Gucci will be the first to accept payments in their stores in Apecoin.
Gucci has expanded its Web3 initiatives by allowing crypto enthusiasts to pay for its products in its stores using ApeCoin, in addition to the 12 other digital currencies it already accepts.
The Bored Ape Yacht Club-affiliated ApeCoin has been accepted as payment by high-end Italian fashion company Gucci for the first time (APE).
The decision, which was made public on Monday, could provide the ApeCoin initiative with enormous exposure among the general public and increase the utility of the cryptocurrency.
Customers of Gucci in the US will now be able to pay for items in-store using APE, and BitPay, a business that has previously helped renowned businesses accept cryptocurrency payments like AMC Theaters, will be in charge of overseeing the payment infrastructure. The apparel company has really entered the cryptocurrency space this year despite the ongoing bear market in cryptocurrencies, thus making sure that Gucci will be the first to accept payments in ApeCoin.
— ApeCoin (@apecoin) August 2, 2022
Gucci began things off in February with the “SUPERGUCCI” NFT collection created in association with the vinyl toy company SUPERPLASTIC. The owners of prestigious NFT projects like the BAYC were the target market for Gucci’s “Gucci Grail” NFT line, which was released the following month.
Later, the business disclosed that it would begin accepting 12 cryptocurrencies in May at 111 sites across North America. The list included five U.S. dollar stablecoins, Shiba Inu (SHIB), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), and Wrapped Bitcoin.
BAYC collectors appear to be rallying behind Gucci’s crypto initiatives thus far, with pseudonymous Twitter figure NBATopShotEast claiming to be the first person to pay for Gucci products in ETH at the brand’s Wooster Street outlet in New York City in July. Two other BAYC members asserted that they were the second and third to do so.
NBATopShotEast detailed intentions to once again be the first user of the asset in the Wooster Gucci store in reaction to the most recent APE announcement.
After considerable anticipation, APE was released in March of this year. Since then, it has maintained a high level of engagement with its allied decentralized autonomous organization (DAO) and governance community, which has presided over significant choices including the vetoing of a plan to move APE from Ethereum to a different blockchain in June.
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