Gucci Will Start Accepting Cryptocurrencies As Payment In The US
By Alexa Heah, 09 May 2022
As luxury brands continue to embrace the advent of cryptocurrencies and the metaverse, Gucci has announced it will now be accepting alternative payment methods at select stores in America.
While it may be one of the first big names to allow customers to purchase products using virtual assets, following Off-White’s announcement last month, it’s certainly not a stranger to the metaverse scene, having opened ‘Vault’, a concept store selling branded non-fungible tokens (NFTs) in an “experimental online space.”
According to the BBC, the brand’s flagship outlets, including those at Rodeo Drive in Los Angeles and Wooster Street in New York, will be among the first trial locations for the new cryptocurrency payments.
Intriguingly, the brand won’t just be accepting mainstream Bitcoins or Ethereum, but will even take payments in “meme” cryptocurrency Dogecoin, which was initially created as a joke but has become a popular contender in the digital space.
As Vogue Business notes, customers paying in cryptocurrency will be asked to scan a QR code that will allow them to allocate funds from their digital wallets, and if they make returns, will be fully refunded in cryptocurrency instead of fiat cash.
If all goes well, the brand has plans to expand its policy to all stores in North America in the near future, so everyone can snag the most sought-after looks with their cryptocurrency of choice.
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