Luxury brand Gucci to accept crypto payments at its physical stores
Italian high-end luxury fashion house, Gucci is reportedly planning to accept crypto payments in some United States stores by the end of May, with over ten digital currencies, including Bitcoin, Bitcoin Cash, Wrapped Bitcoin, Ethereum, Litecoin, Dogecoin, Shiba Inu, and five stablecoins pegged with the U.S. dollar.
Gucci adopts crypto for payments
As per a report by Vogue Business, Gucci has plans to extend the crypto acceptance pilot program to all of its directly operated stores in the North American market at the end of this month.The company will send a link to its customers via email to make in-store crypto payments from their crypto wallets. 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 are the first Gucci stores to accept cryptocurrency.
Gucci, which was the first luxury brand to create an NFT and was an early adopter of Web3 technology, has recently built out a Web3-focused team and is creating digital real estate on Animoca Brands' metaverse, The Sandbox.
As per a recent announcement by its Discord server, the brand will give special access to pre-orders to those who own both of its NFT projects — SuperGucci and Gucci Grail. The president and CEO of Gucci, Marco Bizzarri said:
"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."
Luxury Brands jumping into the crypto space
The recent move is a huge endorsement of digital assets from a well-known luxury brand. A few more high-end retailers have begun experimenting with cryptocurrency payments. Off-White, a contemporary luxury brand, entered the crypto world in March by accepting crypto payments in its flagship stores in Paris, London, and Milan.Philipp Plein is developing a London store that will include an NFT gallery and the ability to upgrade select purchases with a corresponding digital Decentraland wearable NFT, in addition to taking crypto payments.
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