After metaverse, Gucci launches cryptocurrency payment offerings

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Luxury fashion house Gucci has launched cryptocurrency payment options. The new payment option will commence by the end of May, and will be offered at select Gucci outlet stores, including those in Los Angeles, Miami, Las Vegas and New York. According to Reuters, Gucci plans to expand the service to its directly-operated North America stores in the near future, before eventually rolling it out across all of its stores. This will allow customers to transact in 10 different cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five stable coins pegged to the US dollar.

Customers opting for crypto payment will receive a link via email, containing a QR code that will then allow them to pay using their respective crypto wallets. Gucci's move comes as digital currencies become more broadly accepted. “Gucci is always looking to embrace new technologies when it can provide an enhanced experience for its customers. 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,” said Marco Bizzarri, Gucci president and CEO.

Gucci is no stranger to experimenting with technology. The luxury brand dipped its toes into the metaverse when it purchased an undisclosed amount of virtual land on The Sandbox in February this year, according to Vogue. According to a tweet from Gucci, the virtual world will feature its "Gucci Vault" platform, which is an umbrella for fashion house's metaverse-related projects. Gucci Vault is an experimental online space created by the luxury brand. The vault is also where the luxury house sells its recent NFT collection and vintage pieces. Meanwhile, The Sandbox is a virtual world where players can build and monetise their own gaming experience using blockchain.

For its NFT collection which was launched slightly before that, "Supergucci", Gucci partnered with animated celebrities entertainment brand, SUPERPLASTIC. The NFT collection includes a three-part series that comes with its own handcrafted porcelain sculpture. The first collection of 10 NFTs dropped on 1 February at Gucci Vault, featuring 10 different whimsical scenarios with the SuperJanky figure from SUPERPLASTIC. According to Gucci Vault, the designs were inspired by Gucci Aria.

Separately, Gucci is not the only brand to expand its payment options into cryptocurrencies. Singapore fashion retailer Charles & Keith launched cryptocurrency as a payment mode on its eCommerce site earlier in March, ahead of the brand’s participation in the Metaverse Fashion Week hosted on Decentraland, a 3D virtual world browser-based platform. According to Charles & Keith, this initiative marked the brand’s first foray into digital currencies and will be rolled out in Singapore, US, Australia, Canada, Malaysia, UK and the EU during the initial launch phase in the first half of 2022. Accepted coins include popular digital currencies Bitcoin, Ethereum and Tether USDT. The brand has partnered with crypto payments platform TripleA for this offering. Off-White and designer Phillip Plein also provide cryptocurrency as a payment currency in-store or online.

Photo courtesy: 123RF

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