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Beginning in June, European luxury fashion house Balenciaga will start accepting payment in cryptocurrencies — namely, Bitcoin and Ethereum — illustrating how crypto adoption is accelerating worldwide, particularly in the fashion industry.

The company is expected to open up payment options in other cryptocurrencies later this year. In doing so, it joins fellow fashion brand Gucci in embracing digital currencies as a payment method at select stores. Beyond the two largest cryptos, Bitcoin and Ethereum, Gucci has already opened up payments in Litecoin, Dogecoin, Shiba Inu, and Bitcoin Cash .

Nike, Dolce & Gabbana, and Burberry have also waded into the virtual asset space, offering non-fungible token collections to customers seeking an immersive metaverse experience.

The so-called emerging "digital fashion industry" is projected to reach $2 trillion Decrypt reports.

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Despite this, crypto is a long way from mainstream use as a payment method, given that only two countries even accept Bitcoin as legal tender: El Salvador and the Central African Republic.

But there is a growing recognition of the important role digital currencies will play in the economy of the future. Already, Starbucks, Microsoft, and AT&T have introduced crypto payment methods to appeal to savvy customers.

In April, U.S. citizens also acquired the capability of paying for everyday bills in cryptocurrencies, including mortgages, bills, and even their taxes. This follows on the heels of Venezuelans being able to pay for Pizza Hut with Bitcoin, and other brands like Gap, GameStop, and JCPenney letting customers use crypto to buy goods.