Well, turns out Gucci is after crypto millionaires by supporting digital asset payments. The brand has been dipping their toes in the new opportunities coming from crypto and this is not their first venture. Previously, the brand officially reveled their plans to develop a virtual store in metaverse. Based in Sandbox, Gucci’s boutique would showcase virtual products and concepts as NFTs. While the NFT sales have plunged 92% as of May 2022, the brand is now accepting digital asset payments in select US stores. So get ready to pay for your next Gucci bag with Shiba Inu.
Buy and Sell Cryptocurrencies with no fees on HiExchange
Digital Asset Payments
As the world slowly forgets about cash, digital asset payments are the new financial trend. The renowned fashion brand Gucci will now be accepting cryptocurrencies for payments in select stores.
According to Vogue Business, the luxury line will start receiving cryptocurrencies starting at the end of May. The program will kick off in select US based stores and will expand to all North American stores by the end of summer.
At this point, the digital asset payments are limited to 12 assets starting by the big one, which is Bitcoin. The second cryptocurrency by market cap Ethereum (ETH), memecoin Dogeoin (DOGE) and the other memecoin Shiba Inu (SHIB) are also on the list. Litecoin (LTC), Bitcoin Cash (BCH) and Wrapped Bitcoin (WBTC) are also on the list. In addition to that, five unnamed stablecoins are also on the list. It would be safe to assume that Tether USD and USD Coin are definitely included.
Pilot Program
The payment process will be pretty standard and straightforward. Customers can pay for their purchase with cryptocurrencies by scanning a QR code or getting a link via email. For the time being, the crypto acceptance pilot program includes stores in Los Angeles, New York, Las Vegas, Miami and Atlanta.
The Chief Executive Officer Marco Bizzarri said in an interview that implementing new technologies is a crucial part of their business.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our 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.”
Lately, Fashion brands have been making serious ventures into cryptocurrencies. On March, the world’s first metaverse fashion show took place in Decentraland. Back then, some of the biggest fashion brand including Tommy Hilfiger, Selfridges, Cavalli, Eli Saab, Vogue Arabia, Guo Pei and others participated in the event.
Considering the foggy legal state of crypto, digital asset payments can pay off big time for early adopters.
