Tiffany and Gucci’s dip into crypto is a balance of reputation and revenue – TechCrunch

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Are cryp­to inte­gra­tions by house­hold name brands and sports teams evi­dence of increas­ing use cas­es for dig­i­tal assets and cryp­tocur­ren­cies — or more of a mar­ket­ing ploy?

This week, Tiffany & Co., Guc­ci and FC Barcelona all dove deep­er into the cryp­to sphere with part­ner­ships in the dig­i­tal asset world. Tiffany launched NFTiffs — it’ll sell 250 NFTs for about 30 ether, around $50,000, to Cryp­toP­unks hold­ers, who will be able to redeem cus­tom pen­dants in the style of their Cryp­toP­unk NFT.

Mean­while, Guc­ci began accept­ing ApeCoin, the token asso­ci­at­ed with Bored Ape Yacht Club NFTs, and FC Barcelona announced a $100 mil­lion euro invest­ment from fan engage­ment app Socios.com. The soc­cer league has been col­lab­o­rat­ing with Socios.com since Feb­ru­ary 2020, when it launched FC Barcelona’s fan token, called BAR, but the invest­ment will add to its web3-relat­ed plans.

“The finan­cial upside of cre­at­ing new rev­enue streams and chan­nels for cul­ture are clear, regard­less of mar­ket con­di­tions, but brands that com­mand this lev­el of atten­tion aren’t keen to risk their brand val­ue and rep­u­ta­tion,” John Wu, pres­i­dent of Ava Labs, said to TechCrunch. “It’s safe to assume strat­e­gy for these ini­tia­tives have been dis­cussed exten­sive­ly and approved by the most senior leadership.”



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