, classifying them according to the Global Industry Classification Standard (GICS). 

A total of 52 such brands were found to have issued NFTs since 2020, and of these as many as 36% came from the clothing and luxury goods sector. First in terms of trading volume is Adidas, with its “Adidas Originals into the Metaverse” collection, generating a volume of about 47,000 ETH. It is followed by Nike, Dolce & Gabbana and Gucci. 

In addition, there are sectors, such as health care, construction, utilities, and real estate, where there are no major brands that have issued NFTs. 

CoinGecko co-founder and COO Bobby Ong commented: 

“In spite of current bear market conditions, many of these ‘traditional’ companies are leveraging NFTs in their brand and marketing efforts, as a way to engage their audience and communities.

It will be interesting to see how this trend holds up next year – and if brands in industries outside of this list unlock NFTs in their marketing strategies.”

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