Gucci will accept BTC, Dogecoin, Shiba Inu and other cryptocurrencies in various stores2 min read
The Italian luxury fashion house Gucci said that it will start accepting payments in cryptocurrencies in some of its stores.
More precisely, the brand said it will accept BTC, Dogecoin, Shiba Inu, Bitcoin Cash, Litecoin, five stablecoins and other cryptocurrencies in its latest foray into the world of crypto. .
According to Vogue Business, the first to report on the matter, the pilot project will be launched in some stores in the United States at the end of May. But it is possible that the initiative will be expanded to all US Gucci stores soon.
According to the article, payment must be made via QR Code sent to the customer by email at the time of purchase. Then, buyers must scan the code through their crypto wallets and complete the transaction.
The first Gucci stores to accept cryptocurrencies are Wooster Street in New York; Rodeo Drive in Los Angeles; the Miami Design District in Miami; Phipps Plaza in Atlanta; and The Shops at Crystals in Las Vegas. In all, there will be 10 digital assets accepted in stores.
About the initiative, the president and CEO of Gucci, Marco Bizzarri, said in a statement:
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we can integrate cryptocurrencies into our payment system, it is a natural evolution for customers who would like to have this option available to them.”
Gucci in the world of NFTs
But this isn’t Gucci’s first foray into the crypto world. After all, the brand also launched a collection of non-fungible tokens (NFTs) recently. The tokens give buyers special access to pre-order a Gucci collection before it is released to the general public.
Additionally, Gucci has recently built a team focused on Web3 to advance this front. In addition, it has purchased and is developing digital real estate in the popular metaverse The Sandbox.
“We know people are willing to pay good money for NFTs, for digital collectibles and to have a second life in the metaverse. So the revenue potential is absolutely there. One must understand how to heal the experience as in the physical world. And ensuring that the experience is delivering what the customer would expect from the respective brand,” Gucci Chief Marketing Officer Robert Triefusna said in a recent interview.
Like Gucci, other brands have increasingly tested blockchain technologies, primarily through NFT collections. But many are also starting to accept crypto payments.
In March, Off-White, for example, announced that its flagship stores in Paris, London and Milan had started accepting payments, including BTC, ETH, Binance Coin, XRP and others.
More recently, luxury fitness club Equinox announced the acceptance of cryptocurrencies in clubs across New York City.
World’s First Pay-to-Live Crypto Building Launches in Argentina