The fashion and luxury company Gucci is once again breaking new ground and is testing the payment option with various cryptocurrencies in some Gucci shops in the USA.
On Tuesday, May 4, Gucci announced that it would start accepting cryptocurrency payments in some stores in the United States by the end of this month. This bold move by Gucci comes at a time when the cryptocurrency market is undergoing a major correction. The company initially selected five US stores in various parts of the United States.
Which cryptocurrencies are available at Gucci?
When paying at Gucci, you can choose between different cryptocurrencies in the future. There are six different currencies to choose from.
Specifically, you can make payments in Bitcoin and Bitcoin Cash, but also Shiba Inu, Dogecoin, Litecoin, and ultimately Ethereum. The large selection of cryptocurrencies is of course very attractive, especially for customers.
The seller can decide whether to keep the cryptocurrency payments as they are or convert them to fiat.
Paying with Bitcoin in Gucci Stores - It's that easy
If customers want to pay with one of the cryptocurrencies such as Bitcoin, this is possible using a QR code. You get this from Gucci by email and then you have to scan it with your crypto wallet to complete the payment process.
This also makes it clear that the payment process when shopping at Gucci does not involve a great deal of effort. With the step of accepting cryptocurrencies when purchasing products, the fashion company is now not an isolated case. Other well-known fashion brands, such as Off-White, already accept cryptocurrencies.
Commenting on the subject, Marco Bizzarri, President and CEO of Gucci, said:
"Gucci always strives to embrace new technologies where they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies into our payment system, it is a natural progression for those customers who would like to have this option available to them."
Gucci is not only active in cryptocurrencies
But the fashion brand Gucci is not breaking new ground with cryptocurrencies either. The company had already recognized that the crypto sector is significant and has growth potential.
Luxury and fashion brands are eager to explore new possibilities in the world of metaverse, Web 3, and NFT. Gucci has already made some efforts in the Web 3 space, linking its physical presence to the virtual world.
The brand also pays close attention to the rapidly growing world of non-exchangeable tokens (NFT). He's actually already working on two NFT projects: SuperGucci and Gucci Grail. Holders of these NFTs will receive special pre-sale access to the collection. In this way, the company tries to create a bridge between NFT and the world of Web 3.
Watch out! Gucci's competition never sleeps
Gucci is not alone with this plan to gain a foothold in the Web3. Other well-known fashion brands are already taking a similar path here and some are already much further.
Like Dolce & Gabbana, Adidas, Nike, Vans and Balenciaga. These brands will also compete with crypto-native fashion houses like Digitalax, Blanksoles, DRESSX, and Red DAO, which have a head start in building online communities around their brands.
But here, too, the CEO of Gucci points out that these new forms of representing the company must first be implemented. This includes not only the development of NFTs, for example, but of course also the training of employees.
Overall, however, one has the feeling, whether in cryptocurrencies or in Web3, in the metaverse, Gucci always has to catch up with the competition. Whether Gucci is actually convinced of these developments seems rather questionable, at least at the moment.
Especially since the metaverse promises great growth opportunities, Gucci should significantly expand its commitment in this area and also be faster.
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