High-end Italian Brand Will Now Also Accept Crypto Payments. Will it Boost Crypto Adoption?

8:26 am, Thu, 5 May 22

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Crypto adoption among brands is anticipated to boost even more as one of the most world-famous brands has embraced crypto payments for its products.

To the delight of crypto enthusiasts, the acceptance of digital assets is gaining quite the momentum, which is likely to surge as the extraordinary Italian fashion label Gucci will now be accepting crypto payments from its customers.

This is speculated to shed more light on the value and utility of digital currencies as Gucci is one of the most influential luxury brands in the world and is also a benchmark for modern business.

Seeing that Gucci is also inclined towards cryptocurrencies, other top fashion brands are anticipated to follow.

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Which Digital Currencies Are Being Accepted by Gucci?

This is not Gucci’s first attempt to step into the crypto space. The high-end luxury brand has been trying to adopt Web3 with two NFT collections that were launched in 2022.

  • SUPERGUCCI collection in February with the SUPERPLASTIC (toy brand)
  • Gucci Grail collection in March

The next step the luxury brand has taken is the acceptance of crypto payments by the end of this month in five of its stores in the USA.

The brand does plan to expand eventually, offering the same options in all its 111 stores in North America.

According to reports, Gucci will accept payments in 12 digital assets including:

The Italian fashion label will also accept five U.S. dollar stablecoins. The initial five stores that offer the option to make crypto payments are located in:

  • Atlanta
  • Las Vegas  
  • Los Angeles
  • Miami
  • New York

Customers who will purchase anything at the stores located in the above-mentioned cities will be sent an email with a QR code. This will enable them to pay through their crypto wallet.

To prepare for the launch, the employees at Gucci have already begun training and education on NFTs, crypto and Web3 to better facilitate the customers and understand what the crypto space is all about.

The luxury fashion brand has also purchased virtual land in The Sandbox and established a virtual retail experience. This copies the Gucci Vault e-store, which is an online concept store that represents “Gucci’s presence in the Metaverse”.

Gucci is not the only world-famous brand that has embraced crypto assets. Many see crypto as luxury itself.

High-end brands have been diving into the Web3 and crypto space, including:

  • Franck Muller
  • Hublot
  • Norgain
  • Off-white
  • Phillip Plein

What to Know as a New Crypto Investor?

Crypto assets are gaining more and more popularity as world-famous luxury brands and even car manufacturers have begun accepting crypto as payments.

This new move by Gucci is likely to add to the value of cryptocurrencies and attract more companies and individuals to them.

However, if you are also looking to invest in crypto and are new to the crypto space, there are a few helpful tips you need to know before you begin.

  • Keep an eye on the price movement of the cryptocurrency you want to buy.
  • Start by investing as much as you can afford to lose.
  • Always choose an exchange that is secure and suits your needs the most.

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