By
Godfrey Benjamin
April 19th, 2024
Gucci is going to accept payments in 12 digital assets.
With many fashion brands keen on establishing themselves in the crypto world, Gucci may have taken the competition a notch higher, by supporting crypto payments for its products.
A Thursday report by Vogue Business confirms that the Italian luxury outfit is set to start allowing crypto payments, later this month. However, the services will initially not be extended beyond its 5 flagship stores in the US. They are located in Miami, Atlanta, New York, Las Vegas, and Los Angeles. Meanwhile, Gucci is also planning to extend the services to its other stores, which are spread across North America. But that is not expected to happen until sometime later in the year.
Going by the report, however, Gucci will be accepting only 12 digital assets. These include Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), and 5 other stablecoins. But the report also claims that Gucci will be responsible for the crypto-to-fiat conversions.
Gucci Fully Immersed in Web3 Adoption
Interestingly, this development goes a long way to confirm the interest and efforts of Gucci in Web3 and its adoption. Although, the brand has been taking some bold steps in terms of Web3 adoption, prior to this moment. In fact, Gucci has its team of experts to thank for such initiatives as “Gucci Garden.” That’s its Roblox game which saw over 19 million visitors.
Furthermore, the brand also successfully acquired a virtual land on The Sandbox back in February.
Sometime later in February, Gucci also collaborated with SUPER PLASTIC — a toy brand, to launch the “SUPERGUCCI” collection. But it wasn’t done.
In March, Gucci revealed its plans to launch another collection it called the “Gucci Grail” NFTs.
Crypto Payment Becoming a Trend amongst Luxury Brands?
Maybe or maybe not just yet. But this moment, it seems that the number of luxury brands willing to accept crypto payments, is gradually on the rise. Ever since Phillip Plein started accepting crypto payments last August, a few others have also shown interest in following suit. However, some have been met with strict regulations that have literally made it impossible to carry on with their ambitions.
Nonetheless, a notable fashion brand that has also started accepting crypto payments, is Off-white. Additionally, luxury fitness and health club Equinox also announced earlier this month, that it has integrated support for crypto payments in its New York City clubs.
A range of luxury watch brands are also accepting crypto as payments, while luxury car retailers are not left out.
Without a doubt, adoption is probably not fully blown yet. At least, not at present. But it might be safe to say that reasonable progress is being made with Web3 and crypto adoption in general.