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Sunday, November 27, 2022

Gucci Becomes The Latest Luxury Brand To Accept Crypto Payments At Select Stores

A Gucci signature purse could be yours for $2,250, and if you prefer, in 17,000 Dogecoin. This iconic fashion brand will accept crypto payments at hand-picked stores in Los Angeles, New York, Atlanta, Las Vegas, and Miami, starting later this month.

While the brand will accept popular cryptocurrencies, Gucci is widening its field and will accept a wide range of digital currencies including Ether, Bitcoin Cash, Shiba Inu, and Dogecoin.

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The fashion brand plans to introduce accepting cryptocurrencies at all its operating stores in North America before summer ends. Customers who wish to pay through cryptocurrencies in these stores will be mailed a link, enabling them to access a QR code, allowing them to transfer funds directly from the customer’s digital wallets.

This is the latest of Gucci’s expansion into the digital world and is in keeping with its commitment. It is already an active participant in the metaverse. It sold a digital Gucci product for $4,115 in May. The price is more than that of the product sold in the real, physical world.

Gucci Has Also Moved Into NFTs

The brand has also moved into non-fungible tokens (NFTs) to better engage with their customers, though being a straggler to the world of cryptos. AMC Theaters and Regal Cinemas began taking cryptocurrency payments last year. While a Dallas Mavericks ticket could be bought with cryptocurrencies even 4 years back.

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Buying high-value items like Gucci’s is a gamble when brought through cryptocurrencies. The wild market fluctuation of cryptocurrencies could mean that the bag you bought for $2,000 could work out to $4,000 in a couple of months.

The fashion brand has tied up with an undisclosed service provider to pool Bitcoin price values from various exchanges of cryptocurrencies in real-time. This will help them to determine the most accurate BTC amount that they can charge customers.

Gucci will pay customers with cryptocurrency that was used at the time of purchase in case the customer returns a product. Normally, companies immediately convert cryptocurrency into fiat. It is not clear if Gucci will follow this path or hold on to the cryptos received as payment.

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