Previous Gucci Web3 initiatives have resulted in the company accepting 12 cryptocurrencies in a few chosen outlets, with an expanded rollout expected in the future.
By the end of the month, Gucci will begin taking cryptocurrency payments in five of its US shops, with ambitions to expand the service to all of its 111 North American locations.
This includes Bitcoin (BTC), Ethereum (ETH), Ether-wrapped BitCoins, Litecoin (LTC) and Dogecoin (DOGE) as well as five US dollar stablecoins, Vogue Business reports.
A QR code will be sent to customers who want to pay with crypto at the pilot sites in New York, Los Angeles, Miami, Atlanta, and Las Vegas. Preparing for the launch has begun with training and teaching on cryptocurrency, nonfungible tokens (NFTs), and Web3.
In February, Gucci collaborated with toymaker SUPERPLASTIC to develop the “SUPERGUCCI” collection, which included a line of NFT toys, and in March, the “Gucci Grail” collection, which was aimed toward the owners of established NFT projects like Bored Ape Yacht Club and Pudgy Penguins.
Aria, a four-minute short film inspired by the brand’s clothing line of the same name, was auctioned off for $25,000 by Christie’s online in June 2021.
In February, Gucci purchased a virtual property in The Sandbox to construct a virtual shopping experience that mirrors the Vault e-physical store’s counterpart.
Designed by Gucci’s creative director, the Gucci Vault is an online concept shop that represents “Gucci’s presence in the Metaverse.”
Cryptocurrency is a kind of luxury
Cryptocurrency and Web3 are becoming more popular with high-end companies. At its flagship locations located in Paris, Milan, and London, Off-White began accepting payment in six cryptos in March.
LVMH, the main owner of Off-white, has released NFTs under its Hennessy, Bulgari, and Louis Vuitton labels in the past.
Limited-edition Hublot timepieces were exclusively available for purchase using the cryptocurrency Bitcoin. In February, the company introduced a limited-edition watch and the Ledger Nano X cold wallet in partnership with Ledger, a developer of cold wallets.
Auto dealerships and car manufacturers are also taking digital assets for high-end cars, like Franck Muller and Norgain, as well as fashion companies Phillipp Plein and Norgain.
Tuesday, Equinox Group began taking cryptocurrency payments in the form of annual memberships for its New York City-based gyms, beginning at a little under $1,400 per year, or around $4,044 as of this writing.