As the market of cryptocurrency and NFTs are gaining a good surge, it raises a question in the mind of people who desires to live the newfangled lifestyle that will luxury also allow people to make a purchase using NFTs. The cryptocurrency market in India is still struggling to gain faith, but people are partially participating due to its highly volatile nature.
The Cryptocurrency Boon: An Introduction
With the false start, cryptocurrency led by all the tokens will prominently shape the future of payments. With the announcement of AMC to soon accept Bitcoins for movie tickets, Jack posts Tweet "Bitcoin will unite a deeply divided country (and eventually: world)". It gives us the blurred picture of the yellow brick road of where the technology is leading. The cryptocurrency boom is for sure attempting to ratiocinate the way we have access to payments.
On the contrary, we have also seen various unique ways startups coming forward to support the technology and leveraging, promoting and raising its awareness to let people get familiar with the future of digital payment methods. In recent, JP Morgan offers their private bank clients to have access to Bitcoin funds. Also, Vanity, the new player in the market, allows cryptocurrency enthusiasts to have a custom address for their digital wallets. According to the statement, $VNY is the first token ever released on any blockchain to provide Custom Wallet Addresses for Bitcoin, Ethereum, Binance Smart Chain, Litecoin and Dogecoin Chains.
Rewarding Fan Community
Many luxury brands have joined the technological and payment revolution, such as Hublot and Franck Muller. According to the data from Forrester, only one percent of the proportion of luxury consumers are currently using cryptocurrency. In the context of the luxury industry, it isn’t going to become a mainstream payment instrument, but that’s not to say that brands should entirely ignore it", says Forrester’s Bennett.
Franck Muller and Hublot have started selling timepieces exclusively for purchase via Bitcoin. “The launch was a success; interest was high, and we pre-sold 210 watches", says Ricardo Guadalupe, chief executive of Hublot. “We believe that virtual currencies are the future and will [accept] payment in Bitcoin and other cryptocurrencies on our e-boutique in 2021 or 2022".
Cryptocurrency has become the new and integral way to communicate and reward customers. One of the brands established in 2018 named Lolli allows anyone to earn Bitcoin after shopping. While almost every program rewards points and cashback, Lolli has approached the new tech trend and sends Bitcoin directly to the buyers' wallets.
Another astonishing fact about the cryptocurrency boom is that an individual who holds cryptocurrency is more likely to spend $450, unlike non-crypto holders who may rarely spend $200 on an average. One of the benefits that user gets while paying for the purchase is that brands incur lower fees on cryptocurrency payments.
Michelle Phan, a digital pioneer credited with playing a pivotal role in decentralising the beauty industry says, “Imagine one day Nike does a cool limited-edition NFT drop with LeBron James, and there are 100 of these sneakers that exist on [the video game] Population: One. It can be your skin in the game, but you can also get it in real life, and they’re accessible only via their own social tokens".
For the Gen-Y population, it is a brave new world to tap in. The cryptocurrency boom will unite the world in its disruptive ways, Jack says in its tweet. There are various startups in the league coming up with peculiar ideas to change the way we make payments while shopping online. There is no doubt that soon the reward points and cashback will be taken over by rewarding Bitcoin's or other cryptocurrencies under their loyalty program. Many cryptocurrency exchanges in India are working to streamline and spread awareness to adopt new technologies. Soon, India will be the country that accepts digital assets as another payment option.
