There are now many use cases for cryptos in business. As an illustration, and indirectly related to crypto-currencies, 2021 was the year that Non-Fungible Transactions (NFT) and the concept of Metavers began to be taken seriously, which precipitated the plunge of companies into these new assets and the technologies behind them. The luxury, video game industry, art, and sport world are all investing massively in these technologies and buying plots in the Metavers or selling NFT that impose payments in crypto-currencies.
One of the most notable incursions into the Metavers came from the luxury market with the highly coveted sale of a virtual Gucci bag for the equivalent of $4,115.
In parallel, Kering, Gucci, and Balenciaga are all investing in the Metavers, and their teams are dedicated, but they are more cautious about accepting crypto-currencies on their online sales websites. Indeed, even if they are not illegal in most jurisdictions, the legal and taxes consequences, current and in the future, must be carefully analyzed.
Contrary to what some might believe, payments in crypto are not reserved for the virtual world. It is now possible to pay in cryptos in some physical Gucci stores in certain big cities in the United Sates, with an extension to all North America planned in summer 2022.
France also seems to want to impose itself on this niche. In Paris, from June 8 to July 8, 2022, you were able to make you purchases in crypto-currencies in the Beaugrenelle shopping center. A first!