You will soon be able to buy Gucci with Bitcoin
Gucci announced that bitcoin payments would be accepted in select locations.
Customers will be able to pay with bitcoins at locations in New York, Los Angeles, Miami, Atlanta and Las Vegas starting in late May for the experimental project.
According to a press release shared with CNN, the initiative will be rolled out across Gucci’s North American network this summer.
Customers will soon be able to pay for their purchases with more than 10 cryptocurrencies, including widely recognized coins like Bitcoin (BTC), Ethereum (ETH) and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI and BUSD) . But the brand also accepts payments from more specialized cryptocurrencies, like Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin started out as a joke, but its value rose after tech billionaire Elon Musk said the meme-based coin could be used to buy Tesla merchandise.
“Gucci is a digital-first luxury brand and this is the next phase of the company’s Web 3.0 journey,” the brand said in the statement.
This isn’t the company’s first step into bitcoin and digital assets. Gucci announced the Gucci Vault in March, a digital store symbolizing “Gucci’s presence in the metaverse” that will feature digital assets alongside real-life items.
The brand has also collaborated on NFTs with leading NFT players such as Bored Ape Yacht Club and Cool Cats. Non-fungible tokens, or NFTs, are unique digital assets tied to the blockchain, the system of record used by cryptocurrencies. And some of the hottest digital artworks fetch extravagant sums. An NFT advertised in Gucci’s NFT store on OpenSea is worth 420.69 ETH, or more than $1 million.
Other luxury brands have also dipped their toes into cryptocurrency, such as Off-White, founded by the late Virgil Abloh. In March, the brand announced that it would accept cryptocurrency payments at its stores in London, Milan and Paris, according to Vogue Business.
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