Gucci will start accepting crypto in stores
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Would you rather buy a Gucci belt for $495 or a 2.5 million shiba inu? Soon, the choice will be yours. Gucci will begin accepting $SHIB, along with more than 10 other cryptocurrencies, in select stores later this month and across the country this summer as part of the luxury sector’s broader push towards crypto.
- How it will work: At the store buyers who wish to reinvest their bitcoin in a shoulder bag will be emailed a QR code that will allow them to complete the transaction using their crypto wallets.
Big Picture: Gucci was the first luxury brand to make an NFT, a film that sold for $25,000 last June. But this is catching up with other luxury brands that have been quick to accept crypto for merchandise:
- Off-White announced in March that its flagship stores had started accepting crypto as payment.
- Philipp Plein outshines its peers by building a store in London where customers can pay in crypto, browse an NFT gallery, and upgrade certain purchases with a matching NFT that they can wear in the virtual world of Decentraland.
At the end of the line : A collaboration between luxury brands and crypto may be the best combination since jazz and rain, as both rely on hype and influence.—J.W.