Gucci will Soon Accept Cryptocurrency Payments

Gucci will Soon Accept Cryptocurrency Payments
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Business

Gucci will Soon Accept Cryptocurrency Payments

Gucci has announced that cryptocurrency payments will be accepted at select locations.

05/09/2022

Customers will be able to pay with cryptocurrency at locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas starting at the end of May. According to a press release shared with CNN, the initiative will expand to Gucci’s entire North American network this summer.

Gucci to accept payments with over 10 cryptocurrencies

Customers will soon be able to pay for their purchases with over 10 cryptocurrencies, including widely recognized coins like Bitcoin (BTC), Ethereum (ETH) and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD).

However, the brand also accepts payment in more niche cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin began as a joke, but its value skyrocketed after tech entrepreneur Elon Musk declared that they will accept the meme-based coin to purchase Tesla merchandise.

“Gucci is a digital first luxury brand and this is the next phase of the company’s Web 3.0 journey,” the brand said in the release.

Gucci’s presence in the metaverse

This isn’t the first time the company has dabbled in cryptocurrency and digital assets. Gucci unveiled the Gucci Vault in March, a digital store that represents “Gucci’s presence in the metaverse” and will be used to sell digital assets alongside physical clothing.

The brand has also collaborated on NFTs with prominent players in the NFT field, such as Bored Ape Yacht Club and Cool Cats.

Non-fungible tokens, or NFTs, are one-of-a-kind digital assets linked to the blockchain, the record-keeping system used by cryptocurrencies. And some of the hottest pieces of digital art are fetching expensive prices. One NFT advertised at Gucci’s NFT shop on OpenSea is worth 420.69 ETH, which is more than $1 million.

By Elah Mae Ariate Wozinga Staff

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