Will Gucci’s Exploration of Bitcoin Help Regain the Crypto’s Lost Glory?
Gucci, the fashion giant, is the latest crypto enthusiast organization to start accepting Bitcoin for payments
Is cryptocurrency losing its popularity? The answer can be quite relative as cryptocurrency prices have always been very volatile. The ongoing Russia-Ukraine war took a deep plunge into the Bitcoin price recently and countries like India and China are skeptical about allowing crypto to be considered a legit currency. However, on the other side, there are several countries as well as organizations that are embracing cryptocurrency as a proper mode of payment. The most recent one in this matter would be the fashion giant, Gucci’s acceptance of Bitcoin.
Iconic fashion brand Gucci will begin accepting cryptocurrency in some of its U.S. locations later this month, with plans to roll out the program to other North American stores this summer. According to Vogue Business, in-store payments will be made using a QR code that customers can scan with their crypto wallets, sent by Gucci via email. The stores will start accepting various digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu.
Entering into Web3
Offering in-store crypto payments is the latest of Gucci’s move to enter Web3. Earlier this year, Gucci entered the metaverse by purchasing virtual land in the decentralized blockchain game The Sandbox for an undisclosed amount; it’s building a virtual “Gucci Vault” for Gucci-themed NFTs. Gucci is just one of the big names in fashion and apparel entering Web3 looking to stake a claim in the digital world. Joining Gucci in this new reality are clothing lines Dolce & Gabbana, Adidas, Nike, Vans, and Balenciaga. These brands will also be competing against crypto-native fashion houses like Digitalax, Blanksoles, DRESS X, and Red DAO, which have a head start building online communities around their brands.
To prepare for this new venture, Gucci says it will provide cryptocurrency and NFT education and training to its staff before the program’s launch.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci’s President and CEO, tells Vogue Business. “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.”