For the 170-foot Italian superyacht Vianne, the owners are willing to accept a 10% deposit in fiat currency and the rest in cryptocurrency.
Using cryptocurrency to pay for luxury goods like a 170-foot yacht is just the latest example of this trend.
A statement released Monday by the owners of the Italian-built Vianne yacht reveals that buyers will be able to use bitcoin (BTC), ether (ETH), dogecoin (DOGE), or "top tier" non-fungible tokens (NFT) from the CryptoPunk or Bored Ape Yacht Club collections to purchase the vessel.
In any case, a ten percent fiat down payment is needed to begin the process. Vianne is valued at $10 million and is available for charter in the Caribbean this winter at a rate of $196,000 a week. She has a jacuzzi on the sky deck and can sleep up to 12 people.
According to a statement from the yacht's owners: "Despite the fact that cryptocurrency payments are becoming more common in the yachting industry, this would make VIANNE the largest yacht ever purchased with non-financial tokens."
Dolce & Gabbana and Sotheby's are just two of the high-end brands that have accepted cryptocurrency as a form of payment for their luxury goods.
In addition, Morgan Stanley recently estimated in a note to clients that the luxury market could generate 50 billion euros in revenue from metaverse gaming and NFTs by 2030. "Kering," a French company that owns luxury brands such as Gucci and Yves Saint Laurent, is in a prime position for profiting from virtual reality and the metaverse, the bank stated.
Vianne's owners believe cryptocurrency is already a reality on the high seas. As the owner's family office told CoinDesk via email: "In the last 12 months, we have leaned towards transacting using crypto, where relevant and possible. To make the transaction more secure, we'd prefer to pay in crypto (stablecoins/altcoins) if that were an option. We're looking to buy a larger yacht for the owner."
DOGE, a lighthearted alternative to traditional cryptocurrencies like Bitcoin, was launched in 2013. It's a meme that inspired the Dogecoin name and Shiba Inu logo for Dogecoin. Unlike Bitcoin, DOGE was designed to be plentiful and unrelated to inflation. Miners are churning out 10,000 DOGE per minute, bringing the total supply to 130 billion by far.
Dogecoin was designed to be a low-risk, high-fun alternative to Bitcoin. DOGE's launch in late 2013 attracted an enthusiastic online community that famously used DOGE to help send the Jamaican bobsled team to the 2014 Winter Olympics in Sochi, Russia.
After nearly a week of declines, cryptocurrency prices showed signs of recovery on Wednesday.
Among the major cryptocurrencies, Dogecoin led the way higher for the second day in a row. In the wake of Tesla CEO Elon Musk tweeting that the electric-car maker would begin accepting meme coins as payment for Tesla merchandise, meme coins surged in value. Before falling to as low as $0.17, Dogecoin experienced a 33% surge, reaching over $0.21. While writing this article, CoinGecko shows that it is currently trading for $0.18.
As a result of the dogecoin surge, the crypto market as a whole has seen a resurgence. Compared to Tuesday's lows, Bitcoin gained nearly $2,000 on Wednesday morning. On Monday, the asset was rejected by a bid of $50,000. It is still fighting that price resistance.
This year, Tesla CEO Elon Musk has repeatedly promoted the DOGE cryptocurrency, often influencing the price.
He became even more enthusiastic about Dogecoin after Tesla reversed course on accepting Bitcoin payments because of environmental concerns. Additionally, he has collaborated remotely with Dogecoin devs, and just last week he tweeted at Markus that he is "pro Doge. "
Contrary to expectations, Shiba Inu (SHIB), created as a parody of DOGE, outperformed DOGE in 2021, rising by 42,000% as opposed to DOGE's 3,000% increase in price, Although SHIB is just a few cents, DOGE is worth $20 and has a current market value of $25.56 billion, making it the 12th most valuable cryptocurrency.
Today, Ether rebounded to $3,680 following yesterday's dip, adding 3% on the day to $3,880.
Some of the recent big ether purchases were made by crypto funds. One day after purchasing ether worth $400 million on Coinbase and Binance for the first time, Singapore-based Three Arrows Capital moved thousands of units of the cryptocurrency from those exchanges into its own wallets.
Su Zhu, the founder of Three Arrows, had previously slammed Ethereum's slow and costly network. It was later revealed that Zhu had told CoinDesk that the fund was still "bullish" on ether as the macro environment calmed and global stock markets appeared "healthy."
With gains of 15% as of the time of publication, tokens of Avalanche also ranked high on the crypto charts. According to CoinGecko data, the value of Solana and Terra (LUNA) tokens increased by 7% and 5%, respectively.
The explanation of Cryptocurrency:
Instead of small change, have you ever received a paper token from your neighbor's paan shop that you could use to pay him again the next time you went to see him? That's your cryptocurrency, if you think of it digitally. Because there is no owner-issuer here, it could theoretically be accepted around the world, at least in theory. It is virtually impossible to counterfeit a cryptocurrency because it is encrypted digitally. When used as a medium of exchange, they are intended to be used as a store of value. Because they are decentralized, there is no central authority to regulate cryptocurrencies. In order to guarantee transparency and help track every transaction, they are built using the blockchain network technology. It is theoretically impossible for a government to influence or manipulate these currencies. Inflation cannot affect cryptocurrencies because they do not have a monetary foundation. In addition, the digital structure makes it possible to move freely across national borders, to divide and to reveal information. Despite this, they are frequently criticized for the risk of being abused for illegal purposes, as well as the volatility of the exchange rates and the underlying infrastructure they rely on.