Gucci (PPRUF) He is going to encoder.
Vogue Business reports that the Italian luxury brand will accept cryptocurrency payments in some US stores at the end of May, and plans to expand the beta to all of its North American live stores this summer.
Gucci, which did not immediately respond to a request for comment, will accept payments in more than 10 currencies, including bitcoin, bitcoin cash, ethereum, encapsulated bitcoin, litecoin, shiba inu, and five stablecoins pegged to the US dollar.
The first Gucci stores to take in cryptocurrency are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
“The news of Gucci announcing its acceptance of cryptocurrency as payment later this month means that there will be an increased demand for conversion from crypto to fiat, as Gucci will eventually accept cash,” said Fuat Fatullayev, founder and CEO of WeWay. This means that banks and other payment services will view cryptocurrency services as a new dimension of financial services. Thus it will allow these service providers to expand their clientele.”
Fatullife said that this Gucci initiative may also incite another wave of mainstream cryptocurrency adoption, “inviting others to follow in their footsteps. It will also show a larger audience, especially in North America, that cryptocurrency can be a truly everyday means of payment.”
‘Luxury brands are entering the crypto space’
“Gucci’s adoption of cryptocurrencies is a huge step forward for the broader crypto market,” said Alexander Mamasedikov, co-founder of mobile digital bank MinePlex. “It indicates that major players in various industries believe in the long-term potential of bitcoin and other major cryptocurrencies.”
Mamasedikov said that Gucci’s acceptance of cryptocurrencies “also shows a growing trend of luxury brands entering the crypto space.”
He noted that in March, the Off-white fashion label began accepting payments in six cryptocurrencies at its flagship stores in Paris, Milan and London.
“And now Gucci is coming into this space,” said Mamasedikov. “All of these actions show that it is likely that other major luxury brands in the world will follow a similar path and provide crypto payment options to their customers.”
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Crypto payments will be made in-store through a link emailed to the customer; The link contains a QR code that allows them to carry out the payment from their crypto wallet.
“News about cryptocurrency payments may appeal to the crypto audience and create a huge buzz for the brand, leading to the launch of a free marketing campaign,” said Luzi Ann Santos, Market Expert and Editor of Finder. “It remains to be seen how much it will actually convert into sales.”
‘Bigger news than people think’
“On the flip side, accepting cryptocurrency payments can provide a measure of sales unpredictability given the volatility of the crypto market in general,” Santos said. “They can manage these risks in the same way that companies typically hedge their forex exposure. However, this would require converting a significant portion of cryptocurrency sales into dollars in order to increase the predictability of their headline management. They are likely to retain some sales in cryptocurrencies. To benefit from a long-term march.”
Santos said that the arrival of well-known and well-known brands such as Gucci that accept payments in digital currency is not new, and “speaks powerfully of the widespread adoption of cryptocurrencies, NFTs, and exploration of the metaverse.”
Santos said this is not Gucci’s move into the world of technology and Web3. In May 2021, the company offered its first NFT: a costume film with a starting price of $20,000.
“Given how much cash is still being paid at these types of stores, it makes perfect sense,” one person said. chirp.
else The commentator said Gucci’s acceptance of cryptocurrencies “confirms the growing influence of cryptocurrencies in the world. And that’s fantastic.”
“This is bigger news than people might think,” someone else chirp. “It opens the door for other major brands accepting bitcoin.”
In January, Gucci announced the launch of Vault on Discord, a digital distribution platform, “as a place to promote open conversations with the community about what’s next in the metaverse.”
Gucci Vault Discord is described as “the official custodian of the House’s new experimental creative space envisioned by Creative Director Alessandro Michele where past, present and future coexist, exploring new digital worlds alongside curating vintage Gucci pieces and iconic designers.”