Gucci’s past efforts into Web3 have culminated with the brand accepting 12 cryptocurrencies at a few select stores, with a wider rollout planned for the future.
The Italian high-end fashion label Gucci has announced it will begin accepting cryptocurrency payments by the end of the month. It will be accepting crypto in five of its United States stores. Also, the plans to extend the service to all of its 111 stores in North America.
Gucci will accept 12 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five U.S. dollar stablecoins according to Vogue Business.
Customers paying with crypto in-store at the pilot locations in New York, Los Angeles, Miami, Atlanta and Las Vegas. They will send an email with a QR code to pay via their digital asset wallet. Moreover, Employees have started to undertake training and education on crypto. Also, they are taking education on non-fungible tokens (NFTs) and Web3 in preparation for the launch.
Gucci has recently been on a Web3 adoption spree, with two NFT collections launching in 2022. The “SUPER GUCCI” collection in February in collaboration with toy brand SUPERPLASTIC. Further, the “Gucci Grail” collection in March targets owners of existing. The blue-chip NFT projects include Bored Apes, Pudgy Penguins and World of Women.
In addition, Its first-ever NFT was a 4-minute film titled Aria that took inspiration from its clothing collection. The clothing collection is of the same name. Also, it is for $25,000 in June 2021 in an online auction hosted by Christie’s.
Gucci has further expanded into Web3 by purchasing virtual land in The Sandbox in February, developing a virtual retail experience mirroring its Vault e-store.
For Gucci Crypto is luxury
High-end brands have been jumping into the crypto and Web3 space. In March, Off-white’s fashion label started accepting payment with six cryptos in its flagship stores in Paris, Milan and London.
Off-white has majority shares by LVMH, which has seen its share of Web3 adoption. However, Gucci is releasing NFTs under its Hennessy, Bulgari and Louis Vuitton brands in the past.
LVMH’s luxury watch brand Hublot released a limited edition collection that could only be purchased using Bitcoin. More recently, the brand partnered with cold wallet provider Ledger launching a limited edition watch and Ledger Nano X in February.
Watch brands Franck Muller and Norgain along with fashion label Phillip Plein all accept crypto, and even car dealerships and car manufacturers are accepting digital assets for high-end vehicles.