Gucci accepts cryptocurrency as a method of payment
Sometime after entering in the metaverse of The Sandbox (SAND)Gucci continues to show interest in Web 3.0 and cryptocurrencies.
Indeed, from the end of May, the brand will accept more than a dozen cryptocurrencies in 5 of its stores in the United Statesin particular the one located at Wooster Street, in the heart of New York, that of Rodeo Drive in Los Angeles or that of Miami Design District.
The brand will accept reference cryptocurrencies like Bitcoin (BTC), Ether (ETH), Wrapped Bitcoin (wBTC), but also 5 stablecoins backed by the dollar as well as the Dogecoin (DOGE) and the Shiba Inu (SHIB).
Regarding payments, when a customer makes a purchase in the store, he will receive an email containing a QR code allowing him to validate the transaction directly from their own digital wallet.
Free then under the sign of keep the assets in the form of cryptocurrencies or transform them in fiat currency, such as the US dollar for these stores. According to the press release, Gucci wants to eventually develop this new payment method. in all of its stores.
Gucci is not the first luxury brand to integrate cryptocurrency payments into its establishments. Indeed, Off-White, the brand of Virgil Ablohalready accepts this type of payment in its eponymous stores in Paris, London and Milan.
We could also cite Philipp Plein brandwho, in addition to having amassed more than 150 BTC in reserve, will open a gallery of non-fungible tokens (NFTs) in one of its London stores. In both cases, these are high-end streetwear brands aimed at a relatively young audience.
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The appeal of luxury for cryptocurrencies
Gucci’s interest in Web 3.0 is not new, as its interactive experience has already demonstrated. Gucci Garden » who knew how to bring together no less than 19 million people.
The brand has also developed exclusive skins for video games like Animal Crossing or Pokemon Go, following the example of the famous British brand. Burberry for Honor of Kings game.
In order to make its teams aware of this new worldKering, the parent company of Gucci, recently launched an internal game in partnership with the Al Dente agency. According to a company spokesperson, the number of employees who showed interest was much higher than expected.
According to Marco Bizzarrithe CEO of Gucci, these are all new features that improve the experience of its customers:
“Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who want this option. »
We also remember the LVMH collaboration with Microsoft and Consensys to develop a platform for traceability of products thanks to blockchain technologya project that dates back to 2019.
More recently, Hermès, one of the jewels of French luxury, announced that the metaverse was a good communication tool. Its CEO, Axel Dumasdeclared on that occasion that he was ” curious and interested by these virtual worlds.
👉 To go further: Tesla believes that cryptocurrency is an alternative to cash
Source: Vogue Business
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