Gucci Goes Crypto with US Stores to Start Accepting Crypto Payments

Key Insights:

• On Wednesday, Gucci announces plans to begin accepting crypto in US stores later this month.
• Gucci has been a trailblazer in the digital asset and virtual space.
• Five US stores will accept payments in more than 10 cryptocurrencies, including DOGE and SHIB.

Gucci and the fashion industry have been long-standing advocates of digital assets and virtuality.

Fashion brands have ramped up Web3 activity in 2022, with some big names filing Metaverse-related trademark applications.

While some fashion houses play catch up, Gucci has been a Web3 trailblazer. News of Gucci making a move to begin accepting crypto payments aligns with the brand’s Web3 position.

Gucci to Launch Polit Program to Accept Crypto Payments in US Stores

On Wednesday, news hit the wires of Gucci launching a pilot program to begin accepting in-store crypto payments.

According to Vogue Business, Gucci will begin the pilot scheme at the end of May. Stores will share QR code links to shoppers via email to enable payments from crypto wallets.

Stores will accept crypto payments in more than 10 cryptos, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu Coin (SHIB), Wrapped Bitcoin (WBTC), and five USD pegged stablecoins.

Five stores will reportedly form part of the pilot scheme, these being Gucci stores on Wooster Street (New York), Rodeo Drive (Los Angeles), Miami Design District (Miami), Phipps Plaza (Atlanta), and The Shops at Crystals (Las Vegas).

Gucci plans to extend the pilot scheme to all North American stores by the summer.

It is not Gucci’s first foray into the virtual space. In February, Gucci purchased LAND in The Sandbox (SAND). Based on Gucci Vault, attendees can buy and use fashion items in the Metaverse.

On Gucci Vault, the fashion house also launched a Discord and the Gucci Grail, and the SuperGucci NFT collections, available on OpenSea.

The relationship with Web3 started much sooner, however. In 2021, Gucci and Roblox hosted the Gucci Garden, a virtual version of a real-world installation in Italy. Gucci Garden consisted of themed rooms in commemoration of Gucci’s centenary.

For the crypto market, the increased adoption of Web3 continues to support cryptos, including SAND.

The Sandbox Price Action

At the time of writing, SAND was down 0.86% to $2.41. A bearish morning session saw SAND fall to an early morning low of $2.40.

Technical Indicators

SAND will need to avoid the day’s $2.34 pivot to target the First Major Resistance Level at $2.55. SAND would need broader market support to return to $2.50.

In the event of an extended rally, SAND could test the Second Major Resistance Level at $2.67 and resistance at $2.70. The Third Major Resistance Level sits at $3.00.

A fall through the pivot would bring the First Major Support Level at $2.22 into play. Barring an extended sell-off, SAND should avoid sub-$2.20. The Second Major Support Level sits at $2.00.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SAND sits below the 100-day EMA, currently at $2.47. This morning, we saw the 50-day EMA narrow to the 100-day EMA, delivering support. The 100-day EMA flattened on the 200-day EMA; SAND neutral.

A move through the 100-day EMA would support a return to $2.60.