- Gucci will trial in-store cryptocurrency payments
- Five U.S. stores will accept more than 10 cryptocurrencies in a trial
- Gucci has put a lot of time and money into Web 3.0 integration
Gucci has boarded the crypto bandwagon as part of its effort to firmly implant itself into the Web 3.0 revolution. Vogue Business revealed that the luxury brand, which has already taken several steps towards a move into the digital realm, will accept a number of cryptocurrencies, including Bitcoin and Shiba Inu, in a select number of stores in the U.S. pursuant to a larger rollout later in the year. Already this year, Gucci has purchased some land in The Sandbox, carried out NFT airdrops, and established a team working full time on metaverse integration.
Payment Via Email Invoice
Vogue Business revealed that the first Gucci stores to accept crypto will be Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas. Shoppers will be able to spend more than 10 cryptocurrencies in this select group of stores, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five stablecoins pegged to the US dollar.
In-store crypto payments will be made through a link sent to the customer via email, a link which contains a QR code that allows them to execute the payment from their crypto wallet of choice. While this is little more of a clunky approach than the typical QR code or NFC reader on an existing point of sale terminal, it opens the Gucci cryptocurrency shopping experience up to users or any wallet or exchange rather than just those holding a cryptocurrency debit card.
Gucci Pushing Ahead With Web 3.0
Marco Bizzarri, Gucci president and CEO, told Vogue Business that the experiment was a natural step on the company’s digital journey:
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.
Gucci has already made huge strides towards a life in the world of Web 3.0; in less than 18 months, Gucci has launched multiple NFT drops, scooped up virtual real estate in the metaverse, and established a metaverse team. This speedy and all-in adoption has surprised many, but clearly the brand wants to capture the crypto nouveau riche and interest the next generation of digital natives.