Gucci has added ApeCoin to its list of supported cryptocurrencies. APE is the native ERC-20 token for the BAYC NFT collection. It is a subsidiary Yuga Labs.
The famous Italian fashion house has revealed that the Bored Ape Yacht Club token (BAYC), will be available as a payment option along with twelve other crypto-assets including Bitcoin, Ethereum and Dogecoin. It will also be available in select US stores.
Gucci is now the first US brand to accept ApeCoin for payment. Customers can use BitPay to scan a QR code and make crypto payments. Although the company didn’t elaborate on the reasons behind APE, they highlighted the fact that this move was a step toward web3 exploration.
“Select Gucci boutiques in America now accept ApeCoin payments via BitPay. This is yet another step in the House’s exploration of Web3.
The 2021 crypto boom was the first time Bored Ape Yach Club became prominent. The NFT collection has attracted celebrity attention due to speculation, scarcity, and the hype. Celebrities such as Jimmy Fallon and Paris Hilton have displayed their Bored Ape NFTs via social media and television.
Notable is the fact that APE’s price shot up by 15% today from $6.2 to $7.2 within hours of its announcement. The asset remains in the green despite a slight retracement since then.
Gucci’s Crypto Venture
Gucci entered the NFT market with a variety of collaborations including SUPERPLASTIC, SuperRare. Gucci Grail was also launched in March by the fashion brand in collaboration with 10KTF, an NFT project. The Ethereum blockchain was used to mint the NFTs.
The company announced two months later that it would accept crypto-assets including five stablecoins. CryptoPotato reported that the first Gucci stores to accept the new payment option were Wooster Street, Rodeo Drive, Los Angeles, Miami Design District and Phipps Plaza.
Even though the market is struggling, major brands are still keen to explore web3. Gucci’s ApeCoin update is just days after Tiffany & Co., an American jewelry brand, announced plans to launch NFT collections called NFTiff. The initiative was targeted at CryptoPunks holders, another project that is owned by BAYC maker Yuga Labs.
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