After a boom in the last year, the cryptocurrency projects are working towards bringing this lucrative market to the mainstream business industries. Following this trend, FTX will now bring cryptocurrency to the $300 billion uncapped luxury market economy. The new announcement comes after the exchange’s attempts to rapidly expand its market across businesses and industries. The official report also confirms that former model and luxury market entrepreneur Lauren Remington Platt would be the key figure in this new venture by the crypto exchange.
Over the last few months, the cryptocurrency market and related projects have undergone a paradigm shift. The crypto space no longer wanted to remain reclusive and welcomed more and more business opportunities from the traditional industries. FTX, one of the leading crypto exchanges, has so far been exemplary in its attempts towards expanding its market to keep up with the competition from other exchanges. So far, the exchange was focusing on sports-based markets and exposure like sponsorships, giveaways, naming rights, etc.
Now, the focus seems to be shifting, and the exchange is turning towards a vast market for luxury items. The crypto boom of the last year created a larger section of buyers interested in spending their virtual money on luxury items. However, there has been no attempt to harness this demand in the crypto industry until now. Platt, on behalf of FTX, would now approach luxury brands to expose them to this unnoticed opportunity. FTX is one of the world’s major cryptocurrency exchanges, with hundreds of currencies and low trading costs. The FTX platform’s user-friendliness and comparatively modest withdrawal fees have received positive feedback. For crypto traders looking for a high-quality, value-driven exchange, FTX is a good option. According to the FTX exchange review, new business opportunities could easily push the exchange beyond the $32 billion mark in market cap.
The excitement surrounding this new deal is bigger because luxury items are a happening business in the crypto space. Earlier this month, the German fashion giant Philipp Plein acquired a large piece of virtual real estate in Decentraland. Adidas and Prada have also teamed up to launch their new NFT following the rapid growth of this market. Furthermore, other prominent names like Gucci Ralph Lauren, too, have expressed their interest in emerging markets like NFTs and metaverse.
According to the official reports from CEO Sam Bankman-Fried, people aged between 30-35 are showing more interest in buying lifestyle and luxury items, and this peculiarity accounts for nearly 25% of business in the crypto industry since last year. Given such growth, FTX has previously signed a partnership with supermodel Gisele Bündchen and her footballer husband, Tom Brady. Now the onboarding of Lauren Remington Platt pushes the business to the next level for FTX. In Platt’s view, the exchange’s decision to include her would help fill the representational gap found in the crypto space in terms of gender. She hopes to keep working towards exposing the wealth-making opportunities of the DeFi sector.