Italian luxury brand Gucci has announced that it will now accept crypto payments across five flagship stores in the US by the end of the month and aims to expand the pilot to include all of its directly-operated stores in North America by this summer.
This move makes Gucci the first major luxury brand to allow customers to pay for purchases using cryptocurrency and is a sign that the mainstream adoption of digital assets may finally be gaining traction.
In a press release, Gucci said that it will accept payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) at its Fifth Avenue, Soho, Boston, Los Angeles, and Miami stores.
The move was made in partnership with cryptocurrency payments processor BitPay, which will convert the digital assets into US dollars at the point of sale.
Gucci isn’t the only high-end retailer that’s now accepting crypto payments. In March, luxury watchmaker Hublot announced that it would accept Bitcoin payments for its products.
And last year, online retailer Overstock.com became the first major retailer to accept cryptocurrency payments.
As more and more businesses start to accept digital assets as a form of payment, it’s likely that we’ll see even greater mainstream adoption of cryptocurrencies across the globe.
The report detailed that a link will be sent via email to customers for in-store crypto payments, with the link containing a QR code that will allow users to execute the payment from their crypto wallet. Gucci will convert the crypto into fiat currency after the payment is processed.
The first five Gucci stores that will accept the crypto payments are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas. The sixth store in North America will be announced at a later date, per the report.
This move by Gucci is part of a greater trend of big names in the luxury industry beginning to accept crypto payments. In early March, Burberry announced that it would start accepting Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC)
Gucci has been among the few brands that have been establishing themselves as early adopters of Web 3 technologies. The luxury brand has launched two non-fungible token (NFT) collections so far in 2022. In February, it launched the “SUPERGUCCI” collection, and later in March, it released its “Gucci Grail” collection.
e first five Gucci stores that will adopt the crypto payment
The brand also purchased an undisclosed amount of virtual land in The Sandbox (SAND) metaverse in February to create its “own virtual world.”
And just recently, Gucci shared via its Gucci Vault Discord server that those who own one of its two NFT projects would have special access to pre-order a Gucci collection, a move that ties Gucci NFT holders to real-world products.