Gucci to Begin Accepting Crypto as Payment In-Store
The move presents an expanding stance in Web3 for one of the world’s premier luxury brands
It’s an exciting day when a major luxury brand announces that it will begin accepting cryptocurrencies at its flagship stores. That is precisely what has the fashion world talking this week, as Gucci has taken a major step forward as they embark upon a new journey for their customers and store staff.
Gucci will begin with 5 stores in the United States; its Wooster Street store in New York; its Rodeo Drive store in Los Angeles; its Design District location in Miami; its Phipps Plaza location in Atlanta; and at the Shops at Crystals in Las Vegas. The pilot will extend later in the summer to all North American locations.
The stores will accept 10 major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five major stablecoins pegged to the US dollar.
To prepare staff, Gucci parent company Kering has created an in-house game with the help of creative agency Al Dente, in order to educate employees on web3, as a response to customers who are NFT collectors expecting special perks, rewards, airdrops and more from Gucci.
Gucci has been an early adopter of web3 technology, as evidenced most recently in their exclusive NFT collaborations. Gucci’s Discord server, Gucci Vault, just announced that two of its major NFT projects — SuperGucci and Gucci Grail — will be entitled to special pre-order rights for upcoming Gucci collections.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers…Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.” ~ Marco Bizzarri, Gucci president and CEO
Gucci joins a list of other luxury brands building a strong presence in the metaverse and web3; in March of this year, Off-White publicized their intention to accept payment for purchases in crypto in their London, Paris and Milan stores; similarly, Phillip Plein has already begun accepting crypto payment and has an NFT gallery connected to corresponding digital wearables in the metaverse space known as Decentraland. Gucci is also developing land in Decentraland, and was the first luxury brand to release an NFT collection.
The move by Gucci, and more recently by Phillip Plein and Off-White, represents a major milestone in the adoption of blockchain-derived technological advances, and such decisions only work to strengthen and enhance the work of companies such as LuxFi in our efforts to bring equitable payment systems to the luxury goods market. Payments on LuxFi NFT Marketplace can be made entirely in crypto. Learn more www.nft.luxfi.io.
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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