Gucci Starts Accepting Bitcoin In Some Stores: Report

Gucci starts accepting Bitcoin in some of its stores and it is the latest luxury brand to start accepting crypto payments so let’s read more in our latest cryptocurrency news.

The Iconic fashion brand Gucci starts accepting Bitcoin in some of its stores in the US with plans to roll out a program to other North American stores this summer. As per Vogue Business, the in-store payments will be made using a QR Code that the customer can scan with their crypto wallet, and also the stores will accept various digital currencies including Bitcoin Cash, Bitcoin, Litecoin, Dogecoin, Ethereum, and Shiba Inu.

The first locations to start accepting crypto are Wooster Street in New York, Miami Design District, Rodeo Drive in Los Angeles, Shops at Crystals in Las Vegas, and Phipps Plaza in Atlanta. Some other high-end brands also started accepting crypto. Offering in-store payments is the latest in Gucci’s move into Web3 while Gucci also entered the metaverse by buying virtual land in the decentralzied blockchain game The Sandbox for an undisclosed amount and it is building a virtual Gucci Vault for Gucci-themed NFTs.

Gucci is one of the bigger names in fashion and apparel entering Web3 looking to stake a claim in the digital world Joining Gucci in the new reality are clothing lines like Nike, Vans, Balenciaga, and others. The brands will be competing against crypto-native fashion houses such as DRESSx, Red DAO, and DigitalX which have a head start building online communities around the brands. To prepare for the new venture, Gucci said it will provide crypto and NFT education and training to the staff before the launch of the program. The president and CEO Marco Bizzari noted:

“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.”

As recently reported, Gucci purchased land in the Sandbox metaverse game and will create themed experiences in the game inspired by the “Gucci Vault platform which lists items like NFTs and vintage bags. In addition to a fashion-focused metaverse space, Gucci will be releasing fashion items for all players to purchase and to wear in the virtual reality game.