Italian luxury fashion house Gucci has announced plans to begin accepting cryptocurrency payments across five of its flagship stores in the United States. The initiative, set to launch by the end of May, marks a significant step in the brand's broader Web3 and digital asset strategy, with potential expansion to 111 stores throughout North America.
According to industry reports, Gucci will support payments in 12 major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five USD-pegged stablecoins.
Shoppers at the pilot locations—situated in New York, Los Angeles, Miami, Atlanta, and Las Vegas—will be able to make in-store purchases using digital assets by scanning a QR code sent via email to complete the transaction from their crypto wallets. Staff at these locations are also receiving specialized training in cryptocurrencies, NFTs, and Web3 technologies to ensure a seamless customer experience.
Gucci’s Web3 and NFT Initiatives
Gucci has been actively exploring the Web3 space throughout the year, launching two notable NFT collections. In February, the brand collaborated with toy designer SUPERPLASTIC on the "SUPERGUCCI" collection. This was followed by the "Gucci Grail" project in March, which offered customized NFTs to owners of established blue-chip collections such as Bored Ape Yacht Club, Pudgy Penguins, and World of Women.
The brand’s first venture into NFTs was a four-minute film titled Aria, inspired by its fashion collection of the same name. This piece was auctioned online by Christie’s in June 2021 and sold for $25,000.
Further expanding its digital footprint, Gucci acquired virtual land in The Sandbox metaverse platform in February. There, it is developing a virtual retail experience inspired by the Gucci Vault—an online concept store that serves as the brand’s metaverse hub, curated by its creative director with a selection of rare vintage items.
The Rise of Crypto in the Luxury Sector
Gucci is not alone in its embrace of digital currencies. Several other high-end brands have begun integrating crypto payments and Web3 innovations into their business models.
In March, Off-White started accepting six cryptocurrencies at its flagship stores in Paris, Milan, and London. The brand, largely owned by luxury conglomerate LVMH, has also been active in the Web3 space through its subsidiaries including Hennessy, Bulgari, and Louis Vuitton, each having launched their own NFT projects.
LVMH-owned watchmaker Hublot released a limited-edition timepiece available exclusively for purchase in Bitcoin. More recently, the brand partnered with hardware wallet provider Ledger to introduce a special edition watch and Ledger Nano X bundle.
Other luxury players like watch brands Franck Muller and Norgain, along with fashion label Philipp Plein, now accept cryptocurrency payments. Even high-end automotive dealers and manufacturers have begun welcoming digital assets for luxury vehicle purchases.
Beyond retail, the luxury fitness group Equinox began accepting cryptocurrency on May 3rd for memberships at its New York City clubs, with annual fees starting at less than 1.4 ETH or approximately $4,044.
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Frequently Asked Questions
Why is Gucci accepting cryptocurrency?
Gucci aims to align with technological innovation and appeal to a digitally-savvy clientele. Accepting cryptocurrencies enhances customer convenience and positions the brand at the forefront of the growing digital economy.
Which cryptocurrencies can I use at Gucci?
Shoppers can use Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and several USD-backed stablecoins.
How does the crypto payment process work at Gucci?
Customers receive a QR code via email at the point of sale, which they can scan with their digital wallet to complete the transaction securely using their preferred cryptocurrency.
Will Gucci expand crypto payments to more locations?
The initial rollout includes five U.S. stores, with plans to expand to 111 stores across North America depending on the success of the pilot program.
What other luxury brands accept cryptocurrency?
Notable brands like Off-White, Hublot, Franck Muller, and Philipp Plein already accept crypto payments. Many are also launching NFT collections and engaging in metaverse projects.
Is paying with cryptocurrency secure?
Yes, cryptocurrency transactions are secured through blockchain technology, which offers transparency and protection against fraud. However, customers should ensure they use reputable wallets and follow best security practices.