Gucci allows Bitcoin payments in some stores

Months after announcing its entry into the virtual world of The Sandbox (SAND), Gucci has announced that cryptocurrencies will now be accepted in some of its US outlets. This is an important step towards a Web 3.0 world, especially as the Italian brand ultimately wishes to develop this method of payment in all its stores.

After web3, crypto transactions for Gucci

It is now possible to buy real Gucci bags with Bitcoin. The luxury brand, which is owned by Kering, is carrying out the experience in a series of its physical US stores 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 The Sandbox (SAND), Gucci continues to focus on Web 3.0 and cryptocurrencies. Indeed, from the end of May, the brand will accept more than a dozen crypto-currencies in its five American stores, in particular 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 opted very early for an aggressive digital strategy. Sales on its e-commerce app grew 39% in 2021. The brand has launched its fashion metaverse on the Vault platform since early 2022. Gucci has partnered with Superplastic, 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 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 store, they receive an email with a QR code that allows them to verify the transaction directly from their digital wallet.

The number of crypto transactions for luxury goods on the rise

The assets can then be freely held 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 means of payment in all of its stores.

“Gucci is always on the lookout for new technologies that can provide our customers with an enhanced experience,” Gucci Chairman and CEO Marco Bizzarri said in a statement published by Vogue. “We are now able to integrate cryptocurrencies into our payment system, a natural evolution for customers who want this option. »

Note, however, that Gucci is not the first player in the luxury industry to accept crypto payments. Indeed, as the Vogue article recalled, Off-White had announced in March that it was accepting crypto-currencies (Bitcoin, Ethereum, Binance Coin, Ripple, Tether, USD Coin) in its main stores in Paris, London and Milano.

Philipp Plein, who has been accepting crypto payments since 2021, said in February that he had acquired almost 150 bitcoins, more or less the equivalent of 6 million euros.

Interest in Gucci’s Web 3.0 is not new, as evidenced by its “Gucci Garden” interactive experience, which attracted no less than 19 million people. To make its team aware of this new world, Gucci’s parent company, Kering, recently launched an in-house 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 cryptocurrencies as payment, explained that 31% of transaction volume for luxury goods is purchased in crypto in 2021. In 2020, it was 9%. Additionally, the company observed a 57% increase in crypto payment volume in 2021.

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Gucci allows Bitcoin payments in some stores


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