Gucci has announced that it is expanding its crypto payments support by accepting ApeCoin (APE) as a mode of payment. The Ethereum-based token belongs to the Bored Apes Yacht Club (BAYC) NFT ecosystem, created by Yuga Labs. The high-end Italian luxury fashion brand has become the first in its league to include ApeCoin as a payment option for its products. The brand has partnered BitPay to facilitate ApeCoin payments. While not all Gucci stores in the US are accepting ApeCoins, the service will be rolled-out in select outlets.
Founded in 1921, Gucci entered its 101st year of operations in 2022. The company, which has since enjoyed a massive following among extravagant fashion enthusiasts and celebrities, has posted an official announcement on Twitter.
Now accepting @ApeCoin payments via @BitPayselect Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3.
— gucci (@gucci) August 2, 2022
Back in May, Gucci started accepting crypto payments in US stores.
In January, the fashion brand had also partnered with vinyl toy maker Superplastic to launch collaborative NFTs.
The brand also collaborated with NFT art platform SuperRare on digital exhibitions.
As for ApeCoin, it launched in March this year to power metaverse applications around the BAYC NFT ecosystem.
Owners of Bored Ape and Mutant Ape NFTs received a free allotment of ApeCoin worth tens of thousands of dollars at launch.
The token quickly made its way onto exchanges like Coinbase and Binance.
As per CoinMarketCap, each APE token is currently priced at $7.33 (roughly Rs. 580) with a live market cap of $2,234,823,542 (roughly Rs. 17,673 crore).
Meanwhile, other luxury brands like Balenciaga and Swiss luxury watchmaker Tag Heuer have started experimenting with crypto payments alongside Nike, Hipster’s Paradise, Aeropostale, H&M, Calvin Klein, American Eagle, Philipp Plein, and Etsy.