Luxury meets digital: Gucci adds crypto payments to select stores

Dreaming of that new Jackie Bag but don’t want to spend all your money at once? Now you can pay for it with crypto! High-end fashion brand Gucci is now accepting cryptocurrency payments at select stores, a move that signifies a major step forward for the acceptance of digital currencies in the mainstream.

Gucci’s stores in Los Angeles, Miami, Las Vegas, and New York are among the first locations to start accepting crypto payments. If you choose to pay with crypto, you’ll get an email with a QR code. You can then use this code to pay with your crypto wallet. Gucci will accept various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and several stablecoins.

To get ready for this new way of paying, Gucci’s parent company, Kering, has started an in-house training programme together with Al Dente. This program will teach employees about NFTs and Web3, and will probably require store employees to receive more training.

Gucci is no stranger to trying out new technologies. The Italian brand previously sold a digital version of its famous Dionysus bag on the gaming platform Roblox. In fact, the digital bag sold for more than the real-world version, fetching around 3900 euros compared to the retail price of approximately 3200 euros.

Gucci has also entered the metaverse by buying virtual land in The Sandbox, an NFT game where players build their own virtual worlds. By accepting crypto payments, Gucci is not only selling luxury goods, but also taking part in the digital revolution that is happening right now.

Other fashion brands in the United States have previously accepted crypto payments, including Off-White and Philipp Plein. Designer Philip Plein has even called himself the “crypto king.” Plein processes at least one Bitcoin transaction every day and now has 150 Bitcoins, which are worth about 4.7 million euros.