Gucci accepts cryptos as a means of payment

Want to buy that one Jackie Bag, but would rather not see your bank balance drop immediately? Fashion house Gucci will accept cryptocurrency payments in a number of selected stores at the end of this month.Text: Fleur de Jong
Image: GucciThis step by the Italian fashion brand seems to be an important validation for cryptocurrency. Gucci's outlet stores in LA, Miami, Las Vegas and New York are among the locations where crypto will be accepted. Customers who choose crypto payment will receive a link via email containing a QR code with which they can then pay with their crypto wallet. A total of ten different currencies will be accepted, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and Dogecoin. The brand plans to expand the pilot to all its stores in North America this summer.

Offering payments in crypto in the store will require some additional training for store employees. Parent company Kering introduced an in-house game for this purpose this week in collaboration with Al Dente, which will train employees in NFTs and Web3.

Dionysus bag

However, Gucci is no stranger to experimenting with new technology. For example, the Italian brand previously sold a digital version of an iconic Gucci bag. For example, the Gucci Dionysus bag was sold on gaming platform Roblox for more than the real value of the physical version. On Roblox, users can create fashion items for avatars that are then bought and sold using digital currency. Ultimately, the Dionysus sold for around 3900 euros, compared to the retail price of around 3200 euros. Gucci also entered the metaverse by purchasing a virtual plot of land in The Sandbox; an NFT game in which players build their own virtual world.

Other brands in the United States previously also accepted crypto as a means of payment, such as Off-White and Philip Plein. Designer Philip Plein declared himself crypto king. According to sources, Plein has at least one bitcoin transaction per day and he now has 150 Bitcoins, which is approximately equivalent to 4,7 million euros. Also read: 'Met Gala 2022: these are the most striking outfits'