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     Picture Credit: Gucci 2022

 

To be, or not to be… in cryptocurrency. That is the question! Gucci has officially placed the luxury market on notice that they will “be” accepting cryptocurrency.  It is a bold move and another market indicator of the direction of the luxury markets, when it comes to the metaverse, NFTs and the like. 

  

Clearly brands that disrupt and show bold movement garner cultural influence. Such actions are sure to resonate with their target audiences. Likewise, brands which tend to follow the curve normally lessen in interest. 

 

With the onboarding of Bizzarri and Michele to reign over Gucci, the brand has risen to the challenge. Now recognized as one of the most sought-after brands in the luxury market, Gucci continues to impress and elevate to stellar market performance in recent history. Garnered by Gen Z audiences and reaching above all other customer segments, Gucci resonates with the message:  We are here to stay.

 

With Gen Z consumers already being at the top of the luxury food chain, it is anticipated Gen Zers will be even more so by the year 2030. As such it is without question, to be viewed as the leader by such audiences and in order to maintain and grow these economic impacts, accepting cryptocurrency is a clear action by Gucci to seal these lucrative audiences in place.  

 

Other such avant-garde first-mover advantages include the rollout of the gender-fluid line, Gucci MX. Likewise, Balenciaga offered up its own version in the Hacker Project, a disruptive element to begin on both fronts. Both brands attempting to redesign, repackage and reimagine their iconic brands. 

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Gucci foraged to reengage K-Pop making Exo’s Kai their new face of the brand. A face currently referred to as the Human Gucci, brings joy and delight. The brand is among the first of many luxury brands of influence to move into the space of the luxury metaverse. Gucci previously released an NFT which sold for approximately $25,000 USD. Following this win, and expended two additional NFT releases of Gucci Grail and SuperGucci which escalated in immediate success. Now the brand enjoys access to such releases on Gucci Vault Discord for those who wish to enjoy pre-orders of their collective offerings. Additionally, Gucci is moving forward to secure its space on The Sandbox platform, while other adapt a wait-and-see for the leader mentality. With that said, Gucci now adapts the bold move to accepting cryptocurrency: Bitcoin Cash, Ethereum, Wrapped Bitcoin and several others. This is both a bold and smart strategic move given the interest of the Gen Z consumers in this luxury space. As leading in the acceptance of such cryptocurrencies will only cement Gucci’s place and access to these economic markets in the future.  

 

These strategic steps forward made by Gucci, show it pays to try new spaces and assume a first-mover advantage. Such moves will create extreme brand value, increase desirability and continue to make Gucci a cultural power player as well, as a power house in the land of the metaverse.