Luxury companies and brands appear to have no plans of turning back after venturing into blockchain technology. For example, Gucci has announced that it will start accepting crypto payments at select stores in the US.
Luxury Fashion brand Gucci has disclosed that it will start accepting crypto payments in 5 of its stores in the US at the end of the month; the stores include 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 making up the list of 5 stores. The move is part of the company’s long-term Web 3 adoption plan. Gucci plans to eventually provide this option to customers at over 100 stores in North America in the Summer.
These five stores will accept payments in Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, 5 USD stablecoins, and popular doggy meme coins Shiba Inu and Dogecoin at launch. Customers at these selected stores opting to pay in crypto will receive a QR code via email, which they can use to conduct the transaction using their preferred crypto wallet.
The brand’s parent company Kering has had to conduct training for its workforce to facilitate the process. According to Vogue Business, the training conducted in collaboration with creative firm Al Dante has already seen overwhelming participation from Gucci employees.
CEO of the luxury brand Marco Bizzarri, in a statement, said, “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” adding, “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.”
Gucci Loves Web 3 And The Metaverse
The integration of crypto payments is the latest in Gucci’s Web 3 and metaverse activities. Though over 100 years old, Gucci has shown a taste and passion for innovation. Chairman of Kering, Gucci’s parent company, in March, speaking on the company’s Web 3 interest, said, “the philosophy of the group when it comes to innovation – rather than wait and see, which is often the posture of luxury houses – is to test and learn.”
Gucci has launched two NFT collections this year alone. In February, it launched the “SUPERGUCCI” collection in partnership with toy brand SUPERPLASTIC, and in March, it launched “Gucci Grail.” The brand is also developing real estate in The Sandbox as it aims to develop a metaverse presence.
Notably, the brand has a team dedicated to its metaverse projects called the “Dream Big” team, with Bizzarri revealing that the team was dedicated to exploring new opportunities in the metaverse. Gucci is far from the only luxury brand exploring and investing in the metaverse, and the trend shows no sign of slowing down.