Gucci has increased its Web3 initiatives. It now allows crypto nerds in its stores to buy its products using ApeCoin. This adds to the 12 digital assets it accepts as payment.
Gucci, the high-end Italian fashion brand is now the first to accept payments via the Bored Ape Yacht Club-affiliated ApeCoin
This announcement was made Monday. It could give ApeCoin a significant mainstream exposure and provide additional utility for the cryptocurrency.
Gucci American customers will now have the ability to buy items in-store using APE. BitPay will provide the payment infrastructure. BitPay has been a trusted provider of payment infrastructure for large names like AMC Theaters accepting crypto payments.
Excited to announce that @Gucci will become the first major brand to allow customers to pay for purchases in-store with ApeCoin, via @BitPay. 🎉🎉🎉 https://t.co/ipoeW6lXLl— ApeCoin (@apecoin) August 2, 2022
The fashion brand took a significant plunge into crypto this year, despite the continuing crypto bear market.
Gucci launched the “SUPERGUCCI”, NFT collection in with SUPERPLASTIC vinyl toys. Gucci launched the “Gucci Grail”, NFT collection aimed at top NFT project owners such as the BAYC.
The firm announced plans to accept 12 cryptocurrency assets as payment methods in May. This was done across 111 North American stores. This list included Bitcoin Cash (BTC), Bitcoin Cash/BCH, Ether (ETH), Wrapped Bitcoin Cash (WBTC), Ether (ETH), Wrapped Bitcoin Cash (WBTC), Litecoin Cash (WBTC), crypto assets as payment methods across 111 stores in North America
BAYC collectors appear to have supported Gucci’s crypto moves thus far. In July, a pseudonymous Twitter user NBATopShotEast claimed to be the first to pay in ETH for Gucci products at the brand’s Wooster Street location. Two other BAYC members claimed they were the second and third to do it.
NBATopShotEast announced plans to be the first to use the Wooster Gucci asset once more in response to the APE announcement.
APE was launched in March after much anticipation. The decentralized autonomous organization (DAO), and governance community that it was accompanied have been highly engaged since then. This includes the veto of a proposal to port APE to Ethereum to a different blockchain.
The DAO approved several proposals last month. These included funding APE funding to the Bored Ape Gazette in order to make it a 24-hour news website and studying the possibility of hosting an NFT festival and conference. In response to strong community pressure, the project is also working on APE staking.
APE currently trades at $6.74, after having gained 11.4% in the last seven days. APE has seen a strong rebound of late due to positive developments in the Otherside metaverse Project. The price has risen by 49.1% in the last month.
APE is the 33rd most valuable asset in crypto, with a market cap of $2.06 billion. APE is still below its April 28 high of $26.70, however.