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Gucci launches cryptocurrency payment pilot program, set to expand to all North American directly operated stores in the third quarter.

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Gucci launches cryptocurrency payment pilot program, set to expand to all North American directly operated stores in the third quarter.

Luxury fashion brand Gucci continues to make moves in the crypto space, following its recent launch of limited edition NFTs, acquisition of virtual real estate in The Sandbox, and plans to issue virtual wearables. The latest announcement reveals that some physical stores in the United States will now accept cryptocurrency as payment.

Vogue Business first reported this news, with Gucci set to expand its crypto payment pilot program to all directly operated stores in North America by this summer. While the market reaction doesn't seem overwhelmingly positive, with more focus on the Federal Reserve's interest rate hike, Gucci's adoption signifies a recognition of cryptocurrency by a fashion brand, especially given Gucci's active involvement in the crypto space.

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Cryptocurrency Payments

Gucci plans to roll out cryptocurrency payments at its physical stores in New York, Los Angeles, Miami, Atlanta, and Las Vegas this month. It will accept:

  • Bitcoin
  • WBTC
  • Ethereum
  • Litecoin
  • Dogecoin
  • Shiba Inu
  • Bitcoin Cash
  • USD Coin

NFT

Gucci is one of the luxury brands early to enter the NFT space. As reported by Vogue Business last year, Gucci confirmed that issuing NFTs was just a matter of time, with Vogue confirming that many fashion powerhouses would be releasing NFTs.

Its first NFT collectible was sold at a Christie's auction last year for $2.5 million. In early February this year, Gucci released a collaborative NFT series "SuperGucci" with Superplastic.

Web3 Strategy

On 2/10, Gucci announced the purchase of virtual land in The Sandbox, without disclosing specific details. From the released video, it is evident that Gucci will not only launch a virtual store but also create a fashion-focused virtual space.

On 3/10, Gucci collaborated with 10KTF, a project specializing in NFTs, to release the "GucciGrail" NFT series, as announced.

During a previous interview, Gucci's Chief Marketing Officer Robert Triefus clearly expressed his optimism for the metaverse's future:

There will be more and more "second worlds" where you can showcase another side of yourself. I think people may underestimate the drive for individuals to demonstrate their value in the virtual world, whether through virtual goods, characters, etc. It's clear that people are willing to spend a lot of money on NFTs, digital collectibles, to be reborn in the metaverse.

Therefore, he believes that the metaverse is not only a good short-term marketing opportunity for Gucci but will also be a significant driver of revenue growth in the future.

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