Gucci Will Soon Accept Cryptocurrency – Here's Why That Matters

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If you don’t have much of an interest in the crypto or NFT (non-fungible token) space, you may find Gucci’s decision to accept payments in cryptocurrency to be strange. However, the brand already has prior involvement with the crypto world: Gucci actually has its own NFT line. Although NFTs cover a fairly broad range of different forms of digital art, such as images, music, or videos, Gucci’s collection, dubbed Superplastic: SuperGucci, consists of 500 limited-edition tokens. Being an NFT, each of these pieces of media comes with an assigned proof of ownership indicating that the person who has the token in their wallet is the owner of the token (and its associated media, where applicable).

Gucci’s NFT line has achieved moderate success, with the highest sale being recorded at 30 Ethereum (ETH). At the time of the sale on February 1, 2022, this amounted to around $80,000. Of course, NFTs often score prices that are much higher than that, but the involvement of traditional brands such as Gucci with the NFT space is still fairly limited — a lot of projects come from unknown designers and teams of people who run them almost anonymously.

For a brand like Gucci, with decades of tradition, to recognize crypto as a valid currency is a big deal. Not only it could draw some new pairs of eyes to Gucci, but it also makes cryptocurrency less of an outlandish, internet-only concept and more of a thing that even established brands seem to turn to. However, using crypto is not without its controversies. Until crypto mining is made greener, it’s likely that the digital currency world will have more opponents than it will have supporters.