Gucci is expanding the number of supported cryptocurrencies that it accepts for payment, the latest addition being ApeCoin. BAYC, a subsidiary of APE Era Labs, is the native ERC-20 token of the NFT Collection.
The iconic Italian fashion house revealed that the Bored Ape Yacht Club (BAYC) token will be available in select stores in the US as a payment option with twelve different crypto-assets including Bitcoin, Ethereum, Dogecoin, Shiba Inu and Litecoin.
gucci-apcoin
Gucci has become the first brand to accept Apecoin as a payment option in its US stores. It enables customers to make crypto payments through Bitpay by scanning a QR code with the crypto wallet. The company did not elaborate on the reason behind choosing APE, but did highlight that the move is a step towards Web3 exploration.
official Announcement Reading,
“Now accepting ApCoin payments via BitPay, select Gucci boutiques in the United States expand the range of cryptocurrencies available for in-store purchases, yet another step in the House of Web3’s quest.”
Bored Ape Yachts Club first gained prominence during the 2021 crypto boom. The scarcity, speculation and hype surrounding NFT collections have attracted some celebrity cachet. Prominent celebrities such as Jimmy Fallon, Paris Hilton, Steve Aoki and actor Seth Green have flexed their bored app NXT on social media and television.
It is worth noting that the price of APE increased by 15% from $6.2 to $7.2 in the hours after it was announced today. Despite a slight retreat since then, the property is still in the green.
Gucci’s Crypto Venture
Gucci ventured into the NFT arena with various collaborations including Superplastic and Super Rare. The fashion brand also unveiled the Gucci Grail in March this year in partnership with an NFT project called 10KTF. NFTs were minted on the Ethereum blockchain.
Two months later, the company announced plans to accept crypto-assets including five stable coins. as reported by cryptopotato Prior to this, Wooster Street in New York, Rodeo Drive in Los Angeles, the Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas became the first Gucci stores to include the new payment option.
Despite the downturn in the market, major brands are keen to explore Web3. For example, Gucci’s Apcoin update comes just days after American jewelry brand Tiffany & Co. announced plans to launch its new NFT collection called NFTiff. Specifically, the initiative targeted holders of Cryptopunks, yet another project owned by BAYC creator – Era Labs.
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