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Gucci Accepts Crypto Payments

Luxury brand Gucci has just announced that at the end of May 2022, it will begin accepting cryptocurrency payments at five of its stores in the US.

According to SlashGear, in addition to the largest cryptocurrency Bitcoin accepted, Gucci also supports Ethereum, Litecoin, and Dogecoin. What is important in this announcement by Gucci is that the cryptocurrency is now used to buy luxury goods from one of the famous brands. world.

Gucci accepts cryptocurrency payments - photo 1

Users can use some cryptocurrencies to shop at 5 Gucci stores later this month

Reuters

In addition to the aforementioned currencies, Gucci will also accept Shiba Inu and five “stablecoins” – a form of cryptocurrency pegged to the US dollar, meaning it always has the same value as the USD.

Since cryptocurrencies do not have any physical form of payment, it is a bit difficult to accept such payments in brick-and-mortar stores. Cryptocurrency payments require the person to own a crypto wallet. When going out, the crypto wallet can only be used if the user has internet access. To pay with crypto, customers at a Gucci store will be emailed a link with a QR code. QR Codes are a quick and easy way to pay instantly from a customer’s crypto wallet to Gucci, which can then be held in crypto or converted into fiat currency. standard currency.

While many people find Gucci’s decision to accept cryptocurrency payments strange, the brand actually has its own line of NFTs, of which Gucci has 500 limited edition NFT codes for its products. The product is named Superplastic: SuperGucci. Gucci’s NFT line has enjoyed some success with the highest recorded selling price of 30 Ethereum (ETH). At the time of sale on February 1, 2022, this equates to about $80,000.

Gucci’s recognition of crypto-currencies as a valid currency is remarkable, helping to make crypto-currency no longer a strange concept, because even an established brand cares.

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