Select Gucci stores to accept bitcoin, dogecoin and more as part of ongoing experiments in web3

Quick Take

  • Luxury brand Gucci will begin accepting crypto payments in select stores across the US later this month.
  • This is just one of many recent moves into crypto by the brand, which has a dedicated digital experiences team. 

Luxury fashion house Gucci is going to start accepting cryptocurrency payments in limited stores as the brand continues its ongoing experiments in crypto.

The pilot will launch at a few US stores at the end of this month, with eventual plans to expand into all its North American stores this summer, according to Vogue Business, which first reported the news.

Accepted cryptocurrencies will include Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoin pegged to the US dollar. Gucci's crypto payments will happen through a QR code sent to a customer by email, which will allow customers to attach their wallets and pay.

Gucci has already taken significant steps in moving into the crypto and blockchain gaming space. The company has a specific team dedicated to Web3-focused initiatives and had 19 million visitors on Gucci Garden, its Roblox game. The company has also created “skins” which change the appearance of an avatar on games like Animal Crossing and Pokemon Go.

“There are more and more ‘second worlds’ where you can express yourself [but] there is probably an underestimation of the value being attached to individuals who want to express themselves in a virtual world with a virtual product, [through] a virtual persona,” said Gucci’s chief marketing officer Robert Triefus, in an interview with McKinsey, that The Block reported last month.

The brand has also purchased digital real estate on The Sandbox, a virtual real-estate platform backed by a blockchain. Last summer, Gucci drew attention online when a virtual purse on Roblox’s marketplace sold for over $4,000, exceeding the price of its real-world equivalent.

The move comes as a number of luxury retailers and brands are integrating crypto payments. Earlier this week, luxury fitness and health club Equinox announced accepting cryptocurrency in clubs in New York City, The Block reported. A few months ago, fashion brand Off-White began accepting crypto payments in Paris, London, and Milan. 

“We know that people are willing to pay good money for NFTs, for digital collectibles, and to have a second life in the metaverse,” said Triefus in the McKinsey interview. “So the revenue potential is absolutely there. One has to understand how to curate the experience as in the physical world, and make sure that experience Is delivering what the customer would expect from the respective brand.”

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC