The luxury fashion brand Gucci started to accept cryptocurrency as a form of payment in its U.S. stores as of May of 2022, and currently, around 70 percent of its fully operating storefronts are accepting the digital currency. The brand estimates that the remaining shops will soon hop on board and will start accepting the payment form. The Italian luxury house is the first brand to accept crypto, paving the way for all brands in the future.
Gucci is not the only well-renowned brand to accept the digital currency, but it is leading the game in crypto transactions. According to Buy Bitcoin Worldwide, ones "company is a status symbol if they are daring enough to test the status quo and accept Bitcoin." Major companies who decided to take that step forward and test the waters are Microsoft, Home Depot, Starbucks, Whole Foods, and now Gucci. The style house was recently declared the "World's Hottest Brand" by The Lyst Index for Q2, so it's no surprise they've joined the crypto-currency trend.
In addition to accepting crypto, Gucci is the first brand to accept ApeCoin, according to Forbes. ApeCoin is the Bored Ape Yacht Club's cryptocurrency, which was initially created for Mutant Ape and Bored Ape holders. Celebrities and high-profile socialites highly regard the NFT collection, so naturally, ApeCoin has become the main form of payment used in the Ape world. So now, the luxury fashion brand is giving customers a variety of options to pay for their high-priced goods with payments such as Bitcoin, Bitcoin Cash, Litecoin, Shiba Inu, and a few more available currencies. According to BitPay's CEO, Stephen Pair, the new payment form has been longtime coming after they saw a demand for its customers to use the currency in-store.
Although Gucci is leading the market in cryptocurrency purchases, other high-end fashion houses have joined the NFT trend. Brands like Balenciaga and Prada both launched NFT platforms for users who are looking to involve themselves in the digital currency world. So let's see how this plays out and which brands will follow suit and join the block-chain based currency market next!