(provided by Gucci Korea)

Buy Gucci with Bitcoin… Introduction of cryptocurrency payment in luxury industry

(provided by Gucci Korea)

Italian luxury brand Gucci will accept cryptocurrency payments at some stores in the US from the end of this month.

According to foreign media on the 9th, Gucci announced that “from the end of this month, you will be able to purchase products using digital tokens in select stores such as New York, Los Angeles, Las Vegas, Miami and Atlanta.” Gucci plans to enable cryptocurrency payments throughout its North American stores by this summer. Customers can purchase products using more than 10 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Shibinu.

In-store payment is made by the customer scanning a QR code in the cryptocurrency wallet in the form of a link that Gucci sends to the customer’s e-mail. Earlier in March, Off-White had already introduced a cryptocurrency payment method. At flagship stores (representative stores) in Paris, London, and Milan, you can pay with Bitcoin, Ethereum, and Ripple. Transactions are processed using a terminal that finds the exchange rate of cryptocurrency to fiat currency, and refunds are provided only in local currency, with credit (value) that can only be used in the store.

“Gucci is always looking to embrace new technologies to provide an improved experience for our customers,” said Gucci CEO Marco Vizari. This is a natural evolution for customers who want to pay in cryptocurrency.”

Meanwhile, Gucci is actively marketing in the digital domain, such as ‘Web 3.0’, a new web environment that grants more rights to users based on the blockchain network. Web 3.0 is the most recent form of the Internet using virtual space such as metaverse. Gucci built a virtual experience space called ‘Gucci Garden’ on the game platform ‘Roblox’ last year, and then sold virtual Gucci bags there.

Another metaverse platform, ZEPETO, has also introduced virtual fashion items and promotional spaces. Gucci previously introduced NFT collections of NFT companies ‘Super Plastic’ and ‘Super Gucci’, and in February purchased virtual land from the blockchain game ‘The Sandbox’. In the future, Gucci plans to build a second-hand platform called ‘Gucci Bolt’ here. Users will be able to purchase Gucci’s NFT products at Gucci Vault.

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