26/06/2022

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the-future-is-now:-gucci-joins-these-luxury-houses-in-accepting-cryptocurrency-payments

The Future Is Now: Gucci Joins These Luxury Houses in Accepting Cryptocurrency Payments

Gucci’s US locations will start accepting crypto by this month, and it plans to extend the payment option to its 111 North American stores.

Gucci will start accepting cryptocurrency payments at its US stores at the end of May. 

The digital advancement comes after Gucci’s entrance into selling “Gucci Grail” NFTs and the 10KTF project, their space in the metaverse. 

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“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” the Italian House’s president and CEO, Marco Bizzarri, said in a statement. “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.”

Key US stores in New York, Miami, Las Vegas, and Los Angeles—including Gucci’s Rodeo Drive boutique—will be the first to integrate the payment method. Over ten currencies will be accepted, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, and Shiba Inu. 

Joining in 

Similar to paying with a credit card or mobile credit, cryptocurrencies can be transferred through a QR code or NFC reader.

The 101-year-old brand joins other luxury labels in embracing crypto with the new payment option. LVMH watch brand Hublot released a limited collection that can only be bought with Bitcoin. Last April, Off-White (majority-owned by LVMH) announced it would accept selected currencies in its Paris, London, and Milan stores. 

Image from plein.com

But Philipp Plein is taking crypto and the metaverse to the next level. Beyond accepting 24 different currencies, the self-dubbed “crypto king” built a four-story London flagship store dedicated to the virtual world. 

The future

“It’s the future of the internet,” Plein told Forbes. The store, located on Old Bond Street, contains the label’s merchandise, including a floor dedicated to NFTs. Named the MoNA (Museum of NFT Art), the showcase presents Plein’s CryptoKing$ collective with art director and 3D artist Antoni Tudisco. 

Perhaps, more brands will follow suit with more digital implementations. 

After starting this month, Gucci plans to extend the payment option to its 111 North American stores. 

Banner photo from @Gucci on Instagram.

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