Shiba Inu (SHIB) is a meme coin that has gained a lot of popularity lately and has strong community support. To meet the needs and preferences of the Shib Army, companies started to integrate this coin as a payment option. The fashion luxury brands couldn’t miss this landscape, having the example of Gucci, who was interested in adding Shiba Inu in its operations together with other cryptocurrencies.
Dogecoin (DOGE) was the first meme coin ever created. Both Dogecoin and Shiba Inu are dog-inspired meme coins, their logos being Shiba Inu dogs. Meme coins are an interesting type of cryptocurrency, as they have a playful nature, which makes a larger variety of people interested in investing in them. This may be the main feature that keeps meme coins alive. At first, the Shiba Inu coin was built on Ethereum, but later, it transitioned to the Shibarium layer-2 blockchain.
In this article, we will explore more about the Shiba Inu coin and why cryptocurrencies started to be integrated as a payment method for various fashion brands worldwide.
The Beginning of Shiba Inu
The Shiba Inu coin was developed in August 2020 by Ryoshi, a mysterious figure who wanted to take advantage of Dogecoin’s popularity. Over the years, Shiba Inu started to receive the name of Dogecoin killer, which proves that the goal behind growing Shiba Inu was met. When it was launched, SHIB was created on the Ethereum blockchain, but then this meme coin moved to its own blockchain, Shibarium. Shibarium is a layer-2 solution that was built on top of Ethereum. This is how Shiba Inu managed to have great efficiency and scalability and provide cheap and fast transactions.
Shibarium remains connected to Ethereum, but it also operates independently and can handle transactions off-chain. Thanks to this approach, Shiba Inu can address Ethereum’s shortcomings, such as extensive fees and scalability issues. Shiba Inu has increased in popularity mainly due to its loyal fanbase, which is known under the name ShibArmy. The individuals from this community wanted to utilize this digital coin to pay for various products and services, which is why multiple brands have adopted it.
The Integration Of Cryptocurrencies In The Fashion Industry
Brands need to remain innovative if they want to continue to meet the expectations of their customers. The fashion industry must evolve constantly, and lately, the combination of fashion and technology has started to be more present. This has made fashion brands begin to consider cryptocurrencies as payments in their operations.
Gucci, A Powerful Name And A Pioneer In The Crypto Adoption
From the luxury fashion brands, Gucci was among the first ones to accept cryptocurrencies in their operations. Gucci always wanted to stay ahead of the curve, so when cryptocurrencies exploded in popularity, it started to integrate them into its operations. The history of Gucci with cryptocurrencies started in 2021, when Gucci announced that it would begin accepting crypto payments in many stores from the USA. This has offered customers the possibility to pay with cryptocurrencies like Bitcoin and Ethereum when purchasing different products. Thanks to this approach, Gucci showed that it is ready to embrace the opportunities the future could bring and gain attention from a tech-savvy audience.
Additionally, seeing that meme coins have attracted a large and loyal fanbase, Gucci also stated it would integrate payments with Shiba Inu and Dogecoin. Besides integrating various cryptocurrencies as a payment option, Gucci also considered non-fungible tokens (NFTs). This is why this luxury brand has launched a limited collection of digital art pieces.
These NFTs were named “The Next 100 Years of Gucci” and were sold on the Ethereum blockchain. With this NFT collection, Gucci celebrated its 100th anniversary and showed that fashion could be integrated in new innovative ways that transcended the traditional barriers. Additionally, with this collection, Gucci blurred the line between physical clothing articles and digital pieces.
Other Fashion Brands And Companies That Accept Crypto Payments
Louis Vuitton
Louis Vuitton is an iconic name in the fashion landscape, and it has also started to be interested in cryptocurrencies. LVMH, the parent company, has looked for blockchain solutions, and as a result, it launched the AURA Blockchain with the goal of tracking the authenticity and provenance of luxury products. Among all the companies, Louis Vuitton was among the first ones to integrate this blockchain solution, thus improving the experience of customers, as they are aware they purchase authentic products.
Other than this, Louis Vuitton was also interested in NFTs and even made a collaboration with Beeple, a video game developer. Together, they launched “Louis: The Game”. In this game, players could receive NFT rewards while surrounded by the iconic designs of Louis Vuitton.
Balenciaga
Balenciaga has a bold approach, which is why it couldn’t miss out on the crypto realm. This is why Balenciaga was interested in accepting Ethereum and Bitcoin, taking the example from its cousin, Gucci. This proved that Balenciaga is committed to offering the best experience to customers and keeping up with the constant desires of the audience.
Dolce & Gabbana
Dolce & Gabbana also started to be present in the crypto space when it launched an NFT collection named “Collezione Genesi,” which contained both physical and digital items. This collection proved that fashion brands could have the best combination of digital artistry and haute couture and showed that virtual space can be present in fashion.
Cryptocurrency And Fashion: A New Reality?
The mix between cryptocurrency and fashion is here to stay and will probably be even more present in the future. This combination brings advantages to both parties and can unlock new opportunities that haven’t been present so far. Many fashion brands prove that cryptocurrencies can be accepted as a payment, which can be viewed as an example for others in the industry. As the crypto space is evolving at a rapid speed, fashion brands must keep up with this and start looking for ways to offer their crypto customers what they are looking for.
About The Author
