Friday, September 30, 2022

Gucci Announces Acceptance of Crypto Payments in its Stores

Global fashion brand Gucci will now be accepting payments in the form of cryptocurrencies in some of its local stores based in the United States. According to the report, Gucci will not limit the new development to its US branches, other countries in North America will soon be included and then every other place that the firm is situated.

Gucci has long had this deep interest in cryptocurrencies and virtual collectibles. In February this year, the Italian-based company announced its purchase of virtual land on the Metaverse in collaboration with world-renowned games developer The Sandbox. The announcement saw the launch of an online retail experience for its customers dubbed Gucci Vault.

The firm also launched two Non-Fungible Tokens (NFTs) projects named Gucci Grail and Super Gucci and as well released a digital film which was sold for $25,000. Bitcoin (BTC) and Ethereum (ETH) amongst many other coins were accepted as payments.

To ensure a secured payment, customers patronizing the fashion brand’s stores will receive a confirmation mail from Gucci, then a QR code will be scanned which will connect to the crypto wallets of users and the due amount will be withdrawn.

The firm will also be training its staff so as to gain a better understanding of the cryptocurrency and virtual assets world. The training will be done using a game that is developed in partnership with AI Dente.

Speaking on the new development, the president and CEO of Gucci, Marco Bizzarri said that the Italian based fashion brand has always had a deep interest in “new technologies”, and has integrated payment in the form of crypto to the business operation of the luxury fashion brand which he claims will serve as “a natural evolution for those customers who would like to have this option available to them.”

Another luxury fashion brand that has explored the opportunities of blockchain technology is Off-White. The firm announced in March that it is now accepting crypto payments in its branches across the world.

The digital assets market continues to gain patronage from companies across various industries, ranging from sports to music to real estate amongst many others.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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