Luxury fashion brand Gucci has announced that it would accept payments in cryptocurrency in some of its US stores by the end of May 2022.
Gucci, an arm of the French luxury group Kering SA, has a market value of $67 billion and has several other brands, including Alexendre McQueen, Sergio Rossi, and Boucheron.
How it works
When customers request payments in cryptocurrency, Gucci sends them a link via e-mail containing a QR code, which allows customers to execute the payment through their crypto wallets. The company will accept payments in more than ten currencies—bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, shiba inu, and five fixed currencies pegged to the US dollar, in addition to dogecoin.
Thereafter, the brand takes a decision whether to convert the cryptocurrency into fiat currency or keep it.
Cryptocurrency and NFTs
Of late, brands are taking advantage by using cryptocurrencies, non-fungible tokens (NFTs), and metaverse in a bid to ensure their presence in the face of severe competition.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said Marco Bizzarri, president and CEO of Gucci, in a statement. “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.”
Other brands
Several brands compete to launch projects in the world of NFTs and metaverse, which are considered the promising future in the world. Philipp Plein announced its new store in London that allows customers to pay in cryptocurrencies, and purchase NFTs from the virtual exhibition that will be located in the hall.