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Luxury brand Gucci will now accept crypto payments at select stores

After entering the metaverse earlier this year, luxury fashion brand Gucci will now 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.

Gucci jumps on the crypto bandwagon

 

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The report says that Gucci will start accepting crypto at its stores at New York’s Wooster Street, Los Angeles’ Rode Drive, Atlanta’s Phipps Plaza, Las Vegas’ The Shops at Crystals, and 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.

 

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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

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