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Cryptocurrency payments have become increasingly popular over the past year, and brands that want to attract a new user base have been drawn toward these assets. Gucci, a high-end luxury fashion brand in Italy, has announced support for cryptocurrency payments. These payments will be rolled out by the end of this month.
Gucci rolls out crypto payments
Gucci is planning to extend its cryptocurrency services to its 111 stores based in North America. The company will start by accepting 12 digital assets, namely Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), Bitcoin Cash (BCH) and Wrapped Bitcoin (wBTC). It will also accept five stablecoins backed by the US dollar.
Gucci customers can use cryptocurrencies in Atlanta, Las Vegas, Los Angeles, Miami, and New York stores. To make crypto payments, a client will receive an email containing a QR code allowing them to access their crypto wallets.
Gucci employees have started receiving training on cryptocurrencies, Web3 and non-fungible tokens (NFTs) to prepare them for their venture into digital assets. In 2022 alone, Gucci has released two NFT collections named “SUPERGUCCI” and “Gucci Grail.”
The first NFT by the company contained a four-minute video dubbed “Aria” that was inspired by one of Gucci’s clothing collections. The NFT was sold for $25,000 in June last year through an auction supported by Christie’s.
In February, Gucci announced a purchase of virtual land in The Sandbox metaverse. The metaverse planned to allow the company to access a virtual retail experience similar to its Vault e-store representing Gucci’s presence in the metaverse.
Crypto attracts luxury brands
Luxury brands have shown increased interest in the buzzing crypto space. Gucci is not the only high-end fashion brand moving into the crypto space. Another luxury fashion label, Off-white, announced it would accept crypto payments in London, Miami, and Paris stores.
Hublot, a luxury watch brand owned by LVMH, announced the release of a limited edition collection whose purchase was limited to Bitcoin. The brand recently announced a partnership with the Ledger hardware wallet to launch a limited edition watch.
Other luxury watch brands that accept crypto payments include Franck Muller, Norgain and Phillip Plein. Luxury car dealerships and manufacturers also accept crypto payments for luxury vehicles.
Equinox, a luxury fitness company, also started accepting cryptocurrencies for membership payments for its locations in New York. The yearly membership cost for the store is less than 1.4 Ether (ETH).
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