Luxury brands are going all-in on crypto, as the famous fashion house Gucci starts to accept cryptocurrency as payments in a few of their US stores at the end of the month. This move is part of the ongoing exploration of the crypto world. Before entering web3, Gucci became the first luxury brand to release its NFT called GUCCI (EST. 1921) and was sold for $25,000 in a Christie’s auction last June.

According to Vogue Business, this program will be launched in limited stores in the US and eventually extend into all of its North American shops this summer. The first locations to accept crypto are Miami Design District, Rodeo Drive in Los Angeles, Wooster Street in New York, The Shops at Crystals in Las Vegas, and Phipps Plaza in Atlanta.

This crypto payment program of Gucci will happen through a QR code that will be sent to their client’s email. The QR code will allow the client to complete the payment from their crypto wallet. The stores will accept the following digital currencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Wrapped Bitcoin, Shiba Inu, and other five stablecoin pegged to the US dollar. 

Moreover, In February, Gucci first entered the metaverse world by purchasing its virtual on The Sandbox as it is developing a virtual “Gucci Vault” for their Gucci-themed NFTs. Other luxury brands are also exploring the web3 and Metaverse world. Brands like Dolce & Gabanna, Adidas, Nike, Vans, and Off-White to name a few.