Gucci’s prior attempts to utilize Web3 have culminated in the brand accepting 12 cryptocurrencies at a few select locations, with a broader rollout ahead.
Gucci, an Italian high-end fashion company, has announced that it will begin accepting cryptocurrency payments at the end of this month in five of its United States shops, with a goal of to all of its 111 North American stores.
Vogue Business reports that Gucci will take 12 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) as well as five U.S. dollar stablecoins.
Customers paying with cryptocurrency in-store at the five test locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas will be emailed a QR code to pay using their digital asset wallet. Employees have begun taking training and education on cryptocurrencies, nonfungible tokens (NFTs), and Web3 in preparation for the official debut.
Gucci has been on an NFT adoption spree recently, releasing two NFT collections in 2022 — the “SUPERGUCCI” collection in February in collaboration with toy company SUPERPLASTIC, and the “Gucci Grail” collection in March, which targeted owners of existing blue-chip NFT projects such as Bored Ape Yacht Club, Pudgy Penguins, and World of Women.
The first-ever NFT was a four-minute film named Aria, which took inspiration from the clothing line of the same name that sold for $25,000 in June 2021 during an online auction organized by Christie’s.
In February, Gucci purchased virtual real estate in The Sandbox to create a virtual retail experience that replicates its Vault e-store.
The Gucci Vault is an online concept store that “recreates the Gucci brand in the Metaverse,” according to its creative director, with a unique selection of rare vintage Gucci pieces.
Cryptocurrency is luxury
High-end brands have been making forays into the crypto and Web3 space. In March, the fashion company Off-white began taking payments in six different cryptocurrencies at its three flagship boutiques in Paris, Milan, and London.
LVMH owns a majority stake in Off-white, which has demonstrated support for Web3 and the use of NFTs under its Hennessy, Bulgari, and Louis Vuitton brands in the past.
LVMH’s Hublot luxury watchmaker created a one-of-a-kind collection that could only be bought using Bitcoin. The brand linked with cold wallet provider Ledger to release a limited edition timepiece and the Ledger Nano X in February.
All of these companies have brought cryptocurrency into their businesses, and several more are on the way. Luxury brands such as Franck Muller and Norgain, as well as fashion label Phillipp Plein, accept digital currencies. Even car dealerships and auto manufacturers are taking crypto for high-end vehicles.
On Tuesday, the Equinox Group, a health and fitness business that runs clubs in New York City, began accepting cryptocurrency for its memberships. Annual memberships begin at under $4,044 at the time of writing.