Luxury Brand Gucci to Accept Crypto Payments in Store

The Italian high-end fashion label Gucci has announced it will begin accepting crypto payments by the end of the month in five of its United States stores, with plans to extend the service to all of its 111 stores in North America.

Gucci will accept 12 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five U.S. dollar stablecoins, reportedly.

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Customers paying with crypto in-store at the pilot locations in New York, Los Angeles, Miami, Atlanta and Las Vegas will be sent an email with a QR code to pay via their digital asset wallet. Employees have started to undertake training and education on crypto, nonfungible tokens (NFTs) and Web3 in preparation for the launch.

Gucci has recently been on a Web3 adoption spree with two NFT collections launched in 2022 — the "SUPERGUCCI" collection in February in collaboration with toy brand SUPERPLASTIC, and the "Gucci Grail" collection in March targeting owners of existing blue-chip NFT projects such as Bored Ape Yacht Club, Pudgy Penguins and World of Women.

Its first-ever NFT was a four-minute film titled Aria that took inspiration from its clothing collection of the same name that sold for $25,000 in June 2021 in an online auction hosted by Christie's.

Gucci has further expanded into Web3 through its purchase of virtual land in The Sandbox in February to develop a virtual retail experience mirroring its Vault e-store.

(Source: Coin Telegraph)