Gucci Will Start Accepting Crypto Payments This Month

Published: May 6, 2022
Updated: May 6, 2022
Gucci Will Start Accepting Crypto Payments
Gucci Will Start Accepting Crypto Payments

Gucci will begin accepting crypto payments.

Gucci, the Italian luxury brand, will begin taking crypto payments at certain of its American outlets. Customers will be able to pay using Bitcoin, Ethereum, and Litecoin, among other cryptocurrencies.

Gucci is building on previous Web3 action by announcing plans to accept crypto payments in five US stores as a pilot programme, with hopes to expand to all North American locations.

Gucci announced on Wednesday that it would begin accepting cryptocurrency in its US outlets later this month.

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Gucci has been a pioneer in the field of digital assets and virtual reality.

More than ten cryptocurrencies, including DOGE and SHIB, will be accepted in five US retailers.

Gucci has long been a proponent of digital assets and virtuality, as has the fashion industry.

In 2022, fashion labels increased their Web3 engagement, with some major names filing trademark applications relating to the Metaverse.

Gucci has been a Web3 forerunner, while other fashion houses are catching up. Gucci’s decision to accept cryptocurrency payments is in line with the brand’s Web3 policy.

Gucci is launching a pilot programme in the United States to accept cryptocurrency payments.

Gucci announced the beginning of a pilot programme to accept cryptocurrency payments in-store on Wednesday.

Gucci will launch the test programme at the end of May, according to Vogue Business. To facilitate payments from crypto wallets, stores will provide QR code links to customers via email.

Stores will accept Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu Coin (SHIB), Wrapped Bitcoin (WBTC), and five USD pegged stablecoins as payment methods.

Gucci outlets on Wooster Street (New York), Rodeo Drive (Los Angeles), Miami Design District (Miami), Phipps Plaza (Atlanta), and The Shops at Crystals will reportedly be part of the test project (Las Vegas).

By the summer, Gucci wants to expand the test programme to all of its North American stores.

Gucci’s move into the virtual world is not its first. Gucci bought LAND in The Sandbox in February (SAND). Attendees can buy and use fashion products in the Metaverse, according to Gucci Vault.

Gucci Vault also has a Discord and the Gucci Grail, as well as the SuperGucci NFT collections, which are available on OpenSea.

However, the partnership with Web3 began much earlier. The Gucci Garden, a virtual recreation of a real-world installation in Italy, was presented by Gucci and Roblox in 2021. Gucci Garden included themed rooms in honour of Gucci’s centennial.

The rising popularity of Web3 in the crypto industry continues to benefit cryptos, especially SAND.

Price Action in the Sandbox

SAND was down 0.86 per cent at $2.41 at the time of writing. SAND fell to an early morning low of $2.40 after a bearish morning session.

Indicators Technical

Gucci Will Start Accepting Crypto Payments

To reach the First Major Resistance Level at $2.55, SAND must dodge the day’s pivot at $2.34. To get back to $2.50, SAND would need more market support.

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SAND may test the Second Major Resistance Level at $2.67 and resistance at $2.70 in the event of a prolonged rise. $3.00 is the third major resistance level.

If the pivot is broken, the First Major Support Level at $2.22 is activated. SAND should avoid falling below $2.20 unless there is a prolonged sell-off. $2.00 is the second major support level.

It’s a bearish indicator based on the EMAs and the 4-hourly candlestick chart (below). SAND is presently trading at $2.47, below the 100-day EMA. The 50-day EMA narrowed to the 100-day EMA this morning, providing support. On the 200-day EMA, the 100-day EMA flattened; SAND neutral.

A return to $2.60 would be supported by a move through the 100-day EMA.

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