Gucci Allows Customers to Pay in Digital Assets

The Italian luxury fashion design company, Gucci, would start taking payments in digital assets before May winds up in its American outlets. The fashion company says it intends to expand the payment option to over 100 outlets across North America.

Gucci, which has a history of dabbing into Web3, has stepped up its crypto-related activities by adopting 12 digital assets in a few of its brick-and-mortar outlets to reach a wider audience later. Some of the digital assets in the company’s plans reportedly include Bitcoin, Ethereum, Dogecoin, and other USD altcoins.

The brand says it would send electronic mails containing a code to customers who intend to subscribe to the digital assets’ payment service. Consumers would be able to make the payments using the unique code through their virtual asset wallets.

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Training preparations have also started for the service’s operations in the fashion company. Reports say that Gucci staff have begun attending training sessions on different sections in the digital assets industry, from cryptocurrencies to non-fungible tokens and Web3.

The fashion company already has a history of adopting Web3 into its system and has three non-fungible tokens’ series to it’s name. In February, Gucci launched two NFT series through an alliance with another company and tagged them the “SUPERGUCCI” collections. 

The third NFT series of the company, with the name “Gucci Grail,” came through in March and reportedly focussed on other non-fungible tokens’ projects in the digital world. 

Further reports identify Gucci’s premier non-fungible token as short footage inspired by a garments collection. The company reportedly auctioned the virtual asset online and sold it for $25K mid last year.

After the first non-fungible token, the fashion label extended its virtual assets’ foray to Web3 a few months ago. The company reportedly purchased digital land, where it set up virtual retail in the virtual world outlet similar to a real-world electronic store in the organization called Gucci Vault.

More Luxury Brands Get into the Virtual Assets Industry

Luxury labels and companies have been launching different projects relating to cryptocurrency and Web3. For instance, another clothing firm, Off-white, began adopting customer payments in six virtual assets in three of their stores across Europe.

Another high-end fashion company, Hublot, has rolled out a finite series of non-fungible tokens which interested buyers could only access via BTC payments. Hublot, a high-end wristwatch manufacturer, partnered with wallet providers in the virtual assets’ ‘industry to launch the collection.

However, Hublot isn’t the only wristwatch manufacturer that has executed NFT projects in the virtual space. Franck Muller and Norgain are other similar outlets that have announced the adoption of virtual assets as settlements in their stores. Additionally, automobile sales outlets and manufacturers are also adopting virtual assets as means of payment.

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A New York-based luxury gym, Equinox Group, announced to begin accepting payments in virtual assets for intending and existing members of the organization’s outlets in NYC. The gym announced the minimum annual fee for people who intend to use their clubs at 1.4 ETH, equivalent to approximately$4K.