The Luxury Firm Gucci Will Accept Crypto Payments This Month

The worldwide-known firm Gucci announced accepting crypto payments later this month. However, this new option will be available only in specific stores.

Gucci Accepts Crypto

Like many giant brands entering the crypto world, Gucci seems to be following the same path. As reported, this new path will be a pilot phase in some selected U.S. stores. The experiment is expected to start at the end of this month. When the results of this initiative are received, they will first be analyzed. Afterward, if the experiment is considered successful, the plan is to involve all North American stores this summer. Furthermore, this program presents the list of accepted cryptocurrencies. The list includes Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins pegged to the USD. In addition, the process of paying in crypto is quite simple. One may ask, “how will it work?”

The client who volunteers to pay in crypto will receive a QR code by mail. Then, this code will let the client link their wallets and proceed with further payment. 

The Chain of Gucci’s experiments

Following the chain of Gucci’s experiments, we can see that all of them have to do with gaming and Metaverse. In regard, the virtual experience called Gucci Garden was established on Roblox last year. As statistics show, it has had 19 million visitors. The luxury brand took advantage of its presence on the virtual platform. Its leverage point is in the profit it managed to reach. As an example, a virtual Gucci purse was sold for more than $4000 on the Roblox, while in reality, its price was lower. 

Moreover, the famous brand has already created a special team to focus on Web 3 projects. Adding to that, the brand also worked in providing new designs, like ‘skins’ for digital avatars. This is done for games like Animal Crossing and Pokemon Go. With all this work, Gucci also bought virtual land in the Sandbox, Metaverse space. 

As the brand is expanding its growth into the Metaverse, its CMO, Robert Triefus, expressed his opinion. According to Triefus, there is a market for NFTs, digital collectibles, and having a second life in the Metaverse. As a result, there is a lot of revenue potential. In this case, he emphasized that if you do not know how to curate an experience like in the real world, you will not be able to give what your customers want from you. Given the above statement, it seems like Gucci wants to engage well with its customers’ needs.

A Competition Between Fashion Brands

Gucci is not the only fashion player in the cryptocurrency and virtual world. There is a race between different fashion houses that aim to enter this new digital world. One of these fashion brands includes Dolce & Gabbana. Last year, it launched its NFT collection in collaboration with UNXD. This last one respectively is a luxury digital marketplace that is powered by the Polygon Network. The brand also was part of the virtual fashion week held on the Decentraland Metaverse, together with Gucci and Forever 21. Worth mentioning is the other famous brand, Louis Vuitton, which has launched its own NFT collection and is part of the crypto race.