Gucci : The Italian Brand Officially Integrating Crypto to its Payment Methods

Published on: 12 May 2022
by KnowESG
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The brand of luxury fashion is constantly immersing itself in the newest possibilities and challenges and the latest one is crypto. Gucci is inspiring other brands around it to take a step into the future through its sense of adaptation and innovation.

Marco Bizzarri and Alessandro Michele are propelling the brand into new universes, ranking Gucci among the most influential brands in the luxury space. These achievements have certainly resonated among their usual consumers, securing one of the leading positions in this challenging and demanding customer group.

In fact, by 2030, Gen Zers are already the most influential luxury consumers and will become the number one in terms of spending. This pioneer was the first major luxury brand to ban fur from its products at the risk of losing customers who did not understand that move but still earned the attention of Gen Z and Millenials.

It did not take long before Gucci was followed by its competitors for making, once again, the right move in favour of sustainable luxury. Other innovations are also to be mentioned; from a gender-fluid line in collaboration with Balenciaga to associating with K-pop figures like Exo’s Kai, to even introducing a sex toy Love Parade collection.

Finally and most importantly, the luxury metaverse seemed an interesting playground for the Italian brand. Gucci was the first luxury brand to release an NFT in the form of an art film, which was sold for $25,000 (166,650 RMB). Two other collections by Gucci were made famous: SuperGucci and Gucci Grail; the owners of NFTs from these collections were given exclusive rights to pre-order any new collection before its release to the public.

Gucci is also creating its digital real estate on The Sandbox platform. Finally, Gucci is allowing the payment for their luxury products using cryptocurrencies in North American stores. It includes Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Shiba Inu, Dogecoin, and Litecoin.

The crypto owners look at these currencies differently than physical money, and they are willing to pay, which is a promising element in the luxury fashion sector. This novelty counted among their strategies to break into the Gen Z revolution. Gucci is making inspiring first moves and promises for a bright future. The Italian brand is setting standards for its competitors, trying to catch up with the pace.

Source: Campaign

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