More precisely, by the end of the month, Gucci customers will be able to pay in cryptos in certain stores in the United States. And after this pilot, the brand would plan to extend these crypto payments to all the stores it directly controls in North America.
Pay in cryptos to buy luxury goods
In all, 10 cryptos will be accepted, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, as well as five US dollar-backed stablecoins. In addition, Gucci also plans to accept payments in Dogecoin.
These payments in the shops will be made via a QR code which can be sent by e-mail to the customer, so that he can send the cryptos from his wallet.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers”said Marco Bizzarri, president and CEO of Gucci, in a press release relayed by Vogue. “Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who want this option. »
The acceptance of crypto payments in the United States is a new step for Gucci, while it is already deep in NFTs. Currently, the brand is already selling NFTs, and owners of two of its projects can access benefits, such as the ability to pre-order new collections before they become commercially available.
Cryptos and NFTs, a trend in the industry
Note, however, that Gucci is not the first player in the luxury industry to accept payments in crypto. Indeed, as the Vogue article recalls, Off-White announced in March the acceptance of payments in cryptos (Bitcoin, Ethereum, Binance Coin, Ripple, Tether, USD Coin) from its main stores in Paris, London and Milan.
Philipp Plein, who has been accepting crypto payments since 2021, said in February that he has already raised 150 bitcoins, which is more or less equivalent to 6 million euros.
“First of all, we started crypto because it was cool, it was advanced, it got people talking. But I was surprised by the sheer number of people who want to pay with crypto. We see a crypto transaction every day”had indicated this one.
In truth, it is quite normal for the luxury market to be interested in cryptos. Indeed, it allows these brands to attract people who have amassed fortunes through digital assets and want to use these to buy luxury goods.
In January, in a Time article, BitPay explained that when people spend their cryptocurrency, they use it to buy luxury goods. The company, which allows merchants to accept cryptos as a means of payment, explained that in 2021 the volume of transactions for the purchase of luxury goods represented 31%. In 2020, it was 9%. In addition, the company had also observed a 57% increase in the volume of crypto payments in 2021.