Gucci embraces crypto for payments
According to a report per Vogue Business, Gucci plans to expand the crypto acceptance pilot program to all of its direct-operated stores in the North American market at the end of this month.
The company will send a link to its customers via email to make in-store crypto payments from their crypto wallets. Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas are the first Gucci stores to accept cryptocurrency.
Gucci, which was the first luxury brand to create an NFT and was an early adopter of Web3 technology, recently assembled a Web3-focused team and is creating digital real estate on the Animoca metaverse Brands, The Sandbox.
According to a recent announcement from its Discord server, the brand will grant special pre-order access to those who own its two NFT projects – SuperGucci and Gucci Grail. Gucci Chairman and CEO Marco Bizzarri said:
“Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who want this option.”
Luxury brands are getting into the crypto space
The recent decision is a huge endorsement of a well-known luxury brand’s digital assets. A few other high-end retailers have started experimenting with cryptocurrency payments. Whitea contemporary luxury brand, entered the world of crypto in March by accepting crypto payments at its flagship stores in Paris, London and Milan.
Philipp Plein is developing a store in London that will include an NFT gallery and the ability to upgrade select purchases with a corresponding decentralized and wearable digital NFT, in addition to taking crypto payments.