Gucci, the luxury fashion brand, will start accepting crypto payments in some outlets as part of its continuing Web3 tests.
According to Vogue Business, the pilot will begin in a few US-based stores at the end of May, with plans to extend to all of its North American stores this summer.
Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Shiba Inu, Dogecoin, Wrapped Bitcoin, and five stablecoins pegged to the US dollar will be accepted. Gucci’s cryptocurrency payments will be made using a QR code that consumers receive via email, enabling them to connect their wallets and pay.
Gucci has already made significant inroads into the cryptocurrency and blockchain gaming markets. The brand has a specialised team devoted to Web3 projects, and Gucci Garden, their Roblox game, had 19 million visits. Gucci also has developed “skins” that alter the look of an avatar in games such as Pokemon Go and Animal Crossing.
Gucci made a significant step by accepting crypto payments. Image: CoinCulture
According to Gucci’s chief marketing officer Robert Triefus, there are an increasing number of ‘second worlds’ in which you can express yourself. However, individuals wishing to express themselves in a virtual world via a virtual product or a virtual persona are probably underestimated.
The brand acquired digital real estate on The Sandbox, a blockchain-based virtual real estate platform. Gucci garnered notice online this summer when a virtual handbag on Roblox’s marketplace sold for more than $4,000, surpassing the price of its real-world counterpart.
The move coincides with the integration of cryptocurrency payments by some luxury retailers and brands. Recently, fitness club Equinox announced accepting crypto payments at its New York City club. A few months ago, Off-White started taking cryptocurrency payments in Paris, London, and Milan.
In the McKinsey interview, Triefus said they knew individuals’ preparedness to pay money for NFTs and digital collectibles. The financial potential is undeniable. One must learn how to curate the experience, just like one does in the real world, and ensure that the experience meets the customer’s expectations of the respective brand.