After entering the metaverse earlier this year, luxury fashion brand Gucci will now accept crypto payments at some of its stores in the United States. According to a report published in Business in vogue, the fashion brand will launch a pilot project in five stores later in May. This move is an extension of Gucci’s Web3 and physical communities.
Gucci is jumping on the crypto bandwagon
The report says Gucci will begin accepting crypto at its stores on Wooster Street in New York, Rode Drive in Los Angeles, Phipps Plaza in Atlanta, The Shops at Crystals in Las Vegas, and Miami Design District. The high-end Italian fashion brand will accept digital currencies such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin and Shiba Inu.
Customers will receive an email, which will contain a QR code. They can scan the code and pay through their digital asset wallet. Gucci provides education and training on cryptocurrency and NFT to its staff members. The brand is ready to launch the installation in its North American stores this summer.
Crypto payments are usually made using a QR code or NFC reader through smartphone cryptocurrency apps. Retailers can either convert the payment into fiat currency or store it in cryptocurrency. Many brands around the world already accept crypto payments. Italian luxury fashion brand Off-White also recently launched crypto payments.
Earlier this year, Gucci purchased virtual land in the decentralized blockchain game The Sandbox. The brand is building a virtual Gucci Vault for Gucci-themed Non-Fungible Tokens (NFTs).
Popular brands like Dolce & Gabbana, Adidas, Nike, Vans and Balenciaga have also entered the digital world. They will face competition from crypto-native fashion brands such as Digitalax, Red DAO, DRESSX and Blanksoles.
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