From the end of May, customers will be able to pay for the pilot project in cryptocurrency at locations in New York, Los Angeles, Miami, Atlanta and Las Vegas.
The program will be extended to the entire Gucci network in North America this summer, according to a press release shared with CNN.
Customers will soon be able to pay for their purchases with more than 10 cryptocurrencies, including widely recognized coins such as Bitcoin (BTC), Ethereum (ETH) and 5 stable USD-linked coins (GUSD, USDC, USDP, DAI and BUSD). But the brand also accepts payments from multiple niche cryptocurrencies, such as Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin started as a joke, but grew after tech billionaire Elon Musk said a meme-based coin could be used to buy Tesla goods.
“Gucci is the first digital luxury brand and this is the next phase in Web 3.0’s path,” the brand said in a statement.
This is not the first intrusion of the brand into the world of cryptocurrencies and digital assets. In March, Gucci unveiled Gucci Vault, a digital store that represents “Gucci’s presence in the metaverse,” which it plans to use to sell digital assets alongside real-life clothing.
The brand has also released NFTs in collaboration with major players in the NFT world, such as Bored Ape Yacht Club and Cool Cats. Non-replaceable NFTs or tokens are unique digital assets associated with blockchain, a record-keeping system that uses cryptocurrencies. And some of the hectic pieces of digital art are selling at exorbitant prices. One NFT listed in Gucci’s NFT store on OpenSea is listed at 420.69 ETH, corresponding to more than $ 1 million.
Other luxury brands have also dipped their fingers into cryptocurrencies, such as Off-White, founded by the late Virgil Abloh. In March, the brand announced that it would accept cryptocurrency payments in its stores in London, Milan and Paris, Vogue Business reports.