Gucci is getting into cryptocurrencies, with some of its locations in the United States ready to accept bitcoin payments by the end of May. The Gucci outlet stores in Los Angeles, Miami, Las Vegas, and New York will all take cryptocurrency. Customers who choose crypto payment will receive an email with a link and a QR code that will allow them to pay with their bitcoin wallets.
There will be ten currencies allowed, five of which are stablecoins tethered to the US dollar. The rest of the list includes Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and Dogecoin. Gucci president and CEO Marco Bizzarri said in a statement to Vogue Business, “Gucci is always eager to adopt new technologies when they can create a better experience for our customers. Now that we have the ability to integrate cryptocurrencies into our payment system, it is a natural progression for those clients who want this choice.”
Gucci has joined Off-White and designer Philipp Plein in accepting cryptocurrency in their stores and online. However, the Italian fashion house, which has been established for over a century, is no stranger to experimenting with technology. Gucci has already dabbled in the metaverse, gaming, and non-traditional fashion, selling a digital version of an iconic Gucci bag on Roblox for more than its physical counterpart.
In March this year, NFTs have also been released in partnership with notable NFT players such as Bored Ape Yacht Club and Cool Cats. Non-fungible tokens, or NFTs, are one-of-a-kind digital assets tied to the blockchain, a digital ledger utilised by cryptocurrencies. And some of the hottest digital art pieces are fetching extravagant sums. Gucci’s NFT shop on OpenSea has one NFT advertised for 420.69 ETH, which is almost $1 million. Gucci’s acceptance of cryptocurrency is a natural extension of a recent string of tech-focused tactics.