Thursday, May 19, 2022

Gucci is Now Accepting Crypto Payments in Select Stores

The Takeaway:

Gucci is the latest high-end retailer to accept cryptocurrency payments in-store. Previous Gucci Web3 initiatives have led the brand to accept 12 cryptocurrencies in a few chosen outlets, with an expanded rollout scheduled in the upcoming future.

ADVERTISEMENTKillerlaunch domains

The Italian high-end fashion label Gucci will start taking cryptocurrency payments in five of its U.S. stores by the end of the month and wants to extend the service to all 111 of its North American stores in the near future.

As reported by Vogue Business, Gucci will now accept 12 cryptocurrencies as payment, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin (wBTC), Litecoin, Shiba Inu (SHIB), and Dogecoin.

Payments can be made in-store using cryptocurrencies by the customers through email with a QR code for use with their digital asset wallets. The trial will start in New York, Los Angeles, Miami, Atlanta, and Las Vegas stores. In preparation for the launch, employees have begun learning about crypto, non-fungible tokens (NFTs), and Web3.

Gucci Going Crypto

This year, Gucci launched two NFT collections: the “SUPER GUCCI” collection with the toy company SUPERPLASTIC in February and the “Gucci Grail” collection with established NFT projects such as Bored Apes, Pudgy Penguins, and the World of Women in March.

Aria, a 4-minute short film based on the brand’s apparel line of the same name, sold for $25,000 at an online Christie’s auction in June 2021, becoming the brand’s first-ever NFT.

In February, Gucci purchased virtual land in The Sandbox, where it is constructing a virtual retail experience that mirrors its Vault e-store, to further expand into Web3.

An online concept store for “Gucci’s presence in the Metaverse,” the Gucci Vault features a hand-picked collection of rare vintage Gucci pieces chosen by the store’s Creative Director.

Fashion Houses Tapping into Crypto 

Cryptocurrency and Web3 are becoming increasingly popular with high-end brands. In March, off-white, a fashion company with boutiques in Paris, Milan, and London, began taking six cryptos as payment.

Hennessy, Louis Vuitton, and Bulgari have all released NFTs in the past under the LVMH umbrella, which owns Off-White.

Exclusive to Bitcoin, LVMH’s premium watch brand Hublot unveiled an exclusive line of timepieces in January. Hublot also teamed up with cold wallet service Ledger to introduce a limited-edition timepiece in February.

Auto dealerships and car manufacturers are also taking digital assets for high-end vehicles, including watch brands Franck Muller and Norgain, as well as designer label Phillip Plein.

Equinox Group, a New York City-based luxury fitness company, began accepting cryptocurrency payments on May 3, with annual subscriptions starting at just under 1.4 ETH or $4,044!

Is Crypto Finally Becoming Mainstream?

Earlier, we reported that one of the leading private banks in Argentina started accepting cryptos on its platform for trading and transactions. According to reports earlier this month, BlackRock, one of the world’s prominent asset managers with over $10 trillion in AUM, is reportedly getting ready to enter the crypto market. BlackRock’s Aladdin trading platform will purportedly allow its institutional clients to either use crypto assets as collateral for loans or trade multiple crypto assets.

Another announcement was made this month; one of the “Big Four” accounting companies, KPMG, plans to use Bitcoin and other major cryptocurrencies as a reserve currency for Canadian operations! 

Many businesses worldwide are embracing Bitcoin, Ethereum, and other digital assets for various goals, including financial investments and operational efficiency.

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Rucha Joshi
Rucha Joshi
Rucha Joshi is a team lead at ChainTimes who is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

Leave A Reply

Please enter your comment!
Please enter your name here