Italian high-end luxury fashion house Gucci is all set to accept cryptocurrency in five stores in the US later this month. The move comes as the company continues to explore Web 3.
Gucci Taps Crypto
According to a report by Vogue, Gucci also plans to amplify the pilot to all of its North American stores this summer that the leading luxury brand directly operates. In the beginning, Gucci will accept 12 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin Shiba Inu, as well as five stablecoins pegged to the US Dollar.
The first stores that will incorporate the new payment mode are – Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
The report also mentioned that in-store crypto payments will be carried out with a link sent via email to the customer. It will contain a QR code enabling them to execute the payment from their crypto wallet. The company will convert the digital asset into fiat currency, the report said.
With the latest move, Gucci joins the list of other high-end fashion labels, including Off-White, which has started accepting six cryptocurrencies in its flagship stores in Paris, Milan, and London. Earlier this week, the American luxury fitness company Equinox Group announced accepting crypto payments for its New York City-based clubs
NFTs, Metaverse, and More
Gucci’s tryst with Web 3 started with a 4-minute film titled Aria that sold for $25,000 last summer in an online auction hosted by a British auction house, Christie’s. The retailer also came up with two NFT collections – SuperGucci and Gucci Grail this year.
Further expanding into Web 3, Gucci recently purchased virtual land in Animoca Brands’ decentralized blockchain game The Sandbox for an undisclosed amount in February. It was developing a virtual concept store, dubbed “Gucci Vault,” for Gucci-themed NFTs.
In a statement to Vogues, Marco Bizzarri, Gucci’s president and CEO, said,
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
Featured Image Courtesy of GMC Anantnag