Wednesday, October 4, 2023

Certain Gucci Stores to Accept Crypto

Advertisement

Gucci, the luxury fashion label, will begin taking bitcoin payments in certain outlets as part of its ongoing cryptocurrency tests.

The pilot will begin at the end of this month at select US retailers. They intend to extend across all of their North American locations this summer. According to Vogue Business, they broke the story first.

Crypto Adoption Made Possible

The following cryptocurrencies will be accepted: Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins connected to the US dollar. Gucci will accept cryptocurrency payments using a QR code supplied to customers via email. Customers will be able to pay by attaching their wallets.

Additionally, Gucci has already made big investments in the crypto and blockchain gaming industries. Web3 efforts handle by a specialized staff inside the corporation. Moreover, Gucci Garden, their Roblox game, attracted 19 million visitors. In games like Animal Crossing and Pokemon Go, the business has designed “skins” that change the appearance of an avatar.

Robert Triefus, Gucci’s chief marketing officer, spoke with McKinsey. He claims that there are an increasing number of “second universes” where they can express themselves. However, the value placed on individuals who desire to express themselves in a virtual world with a virtual product likely underestimated. This will accomplish using a virtual persona.

Real Estate on Sandbox

On The Sandbox, the business has also purchased digital real estate. It’s a blockchain-based virtual real-estate platform. Gucci made headlines this summer when a virtual pocketbook on Roblox’s marketplace sold for over $4,000 dollars. This is more expensive than the real-world equivalent.

As an increasing number of high-end businesses and brands begin to accept bitcoin payments, this move makes sense. Equinox, a luxury fitness and health club in New York City, revealed earlier this week that it will take cryptocurrency. The club joined with BitPay, a cryptocurrency payment provider. Customers can use cryptocurrencies to acquire an annual membership. Members will be able to utilize any of BitPay’s supported coins.

Furthermore, a few months ago, Off-White started receiving cryptocurrency payments in Paris, London, and Milan.

In the McKinsey interview, Triefus noted. He stated that they are aware that individuals are eager to pay a premium for NFTs, digital collectibles, and a metaverse second life. As a result, the financial potential is undeniable. As in the physical world, one must grasp how to curate the experience. They must ensure that the experience meets the expectations of the customer for the specific brand.

Advertisement
Ivan Cruz
Ivan Cruzhttps://www.cryptoconstellation.com/
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.
Advertisement

More from Crypto News Constellation

Advertisementspot_img
[tds_leads input_placeholder="Email address" btn_horiz_align="content-horiz-center" pp_checkbox="yes" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" msg_composer="success" display="column" gap="10" input_padd="eyJhbGwiOiIxNXB4IDEwcHgiLCJsYW5kc2NhcGUiOiIxMnB4IDhweCIsInBvcnRyYWl0IjoiMTBweCA2cHgifQ==" input_border="1" btn_text="I want in" btn_tdicon="tdc-font-tdmp tdc-font-tdmp-arrow-right" btn_icon_size="eyJhbGwiOiIxOSIsImxhbmRzY2FwZSI6IjE3IiwicG9ydHJhaXQiOiIxNSJ9" btn_icon_space="eyJhbGwiOiI1IiwicG9ydHJhaXQiOiIzIn0=" btn_radius="0" input_radius="0" f_msg_font_family="521" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_msg_font_weight="400" f_msg_font_line_height="1.4" f_input_font_family="521" f_input_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEzIiwicG9ydHJhaXQiOiIxMiJ9" f_input_font_line_height="1.2" f_btn_font_family="521" f_input_font_weight="500" f_btn_font_size="eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_btn_font_line_height="1.2" f_btn_font_weight="600" f_pp_font_family="521" f_pp_font_size="eyJhbGwiOiIxMiIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSJ9" f_pp_font_line_height="1.2" pp_check_color="#000000" pp_check_color_a="#fdbf46" pp_check_color_a_h="#000000" f_btn_font_transform="uppercase" tdc_css="eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGUiOnsibWFyZ2luLWJvdHRvbSI6IjMwIiwiZGlzcGxheSI6IiJ9LCJsYW5kc2NhcGVfbWF4X3dpZHRoIjoxMTQwLCJsYW5kc2NhcGVfbWluX3dpZHRoIjoxMDE5LCJwb3J0cmFpdCI6eyJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3Njh9" msg_succ_radius="0" btn_bg="#fdbf46" btn_bg_h="#dd9933" title_space="eyJwb3J0cmFpdCI6IjEyIiwibGFuZHNjYXBlIjoiMTQiLCJhbGwiOiIwIn0=" msg_space="eyJsYW5kc2NhcGUiOiIwIDAgMTJweCJ9" btn_padd="eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTBweCJ9" msg_padd="eyJwb3J0cmFpdCI6IjZweCAxMHB4In0=" msg_err_radius="0" f_btn_font_spacing="1" title_text="Stay Up to Date"]

LATEST CRYPTO NEWS

Related Crypto News

Celsius Gets Lawyer to Recoup $180M

Holders of accounts amount to 4% of the total funds held by the bankrupt crypto lender. Customers of the...

El Salvador’s Surprising Debt Buyback

On Tuesday, the president of El Salvador announced plans to extend a voluntary repurchase offer to bondholders whose...

Crypto Crisis Prompts Regulation

Bills and the human toll create a perfect storm. Cryptos thrived as old-system alternatives. The recent crypto crash has...

Chipotle Buys the Dip Game Mainstreams Crypto

Despite a drop in pricing this year, Bitcoin and other crypto assets continue to enter the mainstream. Some...