Italian high-end luxury fashion house Gucci intends to add crypto as a payment option in some of its US stores starting in late May and plans to expand the pilot to all of its North American stores by summer 2022.
According to a May 4th report, Gucci accepts in-store crypto payments by emailing customers a link with a QR code. After scanning the QR code, customers can complete the transaction through their crypto wallets.
The first Gucci stores to accept crypto payments are Wooster Street in New York, Rodeo Drive in Los Angeles, the Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas.
The company will accept more than ten cryptocurrencies for payments. These include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five USD-pegged stablecoins.
The company hasn’t specified which stablecoins it intends to accept.
Commenting on the upcoming development, Marco Bizzarri, President and CEO of Gucci said:
Gucci is always striving to use new technologies when they can offer our customers an improved experience.
Now that we are able to integrate cryptocurrencies into our payment system, it is a natural progression for those customers who would like to have this option available to them.
Leading fashion brands continue to rely on web3
This news comes after Gucci has partnered with SUPERPLASTIC to launch a non-fungible token (NFT) collection called SUPERGUCCI. The collection includes 500 NFTs co-created by synthetic artists Janky and Guggimon. Data from Open sea shows that the minimum price of the collection is 3.98 Ether (ETH).
Aside from Gucci, other reputable brands have jumped on the Web3 bandwagon to integrate crypto payments, drop NFTs or venture into the Metaverse. An example is fashion designer Philip Pleinwhich started accepting crypto payments through a partnership with Coinify.
In the meantime, zaraa Spanish clothing company, recently launched its first solo collection called Lime Glam in the Metaverse, which can be worn in the real world as well as in the world Zepeto Metaverse.
Nike also recently partnered with RTFKT Studios to launch its first NFT collection on the Ethereum blockchain. Named RTFKT x Nike Dunk Genesis CRYPTOKICKS, the NFT collection is designed for use in the Metaverse.