For the pilot, customers will be able to pay with cryptocurrency at locations in New York, Los Angeles, Miami, Atlanta and Las Vegas beginning in late May.
This summer, the program will expand to Gucci’s entire North American network, according to a press release shared with CNN.
Customers will soon be able to pay for their purchases using over 10 cryptocurrencies, including widely recognized coins such as Bitcoin (BTC), Ethereum (ETH) and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI and BUSD). But the brand also accepts payments from niche cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin started as a joke but soared in value after tech billionaire Elon Musk said the meme-based coin could be used to buy Tesla goods.
“Gucci is a digital-first luxury brand and this is the next phase of the company’s Web 3.0 journey,” the brand said in the press release.
This isn’t the brand’s first foray into the world of cryptocurrency and digital assets. In March, Gucci debuted the Gucci Vault, a digital store that represents “Gucci’s presence in the Metaverse” and that it plans to use to sell digital assets alongside real clothing. The brand has also released NFTs in collaboration with big players in the NFT world, such as Bored Ape Yacht Club and Cool Cats. NFTs, or non-fungible tokens, are unique digital assets connected to a blockchain system of record used by cryptocurrencies. And some of the vibrant digital artworks are sold at exorbitant prices. An NFT listed in Gucci’s NFT store on OpenSea is listed at 420.69 ETH, which is over $1 million. Other luxury brands have also dipped their toes into cryptocurrency, such as Off-White, founded by the late Virgil Abloh. In March, the brand announced it would accept cryptocurrency payments at its stores in London, Milan, and Paris, according to Vogue Business.
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