Fashion giant Gucci starts accepting crypto payments

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Italian high-end fashion house Gucci is looking to add crypto as a payment option in some US stores from late May, with plans to expand the trial to all North American stores by the summer of 2022.

According to May 4 report, Gucci will accept crypto payments in-store by emailing customers a link containing a QR code. After scanning the QR code, the customer will be able to complete the transaction via their crypto wallet.

The first Gucci stores to accept crypto payments were Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.

The company will accept more than ten cryptocurrencies for payment. These include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five stablecoins pegged to the US dollar.

The company did not specify which stablecoin it would accept.

Commenting on the upcoming developments, Gucci President and CEO Marco Bizzarri said:

Gucci always wants to embrace new technologies when they can provide a better experience for our customers.

He added:

Now that we are able to integrate cryptocurrencies in our payment system, this is a natural evolution for customers who wish to have this option available to them.

Leading fashion brands continue to embrace web3

This news comes after Gucci teamed up with SUPERPLLASTIC to launch a collection of non-fungible tokens (NFT) dubbed SUPERGUCCI. The collection consists of 500 NFTs co-created by synthetic artists Janky and Guggimon. Data from open sea shows the base price of the collection is 3.98 Ether (ETH).

Apart from Gucci, other well-known brands have also followed the web3 bandwagon to integrate crypto payments, drop NFT, or venture into the metaverse. An example is a fashion designer Philipp Pleinwhich started accepting crypto payments through a partnership with Coinify.

Meanwhile, Zaraa Spanish clothing company, recently launched its first solo collection called Lime Glam in the metaverse, which can be worn both in the real world and in the real world. Zepeto metaverse.

nike also recently partnered with RTFKT Studios to launch its first NFT collection on the Ethereum blockchain. Dubbed the RTFKT x Nike Dunk Genesis CRYPTOKICKS, the NFT collection is designed for use in the metaverse.

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