Gucci and other luxury brands now accepting crypto and Shiba Inu - what’s next for SHIB and will we see mass adoption?

GUCCI will start accepting cryptocurrency as payment at five of its flagship US stores from the end of May, with plans to extend the service to all of its 111 stores in North America. The fashion label will accept 12 cryptocurrencies including Shiba Inu (SHIB), Dogecoin (DOGE), Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC) and five stablecoins. The Gucci shops accepting cryptocurrency include 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. Customers paying with cryptocurrencies in store will be sent an email with a QR code that allows them to execute the payment from their crypto wallet. When the payment goes through, Gucci can either convert the payment into fiat, such as US dollars or Pounds, or keep the payments in cryptocurrency. Employees have already started training and education on crypto, NFTs and Web3 in preparation for the launch. Marco Bizzarri, Gucci president and CEO said: “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.” “Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.” Gucci is the latest brand to start accepting cryptocurrency as payment. In March, Off-White started accepting six cryptocurrencies as payment in its flagship stores in Paris, Milan and London. Watch brands Franck Muller and Norgain and Phillipp Plein also accept crypto. While LVMH’s luxury watch brand Hublot released a limited edition watch collection that could only be purchased using Bitcoin. Gucci accepting cryptocurrency as a form of payment is another example of the luxury brand’s continued adoption of Web3. Sign up to get our weekly and monthly metaverse news round-ups direct to your inbox The Italian fashion label’s, owned by France’s Kering, first-ever NFT was a four-minute film called Aria that was based on its clothing collection of the same name and sold for $25,000 in June 2021. Gucci then launched two NFT collections in 2022 — the “SUPERGUCCI” collection in February in collaboration with toy brand SUPERPLASTIC, and the “Gucci Grail” collection in March aimed at owners of existing projects such as Bored Ape Yacht Club and CryptoPunks. Gucci also purchased a piece of virtual land in The Sandbox in February 2022 to launch a virtual retail experience mirroring its Vault e-store. The Gucci Vault is an online concept store representing “Gucci’s presence in the metaverse,” featuring a selection of rare vintage Gucci pieces. Follow 24/7 Crypto on Twitter for the latest news and developments as they happen Post navigation