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Gucci to start accepting Bitcoin and crypto payments in U.S. stores

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05
May
  • Gucci will accept payments in 12 different cryptocurrencies including meme coins DOGE and SHIB.
  • The fashion brand also unveiled some key developments in Web3 and the NFT world.

Fashion and luxury giant Gucci has made a major announcement. On Tuesday, May 4, Gucci announced that it shall start accepting crypto payments in some of the stores in the U.S. by the end of this month.

This is a massive move due to the fact that apart from Bitcoin, Gucci will accept crypto payments in 12 different digital assets. This includes Bitcoin, Ethereum, Bitcoin Cash, Wrapped Bitcoin, and Litecoin. The fashion giant will also accept payments in memecoins such as Dogecoin and Shiba Inu. Besides, users will be able to make payments in five stablecoins pegged to the U.S. Dollar.

This bold move from Gucci comes at a time when the crypto market is undergoing a major correction. Gucci has selected five U.S. stores in different parts of America to start accepting crypto payments.

For making in-store crypto payments, users will receive a link in their email address. The link will contain a QR code using which they can execute the payment from the wallet. Furthermore, QR codes will also be available in-store which users can scan through their crypto app to make payments.

The retailer gets the choice either to keep these crypto payments as it is or convert them to fiat. Speaking on the development, Marco Bizzarri, Gucci’s president and CEO said:

Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.

Gucci into Web 3 and NFTs

Luxury and fashion brands have been keen on exploring new opportunities in the world of Metaverse, Web 3, and NFTs. Gucci is already making some efforts in the Web 3 space by blending its physical presence with the virtual world.

At the same time, Gucci is also paying close attention to the rapidly fast-emerging world of non-fungible tokens (NFTs). The company already has two NFT projects SuperGucci and Gucci Grail under work. In its Gucci Vault Discord Server, the company shared that owners of these NFTs would get special access to pre-order a Gucci collection. Thus, it seeks to create a fine bridge between the NFT and the Web 3 world.

The brand is currently building out a Web 3-focused team. Besides, they have already purchased and developed digital real estate on The Sandbox blockchain. Several other retail giants like Adidas and Al Dente are building their digital real estate on Sandbox.

Looks like brands will compete with each other in the Metaverse, a decade from now. The fashion house has already taken the first step among its peers.

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