Tiffany and Gucci’s plunge into crypto strikes a balance between reputation and earnings – Marketingwithanoy

Its crypto integrations by well-known 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 dived deeper into the crypto sphere with partnerships in the world of digital assets. Tiffany launched NFTiffs — it will sell 250 NFTs for about 30 ether, about $50,000, to holders of CryptoPunks, who can redeem custom pendants in the style of their CryptoPunk NFT.

Meanwhile, Gucci started to accept ApeCoin, the token associated with Bored Ape Yacht Club NFTs, and FC Barcelona announced a $100 million investment from the app for fan engagement. The football league has partnered with since February 2020, when it launched FC Barcelona’s fan token called BAR, but the investment will contribute to the web3-related plans.

“The financial benefit of creating new revenue streams and channels for culture is clear regardless of market conditions, but brands that capture this level of attention are reluctant to risk their brand equity and reputation,” John Wu, president of Ava Labs, told Marketingwithanoy. “It is safe to assume that the strategy for these initiatives has been extensively discussed and approved by senior management.”

Leave a comment