Gucci to start accepting crypto payments

05 May 2022

High-end fashion label Gucci will start accepting cryptocurrency payments by the end of May in five of its stores in the U.S., with plans to introduce the service in its 111 stores across the country.

Reports show that the Italian fashion house will accept 12 cryptocurrencies as payment, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, as well as five U.S. Dollar stablecoins.

The crypto payment pilot will be carried out initially in Gucci stores in New York, Los Angeles, Miami, Atlanta and Las Vegas. Customers will be emailed a QR code to enable payment via their digital asset wallet. In order to prepare for the launch, staff have been undertaking training on crypto, NFTs and Web3, Cointelegraph reports.

Gucci has launched two NFT collections this year, the so-called “SUPERGUCCI” collection in February in collaboration with SUPERPLASTIC toy brand, and the “Gucci Grail” collection in March, aimed at owners of blue chip NFT projects.

The firm’s first NFT was a 4-minute film entitled Aria, which was sold in June last year for $25,000 at a Christie’s online auction.

In addition, Gucci has moved into Web3, buying virtual land in The Sandbox back in February, offering a virtual retail experience emulating its Vault e-store. The Gucci Vault is an online store highlighting “Gucci’s presence in the Metaverse”, featuring a collection of rare vintage Gucci pieces.

An increasing number of companies have recently started to accept cryptocurrencies as payment. The fashion label Off-White has begun accepting crypto in its flagship stores in London, Paris and Milan, it was reported by Vogue Business in March.