The thirst for the more beautiful things in life intensifies once an individual becomes a millionaire. With the advent of cryptocurrency and its increasing use, this statement has been finally proved to be true. Moreover, the appetite to possess the exquisite items in life is not solely satiated by luxury dresses and expensive cars. However, the present trend depicts an exact opposite situation. Nowadays, the worlds of streetwear and cryptocurrency have begun to associate in a significant manner. The current situation in streetwear fashion exudes the notion that investors of cryptocurrency love streetwear and the streetwear retailers love to receive their payments in cryptocurrencies.
The popularity of Bitcoin among the streetwear retailers
It is important to note that the list of apparel retailers who accept cryptocurrency is quite short. On the other hand, the ones who have started receiving them are favoring the new technology which facilitates payment in Bitcoin. This technology is also known as the Blockchain technology. It is that type of a technology which eliminates the presence of any middlemen. Here intermediaries refer to banks or other financial institutions. It allows the parties to trade in a direct manner and keeps a list of all the completed transactions.
In this context, it is interesting to note that the streetwear retailers are vocal about the advantages of this revolutionizing blockchain technology in major social media platforms. It is also important to note that as per Jonathan Jackson who the president of Overstock’s blockchain technology is also this new form of technology would have a more significant impact on the world once its full potential is realized.      Â
It is also vital to mention that Overstock started accepting payment in Bitcoin from late 2013. However, as per Jonathan, only 0.25 percent of the revenue of the site comes from Bitcoin purchases. Moreover, a majority of these items are based on the sale of home décor items. According to him, the present day Bitcoin investors are going elsewhere to shop for streetwear clothing which would make their peers gasp in awe.
The real-life case study of a cryptocurrency investor
Recently GQ sat down for an interview with the 19-year-old Erik Finman. Erik in this short span of time has amassed a colossal fortune and is a Bitcoin millionaire. He is also someone who has the excellent affinity towards streetwear shopping. He gets up every day, jumps into his Yeezys and brushes his teeth with a Supreme toothbrush. For some, it may be a simple affair particularly for those individuals who toil hard to meet their daily ends meet. However, this is slowly becoming a reality as according to GQ, kids are slowly learning to invest by opting for favorite streetwear brands. Moreover, the present trend also depicts that kids are buying and trading in cryptocurrencies in a much more significant manner. They ate blowing their own trumpet by investing in streetwear brands.
Image Source: https://www.gq.com/story/bitcoin-streetwear-overlap
Finman began investing in Bitcoin at the age of 13. He amassed USD 100,000 when he was 16. It was an obsession for Finman to shop for streetwear products. He was initially attracted by Kayne West’s Adidas and various BAPE products. This ultimately led him from one brand to another, and nowadays it has become an addiction for him to shop for streetwear brands.
The reason behind the popularity of streetwear fashion among cryptocurrency investors
When it comes to cryptocurrency community, Erick feels that he is not the only one out there. According to him, the new crypto money is proliferating into the streetwear brands. People are buying Lamborghinis with the help of cryptocurrency nowadays. In other words, streetwear brands have become the new symbol of status among the Bitcoin investors. It is a manner in which the cryptocurrency investors can flex their muscles over the others. Many also note that buying streetwear fashion gives them a psychological advantage over the other members of the community. This is where the streetwear brands are showcasing their marketing strategies. They are promoting their brands in such a manner that it attracts the attention of the Bitcoin investors.
The efficiency of the Blockchain technology in facilitating this trend
The blockchain technology is known as a disruptive and revolutionary form of technology. Quite interestingly, it has gained a lot of popularity in the recent few years just after its introduction. It has been applied in a majority of fields, and the results are astounding. From finance to health, this technology is creating new ripples as it has facilitated change in a rapid manner. On the other hand, its application in the streetwear retail industry has bestowed the industry with a lot of benefits. It has ensured that the streetwear retail industry steers clear of any malpractices besides being highly customer oriented. Moreover, with the help of smart contracts, a lot of malpractices and fraudulent activities can be holistically solved.
The Blockchain technology is associated with building trust
The blockchain is laying emphasis on governance and building trust within the network of the blockchain. In this context, it is interesting to note that the Blockchain platform possesses the ability to slash down costs related to the active providence of streetwear retail facilities. Moreover, this revolutionizing technology would make sure that there are no multiple parties who can view and edit the same data. The customer data would be reduced to be accessed by only one medical practitioner. On the other hand, there would be no middlemen in the process of a transaction which would make sure that there are no discrepancies. It would also give rise to digital contracting which to a large extent can alter the streetwear retail ecosystem that is present nowadays.
There are endless possibilities of applying the blockchain technology in the streetwear retail ecosystem. The blockchain technology would make sure that there is efficiency in the data shared between stores about a particular customer. As data would be directly shared from one store to another, there is no room for altering the data of the customers. It is gaining popularity because the cryptocurrency investors prefer privacy and it guarantees just that.
About The Author
Kshitij Datta
I am a blogger and I like reading blogs that are related to technology, business, fitness and health, I even like writing articles and I usually like writing articles and blogs that are related to general issues and everyday problems. Do visit my blog for some awesome gift ideas.
