Gucci Dives Into Crypto, This May Five US Stores Accept Cryptocurrency Payments

Gucci begins accepting payments in cryptocurrencies. (photo: doc. pixabay)

JAKARTA - Italian upscale fashion label Gucci has announced plans to start accepting payments in cryptocurrencies by the end of May at five of its stores in the United States. It also plans to expand the service to its 111 stores in North America.

According to Business Vogue, Gucci will accept 12 major cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five other cryptocurrencies. US dollar stablecoin.

Customers paying with in-store cryptocurrencies at pilot locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas will be emailed with a QR code to pay through their digital asset wallet. Employees have also started training and education on crypto, non-fungible tokens (NFT) and Web3 in preparation for launch.

Believe in the power of imagination, @gucci #GucciVault pic.twitter.com/NnHtF7kqk1

— The Sandbox (@TheSandboxGame) February 9, 2022

Gucci recently adopted Web3 with two NFT collections launching in 2022. Namely the “SUPERGUCCI” collection in February in collaboration with the toy brand SUPERPLASTIC, and the “Gucci Grail” collection in March targeting owners of the blue chip NFT project. existing ones such as Bored Ape, Penguin Pudgy, and World of Women.

Her first NFT was a 4-minute film called Aria which took inspiration from her clothing collection of the same name which sold for US$25,000 (Rp 360 million) in June 2021 in an online auction hosted by Christie's.

Gucci has expanded further into the Web3 through its purchase of virtual land at The Sandbox in February developing a virtual retail experience that mirrors its Vault electronics store.

Gucci Vault is an online concept store that represents "Gucci's presence in the Metaverse" featuring its Creative Director curated selection of rare Gucci antiques.

Crypto is a Luxury

High-end brands have jumped into the crypto and Web3 space. In March, fashion label Off-white began accepting payments with six cryptocurrencies at its flagship stores in Paris, Milan and London.

Off-white is mostly owned by LVMH which has seen its share of Web3 adoption, releasing NFT under the Hennessy, Bulgari and Louis Vuitton brands in the past.

Luxury watch brand LVMH Hublot has released a limited edition collection that can only be purchased using Bitcoin. The brand recently partnered with cold wallet provider Ledger to launch a limited edition watch and the Ledger Nano X in February.

Watch brands Franck Muller and Norgain along with fashion label Phillip Plein all accept crypto, and even car dealers and automakers accept digital assets for high-end vehicles.

Luxury fitness firm Equinox Group began accepting crypto payments for its New York City-based club on May 3, with annual memberships starting at under 1.4 ETH or US$4,044.