This is a major step for Gucci in integrating its Web3 and physical communities.
By the end of the month, Gucci will begin accepting cryptocurrency payments in five of its United States stores, with plans to extend it to all 111 stores in North America.
Customers will be able to pay in-store using a QR code that will be sent via email from Gucci and scanned with their crypto wallet.
The stores will accept Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu among other digital currencies. Training has started for employees on crypto, non-fungible tokens (NFTs), and Web3 in preparation for the launch.
Non-Fungible Tokens
In February, Gucci launched the SUPERGUCCI collection in collaboration with toy maker SUPERPLASTIC, and in March it launched the “Gucci Grail” collection targeting owners of existing high-end NFT projects.
As part of its continued expansion into Web3, Gucci purchased virtual land in The Sandbox in February, which will house a virtual store similar to its Vault e-store.
Gucci Vault is a concept store representing “Gucci’s presence in the metaverse” featuring exclusive vintage Gucci pieces selected by the company’s Creative Director.
While brands are increasingly testing blockchain technologies, such as NFT artwork and dApps, in-store crypto payments is still a very young concept. With the introduction of crypto payments, Gucci is taking the next step in blending its existing physical presence with its emerging Web3 efforts.
Philipp Plein
Philipp Plein is creating a store in London that, in addition to accepting crypto payments, will have an NFT gallery and allow customers to upgrade certain purchases with a Decentraland wearable NFT. According to Plein, his brand completes an average of one crypto transaction per day, and it has already racked up 150 bitcoin in revenue.
