In a press statement on May19, Tag Heuer noted that the new crypto payment option is a partnership with BitPay and will incorporate 12 digital currencies, including Bitcoin, Ethereum, Dogecoin, and five dollar-pegged stablecoins. Under the pilot project, U.S. customers will have no minimum amount to spend while the maximum has been capped at $10,000 per transaction. The company stressed that the new payment option was motivated by a rise in the number of customers using digital currencies.
Tag Heuer Web3 plans
Furthermore, the company revealed that crypto payments are the first step of its venture into Web3 and the general incorporation of blockchain technology and NFTs. Besides Tag Heuer, several watchmakers have in the recent past increased inroads in the crypto space. For instance, Breitling began issuing NFTs along with physical watch sales, while watch brand Jacob & Co is also accepting cryptocurrency payments. Tag Heuer also joins other luxury fashion brands incorporating blockchain in their operations. As reported by Finbold, French fashion magazine L’OFFICIEL announced plans to launch some of its collections in the metaverse. The initiative will see the magazine introduce a virtual gaming land identified as The Sandbox under a project dubbed Fashion Skin. Elsewhere, Prada also released its NFT after a partnership with Adidas. The collectible was a crowd-sourced digital artwork in a Beeple-style collage.
