Great news for crypto-heads and Gucci lovers alike.
Gucci is making big moves in the digital world. After entering the metaverse earlier this year, the Italian luxury fashion brand has announced that it will be accepting crypto payments at some of its stores in the U.S. According to a report published in Vogue Business, the fashion brand will begin a pilot project at five stores later in May. The move is an extension of Gucci’s Web3 and physical communities, and shows that the brand is looking ahead at the future of payments and currency to grow its business.
Gucci jumps on the crypto bandwagon
The report says that Gucci will start accepting crypto at its stores at New York’s Wooster Street, Los Angeles’ Rodeo Drive, Atlanta’s Phipps Plaza, Las Vegas’ The Shops at Crystals, and the Miami Design District. The Italian high-end fashion brand will accept digital currencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin and Shiba Inu.
Customers will receive an email, which will have a QR code. They can scan the code and pay through their digital asset wallet. Gucci is providing cryptocurrency and NFT education and training to its staff members. The brand is all set to launch the facility at its stores in North America this summer.
Crypto payments are usually made using a QR code or NFC reader via smartphone cryptocurrency apps. Retailers can either convert the payment to fiat currency or keep it in the form of cryptocurrency. Many brands across the world have already been accepting crypto payments. Italian luxury fashion label Off-White also started crypto payments recently.
Earlier this year, Gucci had bought a virtual land in the decentralised blockchain game The Sandbox. The brand is building a virtual Gucci Vault for Gucci-themed Non Fungible Tokens (NFTs).
Popular brands like Dolce & Gabbana, Adidas, Nike, Vans and Balenciaga have also entered the digital world. They will face competition from crypto-native fashion brands like Digitalax, Red DAO, DRESSX and Blanksoles.
Hero and featured image: Courtesy Shutterstock
This article originally appeared on Lifestyle Asia India.
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