First it was the Metaverse, then the NFTs, now crypto payments will be accepted to buy real luxury goods.
‘Gucci gang… Gucci gang… Gucci gang,’ these super catchy lyrics flash through the minds of all Millennials when they think of Gucci. Everyone wants to be part of the Gucci Gang, to look like the Social Media Star Chiara Ferragni and her partner Fedez, adorned in top-to-toe Gucci swag.
Despite Gucci being a century-old fashion company, this Italian high-end luxury fashion house based in Florence, has captured the attention of every 16 to 35 year old over the last few years. Gucci is the top luxury brand that Gen Z and Millennials desire to wear. According to Francois-Henri Pinault, CEO of Kering, Gucci’s parent company, Millennials and Gen Z account for nearly 50% of Gucci’s total sales. Vogue has also claimed that Gucci is the most recognized brand among Gen-Z consumers on TikTok, this proves that the Italian Fashion Brand is always an early-adopter into new trends and is a force to be reckoned with throughout all generations and demographics.
With the rise of Web 3, Gucci has made it extremely clear that they are on the first rocket ship to the moon: the Luxury Italian Brand recently assembled a team entirely dedicated to all things Web 3 and crypto.
Earlier this year, Gucci decided to take that giant leap into the metaverse and buy digital real estate in The Sandbox, developing an in-game retail experience that mirrored their experimental Gucci Vault e-store. The Sandbox is a virtual real-estate platform built on the Ethereum blockchain and backed by the cryptocurrency $SAND. Apart from Gucci, Warner Music Group, Ubisoft, and Adidas also own digital land in The Sandbox.
Gucci, together with SUPERPLASTIC, has started to blur the lines between digital and physical with a line of SUPERGUCCI NFTs on Opensea. The first of three planned NFT drops blended the aesthetic codes of Alessandro Michele’s Gucci Aria collection with the style of synthetic artists Janky and Guggimon. The entire collection consisted of 500 NFTs accompanied by handmade ceramic sculptures.
Continuing their trendsetting ways in the world of Web 3, Gucci will begin to allow loyal customers to make purchases with cryptocurrency. This will further solidify them as the cool kids (that everyone wants to sit next to at lunch) of the luxury fashion world.
Last week, the Italian luxury brand announced they will start accepting payments in cryptocurrencies in five American stores – in the Miami Design District, Rodeo Drive in Los Angeles, Wooster Street New York, Atlanta’s Phipps Plaza, and The Shops at Crystals in Las Vegas will be the pilot stores. Gucci Customers will be able to pay using a number of popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Shiba Inu and Dogecoin.
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said Gucci president and CEO Marco Bizzarri in Vogue Business. He continued, “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.”
This move plays well with Gucci’s ambitions of attracting younger customers, i.e. the early adopters of cryptocurrency, who are mostly Gen Z and Millennials. As many Gucci items are legendary collectibles and often one-of-a-kind, re-investing crypto gains to buy luxury Gucci items could be very enticing for someone who holds crypto and desires to become a Gucci collector.
Gucci continues to lead the charge into Web3 and the metaverse. They are moving fast! Competitors are starting to take notice as Gucci widens their competitive advantage at the speed of light.
Are you into luxury fashion brands? Check out Louis Vuitton’s NFT drop!
Or, maybe you want to party in the Metaverse with Steve Aoki?