Gucci allows Bitcoin payments in some stores

Months after announcing its entry into the virtual world of Sandbox (SAND), Gucci announced that cryptocurrencies will now be accepted at some of its outlets in the United States. This is an important step towards the world of Web 3.0, especially since the Italian brand eventually wants to develop this payment method in all its stores.

After Web3, Gucci’s Crypto Transactions

It is now possible to buy real Gucci bags with Bitcoin. The luxury brand, which is owned by Kering, is implementing the experiment in a chain of its physical stores in the US in New York, Los Angeles, Atlanta and Las Vegas. Wealthy customers and Web 3.0 enthusiasts will be able to pay for their luxury bags and other accessories using more than a dozen cryptocurrencies, including Bitcoin, Ethereum, and even Dogecoin.

After some time in the virtual world of Sandbox (SAND), Gucci continues to focus on Web 3.0 and cryptocurrency. In fact, as of the end of May, the brand will accept more than a dozen cryptocurrencies in its five US stores, particularly those on Wooster Street in downtown New York and those on Rodeo Drive in Los Angeles or the Miami Design District.

As early as 2002, Gucci chose very early on a strong digital strategy. Sales on its e-commerce app grew 39% in 2021. The brand has launched its metaverse fashion on the Vault platform since early 2022. Gucci has partnered with Superplastic, the creator of NFT (“non-fungible tokens”), To release a series of limited edition creations from artists Janky & Guggimon under the name NFT. The brand also purchased a virtual land in The Sandbox to create an atypical experience and sell virtual items to players.

Regarding payments, when a customer makes a purchase in the store, they receive an email with a QR code that allows them to verify the transaction directly from their digital wallet.

The number of luxury goods cryptocurrency transactions is on the rise

The assets can then be held freely in cryptocurrency or converted into fiat currencies, such as dollars for these stores. According to the press release, Gucci hopes to eventually develop this new payment method across all of its stores.

“Gucci is always looking for new technologies that can provide our customers with an improved experience,” said Marco Bizzarri, Gucci’s Chairman and CEO, in a statement published by Vogue. “We are now able to integrate cryptocurrencies into our payment system, which is a natural progression for customers who want that option.”

Note, however, that Gucci is not the first player in the luxury industry to accept cryptocurrency payments. In fact, as the Vogue article mentioned, Off-White announced in March that it was accepting cryptocurrencies (Bitcoin, Ethereum, Binance Coin, Ripple, Tether, and USD Coin) in its flagship stores in Paris, London and Milan.

Philip Plein, who has been accepting cryptocurrency payments since 2021, said in February that he had received nearly 150 bitcoins, equivalent to more or less than 6 million euros.

Interest in Gucci’s Web 3.0 is not new, as evidenced by its interactive experience “Gucci Garden”, which has attracted at least 19 million people. To educate her team about this new world, Kering, the parent company of Gucci, recently launched an indoor game with the Al Dente agency. The number of interested employees far exceeded expectations, according to a company spokesperson.

In January, BitPay explained in an article in Time magazine that when people use their cryptocurrency, they use it to buy luxury goods. The company, which allows merchants to accept cryptocurrency as payment, explained that 31% of the volume of transactions for luxury goods were purchased in cryptocurrency in 2021. In 2020, the figure was 9%. In addition, the company noted a 57% increase in the volume of cryptocurrency payments in 2021.

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