Free women clothing and men’s clothing are being offered on the bitcoin and litecoin cryptocurrency markets, with a virtual currency called Paycoin (PPC) gaining popularity in the emerging apparel market.PPC was created in late 2015, after a female clothing brand called Puma was acquired by online fashion retailer Yves Saint Laurent.
Paycoin, which was released on March 17, is the first of several cryptocurrencies that offer free women’s and men�s clothing, as well as shoes and accessories, for purchase using bitcoin or litecoins.
According to CoinMarketCap, Paycoin has a market cap of $857 million, compared with $1.8 billion for Paypal, $3.2 billion for Facebook, $2.7 billion for Amazon, and $2 billion in Facebook’s market cap.
Paycoins price volatility is less than 1 percent.
Paycoin is the most popular cryptocurrency for women’s apparel, according to the CoinMarketcap data, with Paycoins market cap more than twice as high as Paypal.
“Free women�s and men clothes are the fastest growing fashion item on the crypto market, and it�s an attractive new avenue for fashionistas to spend their money,” said Daniel Gershenfeld, an analyst at Counterpoint Research, which tracks the emerging clothing industry.
“The Paycoin price volatility in the last month has been very low, with the price fluctuating between $3 and $5, and the cryptocurrency is becoming increasingly popular among consumers.”
In the past year, Paycoins popularity has been increasing as more women, including many millennial women, are adopting the technology to buy women� clothes online, Gershefs co-founder Alex Vadim told CoinDesk.
The Paycoins success is a boon to women� clothing brands.
Puma, which sells for around $150,000 a piece, started selling women� apparel last year.
The company has a strong following among millennials, who tend to spend less on clothing than men.
While women are more likely to use Paycoins to buy a shirt than men, Gorshenfeld said, the Paycoins can be a good alternative for younger women who are buying a second-hand item.
A second-skin is what Puma is all about, he said.
“We think that Paycoin is a great way to offer women� and men` clothes to consumers who are already using Paypal and want to spend more,” Gershes said.
“It also works well for people who want to try out a new payment method, such as Paycoin.”
Puma said it�ll continue to offer free clothing to women for a while.
As with all the Paycoin-based cryptocurrencies, Paypal still offers the best rate.
For now, PayCoin is trading around $3 per coin on Bitstamp.com, which is the second-most popular crypto exchange after BTC-e, which trades at $4.29.
Paycoin, however, has its own issues, Geeshenfeld added.
“The Paycoins volatility is high and is likely to drop in the future.
If you think about it, it is an altcoin, meaning it is not backed by any central bank.
If it did, the price would drop dramatically, which would put a huge strain on the currency,” Gorshefs said.
Paycoins market capitalization is $7.9 billion, which makes it the third-most-active cryptocurrency on Bitcointalk.
The average price of Paycoin over the past month is $3,500, according the Coinmarketcap data.
The PayCoins price volatility, though, is lower than other altcoins, Gieshenfeld noted.
In the last week, PayCoin has seen an increase in its price, which could be a sign that PayCoin could attract a large user base.
“Paycoin will continue to gain traction as a cryptocurrency for young people, especially in the fashion industry, who are not used to paying for clothes online,” Ggershefs wrote.