Luxury brand Gucci has announced that it will accept cryptocurrency payments at select locations.
For the pilot project, customers will be able to pay with cryptocurrency at locations in New York, Los Angeles, Miami, Atlanta and Las Vegas starting at the end of May.
This summer, the program will be expanded to Gucci’s full North America network, according to a press release shared with CNN.
Customers will soon be able to pay for their purchases with over 10 cryptocurrencies, including widely recognized coins like Bitcoin (BTC), Ethereum (ETH) and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI and BUSD). But the brand is also accepting payment from more niche cryptocurrencies, like Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin started as a joke but spiked in value after tech billionaire Elon Musk said the meme-based coin could be used to buy Tesla merchandise.
“Gucci is a digital first luxury brand and this is the next phase of the company’s Web 3.0 journey,” the brand said in the release.
This is not the brand’s first foray into the world of cryptocurrency and digital assets. In March, Gucci debuted the Gucci Vault, a digital store representing “Gucci’s presence in the metaverse,” which it plans to use to sell digital assets alongside real-life clothing.
The brand has also released NFTs in collaboration with major players in the NFT world, like Bored Ape Yacht Club and Cool Cats. NFTs, or non-fungible tokens, are unique digital assets linked to a blockchain, record-keeping system used by cryptocurrencies. And some of the buzzy pieces of digital art are being sold for exorbitant prices. One NFT listed in Gucci’s NFT shop on OpenSea is listed at 420.69 ETH, equivalent to over $1 million.
Other luxury brands have also dipped their toes into cryptocurrency, like Off-White, founded by the late Virgil Abloh. In March, the brand announced it would accept cryptocurrency payments in its London, Milan and Paris stores, according to Vogue Business.
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Published for: The Bloggers Briefing