Gucci, the rising Italian fashion house, has announced that it will begin accepting cryptocurrency payments in five of its US stores by the end of the month, with plans to expand the service to all of its 111 locations in North America.
Gucci will accept Payments (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five US dollar stablecoins.
Customers who pay with cryptocurrency in-store at the pilot locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas will receive an email with a QR code that they may use to pay with their digital asset wallet. In preparation for the launch, employees have been receiving training and education on crypto, non-fungible tokens (NFTs), and Web3.
Gucci has recently gone on a Web3 adoption binge, releasing two NFT collections in 2022: the “SUPERGUCCI” collection in February in collaboration with toy brand SUPERPLASTIC, and the “Gucci Grail” collection in March, which is aimed at owners of existing blue-chip NFT projects like Bored Apes, Pudgy Penguins, and World of Women.
Its first NFT was a 4-minute video called Aria, which was inspired by its Aria clothing range, and was sold for $25,000 in an online auction conducted by Christie’s in June 2021.
Gucci’s Web3 expansion continued in February with the purchase of virtual land in The Sandbox, where it is constructing a virtual retail experience similar to its Vault e-store. The Gucci Vault is an online concept store that represents “Gucci’s presence in the Metaverse,” with a selected selection of rare vintage Gucci pieces curated by its Creative Director.
Also Read: Amid Waning Demand, Louis Vuitton is Betting Big on its NFT Initiatives
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