A growing number of companies have started to accept virtual currencies. For example, Microsoft, Tesla, and Amazon already accept Bitcoin. Luxury brand Gucci also announced that they will accept cryptocurrency payments in some stores in the US starting at the end of May. They are planning to expand this change to be applied to Gucci’s full North America network. Another luxury brand Off-White also started accpeting payment with cryptocurrencies this March in some stores in London, Paris, and Milan.
Cryptocurrencies that will be available to use are more than 10 currencies including Bitcoin, Ethereum, Litecoin, etc. The company also reported that niche cryptocurrencies like Shiba Inu and Dogecoin will be available too. Then, how customers can pay with virtual money? If a customer wants to pay with cryptocurrency, one will be sent an email that has a QR code that allows using a digital asset wallet. With that QR code, the customer can use their virtual money.
However, the important thing is that this was not the first time that Gucci showed an interest in the web 3 world. This March, the company launched the Gucci Vault, a digital store where they plan to sell their items in the metaverse alongside real-life items. They also already released several NFTs in collaboration with Bored Ape Yacht Club and Cool Cats. Furthermore, Gucci’s parent company Kering has recently introduced an in-house game that was developed in collaboration with creative agency Al Dente to educate employees on NFTs and Web3.
With Gucci’s this action, it is expected that cryptocurrency payments will be accepted by many mainstream businesses.
References:
https://www.bbc.com/news/business-61343255
https://edition.cnn.com/2022/05/08/business/gucci-bitcoin-cryptocurrency-payments-trnd/index.html
https://www.voguebusiness.com/technology/gucci-takes-the-leap-will-accept-crypto-in-us-stores
Nice article! That’s cool that more and more fashion companies enter the world of web 3.0 and start accepting crypo payments. To what extent is that hype? Personally, I believe that news about brands entering web3 are a bit over-hyped and sometimes have bigger reach and response than news about how brands and web3 influence the environment which is yet very important topic.
That is cool and also kind of scary hor these technologies are spreading rapidly
Great article! So interesting to see the evolution of crypto and the developing usage in industries like fashion! This could potentially attract new customers who would have high amounts of cryptos to spend on such brand.
Also, very interesting to see the actions taken by the brand to initiate their employees to NFT.
High fashion brands and luxury brands will definitely implement NFT verification metrics for the sake of metaverse and exclusivity