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Crypto has had a chaotic year. 

“I think after the market rout in the last week or two, I’m not sure any of us are truly ready for cryptocurrency,” said American Eagle Outfitter’s Chief Marketing Officer Craig Brommers at the CommericeNext 2022 conference last month. The retailer made the decision not to accept cryptocurrency as a form of payment when it was developing an NFT collection last year.

The crypto market crashed in May, with extremely volatile trading trends. Consumer Financial Protection Bureau Director Rohit Chopra even cautioned businesses, telling Bloomberg that stablecoins might not be ready for payment. Nonetheless, plenty of retailers have announced they are accepting crypto as payment. Brands such as Gucci, Balenciaga, Alo Yoga and Tag Heuer are some notable companies that entered the crypto game recently.

Even brands within the same arena are thinking about digital currencies differently. Pacsun and American Eagle Outfitters are both betting big on digital transformation as a way to attract and retain a youthful audience. Both brands have been involved in virtual shopping and gaming experiences by launching initiatives in Roblox. Pacsun released mall rat-themed non-fungible tokens this year and auctioned some off at the immersive virtual shopping event ComplexLand 3.0. American Eagle Outfitters also released an NFT collection last year, and recently created an apparel collection with designs from NFT creators. 

The key difference in both brands’ NFT launches: Pacsun sold them in exchange for crypto and American …….

Source: https://www.retaildive.com/news/how-retailers-are-approaching-cryptocurrency-payments/626613/

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