According to the news served by Vogue Business, Gucci will launch its cryptocurrency payments pilot program in 5 selected stores in North America.
Gucci has launched cryptocurrency payments at its major stores, including Rodeo Drive in Los Angeles and Wooster Street in New York and Las Vegas, and has plans to expand it to all its direct-run stores in North America in the near future.
In the pilot, more than 10 crypto assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB) and Wrapped Bitcoin (WBTC) 5 stable cryptocurrencies will be accepted.
According to the report, Gucci will convert its crypto revenues into fiat currencies. Previous attempts to sell high-value items using crypto have failed multiple times due to money laundering and tax implications for US citizens.
While the fashion industry shows a strong interest in digital assets and digital spaces, Gucci remains one of the pioneers of the industry. The famous fashion brand attracted attention with its Web3 expansion before accepting crypto money.
While important brands of the industry applied for trademarks in the Metaverse area, Gucci stepped into this area by purchasing virtual land in Sandbox Metaverse in February. In the virtual space called Gucci Vault, customers can buy and use fashion items.
Gucci, which has also entered the NFT industry, launched its first NFT inspired by the Aria collection last year. NFT found buyers for $25,000 at Christie's auction. On the other hand, the famous fashion brand cooperated with the digital character brand Superplastic in the first month of the year and pressed the button to launch its own NFT collection.
Tesla's attempt to sell electric cars using BTC was soon canceled due to the overall cost of tax and anti-money laundering paperwork that US citizens would have to face if they wanted to exchange their cryptocurrencies.
Payments with cryptoassets were also accepted by Thailand's real estate industry representatives recently, but were banned after officials were concerned about the money laundering potential of the initiative. In addition, the high transaction fees on the Ethereum Blockchain also cause difficulties in payments with this altcoin.