Gucci is taking a significant step forward with a cryptocurrency payment test experiment in some of its locations, following multiple ventures into Web3.
Using Bitcoin to pay for Gucci items
Luxury house Gucci has announced that before the end of the month, five of its US outlets will accept cryptocurrency payments. Officials also stated that this option will be expanded to 111 locations in the near future.
According to Vogue Business, the impacted Gucci locations will accept purchases in 12 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and Dogecoin, as well as five stablecoins backed by the US dollar.
The five test locations are in New York, Miami, Los Angeles, Las Vegas, and Atlanta. Employees have received Web3 and digital asset training in preparation for this launch. Customers who prefer to pay for their purchases in cryptocurrency will be given a QR code that will allow them to do so using their digital wallet.
Gucci’s pitch for the Web3
Gucci is not making its first foray into the world of digital assets. In June 2021, his first NFT, a 4-minute movie named Aria, inspired by the ready-to-wear collection of the same name, sold for $25,000 at a Christie’s auction.
The house has already introduced two NFT collections this year: the SUPERGUCCI collection with the SUPERPLASTIC toy brand in February, and Gucci Grail in March.
Finally, the brand has made an impression in The Sandbox metaverse with its Gucci Vault virtual store, which is a digital replica of its Vault e-shop. It features a collection of vintage Gucci pieces curated by its artistic director, Alessandro Michele.
Gucci CEO Marco Bizzarri commented on the brand’s metaverse plan in March 2022, claiming it was already “a very real place for them.”
Cryptocurrencies and high-end goods
Gucci is far from the first high-end company to enter Web3.
Numerous ideas in this sector have been presented by the LVMH company. Several major brands, including Louis Vuitton, Hennessy, and Bulgari, have released NFT collections.
Furthermore, Hublot recently introduced a watch that can only be purchased in Bitcoin. Off-White, a subsidiary of the LVMH group, has begun taking bitcoin payments at its stores in Paris, London, and Milan.
Other watchmakers, such as Norgain and Franck Muller; fashion labels, such as Phillip Plein; vehicle dealers; and even premium sports clubs (the Equinox group), are now prepared to accept cryptocurrency payments from their consumers.
Other watchmakers, such as Norgain and Franck Muller; fashion labels, such as Phillip Plein; vehicle dealers; and even premium sports clubs (the Equinox group), are now prepared to accept cryptocurrency payments from their consumers.
Finally, the acceptance of cryptocurrency purchases at Gucci stores demonstrates the rising popularity of premium businesses for cryptocurrency and Web3 in general.
