Farfetch accepts bitcoins to buy online - the world of crypto

Farfetch accepts bitcoins to buy online – the world of crypto

Farfetch is a well-known British online platform for selling fashion, luxury and design online.

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

Since 2018, it is also listed on the New York Stock Exchange in New York with the FTCH Index, and the current market value is approximately $3.4 billion.

Farfetch implements bitcoin in its payments system

Yesterday the company officially announced It has started giving its customers the ability to pay with cryptocurrency in 37 countries.

Initially, they will only accept six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USDC, but more may be added later. To pay with cryptocurrency, it is enough 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 to luxury brand customers with the upcoming launch of stadium merchandise.

In order to avoid having to act like Tesla, which first enabled payments in bitcoin and then apparently took it away due to its environmental impact, Farfetch joined forces with Crypto Climate Accord (CCA). This is an initiative inspired by the Paris Climate Agreement and focused on decarbonizing the cryptocurrency and blockchain industry.

The aim of CCA is to support cipher sector To move to zero greenhouse gas emissions by 2040.

Chief Market Officer at Farfetch Edward Sabbagh He said:

“Innovation is at the core of our business and we are constantly looking to implement new technologies that provide an improved shopping experience for our customers. We are excited to offer cryptocurrency as a payment option to customers who shop on the FARFETCH marketplace. Customers are increasingly interested in new payment methods and cryptocurrency is becoming increasingly important with luxury customers.”

NFTs and the luxury sector

In fact, it is not only cryptocurrencies that are prevalent in the luxury sector, especially in the fashion sector, but also NFTs.

In fact, starting in 2020, it appears to have generally surpassed all other sectors in terms of the number of brands launching NFTs.

This was revealed in a recent study by CoinGecko under which as many as 19 brands in the luxury and fashion sector launched NFTs in this period.

The media sector came second with just over half.

The study only looked at “traditional” brands in the United States and Europe, ranking them according to the Global Industry Classification Standards (GICS).

A total of 52 of these brands were found to have released NFTs since 2020, and up to 36% of these brands came from the apparel and luxury goods sector. The first by volume is Adidas, with its “Adidas Originals in the Metaverse” collection generating a volume of around 47,000 ETH. Followed by Nike, Dolce & Gabbana and Gucci.

Additionally, there are sectors, such as healthcare, construction, utilities, and real estate, where no major brands have issued NFTs.

CoinGecko Founder and COO Bobby Ong comment:

“Despite the current bear market conditions, many of these ‘traditional’ companies are making use of NFTs in their branding 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 whether brands in industries outside of this list unlock NFTs in their marketing strategies.”



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