Gucci tops crypto deals

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Gucci tops crypto deals

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ucci began accepting cryptocurrency in a few stores in the United States in May 2022. Today, approximately 70% of its fully-operated stores directly accept the currency. The others shouldn’t stay away for long.

Gucci was the first brand to accept crypto, and this week was the first brand to accept ApeCoin. With the addition of ApeCoin, Gucci customers will have a dozen options to pay for goods with digital cash; the brand now accepts Bitcoin
BTC
bitcoin-cash
BCH
Ether
ETH
um, Wrapped Bitcoin
WBTC
Litecoin
SLD
dogecoy
DOGE
n, Shiba Inu
SHIB
and 5 USD pegged stablecoins (GUSD
GUSD
USDC
USDC
USDP, DAI
AID
and BUSD
BUSD
). The Italian luxury brand dipped its toes into crypto with just five stores initially, but saw fit to expand rapidly to attract luxury customers.

According to Stephen Pair, CEO of BitPay, the platform was simply responding to demand. For example, they added ApeCoin in response to high customer demand for the Bored Ape Yacht Club NFT collection, a subsidiary of Yuga Labs. Bored Ape Yacht Club is highly sought after by celebrities and other high net worth individuals, and ApeCoin will be the main token used in the Ape ecosystem according to WWD’s Adriane Lee.

ApeCoin holders can shop at BitPay merchants – which include premium brands and retailers as well as popular services like UberEats and DoorDash
DASH
. They simply exchange the tokens for cash with a BitPay card, exchange them, or simply hold them. The volatile world of crypto investments is an adventure sport in itself and tends to be highly speculative with ever-changing price values. Bitcoin and Ethereum, for example, are rebounding from a major crash in June 2022. But the fascination with blockchain-based currency lives on.

As for Gucci, the assumption is that it added these cryptocurrencies to cater to its customers. This is certainly what BitPay’s Pair suggests; he thinks demand must increase among luxury consumers. But this scenario is not taken for granted, and it is unknown how many customers actually used Bitcoin or Dogecoin. Another possibility is that Gucci’s adoption of crypto is a strategic move that will position the brand to respond to future initiatives. After all, Gucci has been active in digital collectibles, avatar wearables, and NFTs in the past. The brand has also explored partnerships with virtual worlds like Roblox and the Sandbox.

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RIP:
Gucci is the leader in cryptocurrency acceptance and is taking this stance in hopes that it will attract affluent luxury customers. There is a spirit of adventure when using blockchain currency and Gucci clearly wants to be at the forefront with Nike.
NKE
and Tiffany. No doubt such actions on the part of these leaders will give new ideas to the rest of the industry.

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