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.