Gucci Allows Cryptocurrency Payments in Stores

Gucci will soon start accepting crypto payments in its stores, which will be a logical continuation of a major web3 initiative.

Italian luxury brand Gucci just announced that it will begin accepting crypto payments at five stores in the United States at the end of the month. This will eventually affect 111 of the brand’s stores in North America.

Gucci will soon start accepting cryptocurrency payments in its stores

Gucci will accept 12 virtual currencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five stablecoins. pegged to the US dollar, according to Vogue Business. Stores in New York, Los Angeles, Miami, Atlanta and Las Vegas were the first to be hit. Customers will receive an email with a QR code to pay for their products. Employees began training on cryptocurrencies, non-fungible tokens (NFTs) and web3 in preparation for this launch.

A logical continuation of a large-scale initiative in the network3

Gucci has also recently made headlines with two NFT collections released this year: February’s “SUPERGUCCI”collection in collaboration with toy brand SUPERPLASTIC and March’s “Gucci Grail”collection aimed at existing NFT wearers such as Bored Apes, Pudgy Penguins or Women’s World. Her very first NFT was a 4-minute film called Aria, inspired by the clothing collection of the same name. It sold for $25,000 in June 2021 in an online auction hosted by Christie’s.

Gucci has also expanded its online presence3 by purchasing virtual land from The Sandbox in February to develop virtual retail on its Vault online store. Gucci Vault is an online concept store representing “Gucci’s presence in the metaverse”, with a selection of products curated by its creative director.