Latest News

Gucci is the latest high-end retailer to accept cryptocurrency payments in-store

Gucci, the high-end Italian fashion house, has announced that it will begin accepting cryptocurrency payments in five of its US stores by the end of the month, with plans to expand the service to all of its 111 locations in North America.

According to Vogue Business, Gucci will accept 12 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), Shiba Inu (SHIB), Dogecoin (DOGE), and five U.S. dollar stablecoins.

Customers who pay with cryptocurrency in-store at the pilot locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas will receive an email with a QR code that they may use to pay with their digital asset wallet.

In preparation for the launch, employees have been receiving training and education on crypto, non-fungible tokens (NFTs), and Web3.

Gucci has recently gone on a Web3 adoption binge, releasing two NFT collections in 2022: the “SUPERGUCCI” collection in February in collaboration with toy brand SUPERPLASTIC, and the “Gucci Grail” collection in March, which is aimed at owners of existing blue chip NFT projects like Bored Apes, Pudgy Penguins, and World of Women.

Its first NFT was a 4-minute video called Aria, which was inspired by its Aria clothing range, was sold for $25,000 in an online auction conducted by Christie’s in June 2021.

Gucci’s Web3 expansion continued in February with the purchase of virtual land in The Sandbox, where it is constructing a virtual retail experience similar to its Vault e-store.

Related Posts – AMC Theatres Explores Accepting Dogecoin, CEO Sees Awing DOGE Poll Results

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.