Gucci starts accepting crypto payments in stores

Gucci is accepting crypto payments in stores

After years of research and development, Gucci stores crypto payments  are now taking 12 cryptocurrencies at a handful of select outlets, with a larger rollout anticipated soon.
High-end fashion house  Gucci Crypto Payments has announced that it would begin taking cryptocurrency payments at five of its United States shops by the end of the month, with plans to expand the service throughout its 111 stores in North America over the next few years months.

Several cryptocurrencies will be accepted by  Gucci store crypto payments,  including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), Shiba Inu (SHIB), and five U.S. dollar stablecoins, according to a report by Vogue Business.

The recipients of an email including a QR code to pay with their digital asset wallet will be customers who pay with cryptocurrency in-store at the pilot sites in New York, Los Angeles, Miami, Atlanta, and Las Vegas. Employees have begun to receive training and education in cryptocurrency, nonfungible tokens (NFTs), and Web3 in preparation for the platform’s launch.

With two NFT collections launched in 2022,  Gucci crypto payments have recently gone on a Web3 adoption spree. The “SUPERGUCCI” collection, which was launched in February in collaboration with the toy brand SUPERPLASTIC, and the “Gucci Grail” collection, which was launched in March and targeted owners of existing blue-chip NFT projects such as the Bored Ape Yacht Club, Pudgy Penguins, and the World of Women, were both launched in February.

Their first ever non-fictional film, dubbed Aria, was created in response to their clothing collection of the same name, and it sold for $25,000 in an online auction sponsored by Christie’s in June 2021, making it the most expensive NFT ever made.

Gucci crypto  has furthered its foray into Web3 with the acquisition of virtual land in The Sandbox in February to create a virtual shopping experience similar to the Vault e-commerce site.

The Gucci Vault is an online concept shop representing “Gucci’s presence in the Metaverse.” It offers a carefully selected range of rare vintage  Gucci to accept crypto payment items that the business’s creative director has handpicked.

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High-end companies have begun making forays into the cryptocurrency and Web3 markets. Off-white, a fashion designer based in Paris, Milan, and London, began accepting payments in six cryptocurrencies in March at its three main stores: Paris, Milan, and London.

Of course, Off-White is majority-owned by LVMH, which has seen its fair share of Web3 adoption for  crypto payments at Gucci,  releasing NFTs under its Hennessy, Bulgari, and Louis Vuitton brands, among others.

A limited-edition line of watches from LVMH’s premium watch brand Hublot was produced, and it was exclusively available for purchase using Bitcoin. A limited-edition watch and the Ledger Nano X were launched in February due to a collaboration between the company and cold wallet provider Ledger.

Cryptocurrency is accepted by luxury watch companies Franck Muller and Morgan and fashion label Phillipp Plein. Even high-end automobile dealerships and manufacturers are taking digital assets for high-end automobiles.

Equinox Group, a premium fitness firm located in New York City, began taking cryptocurrency payments for its clubs on Tuesday, with annual memberships beginning at a little under 1.4 ETH, or $4,044 at the time of writing, for its locations in the city.