Gucci has announced that it is expanding its support for crypto payments by accepting ApeCoin (APE) as a means 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 is the first in its class to include ApeCoin as a payment option for its products. The brand partners with BitPay to facilitate ApeCoin payments. While not all Gucci stores in the US accept ApeCoins, the service will be rolled out in select stores.
Founded in 1921, Gucci entered its 101st year of operations in 2022. The company, which has since enjoyed a huge following among extravagant fashion lovers and celebrities, made an official announcement on Twitter.
Now accepting @ApeCoin payments via @BitPayselect Gucci boutiques in the US are expanding the range of cryptocurrencies available for in-store purchases, another step in the House’s exploration of Web3.
— gucci (@gucci) August 2, 2022
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 was 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 allocation of ApeCoin worth tens of thousands of dollars at launch.
The token quickly found its way to exchanges such as Coinbase and Binance.
According to CoinMarketCap, each APE token currently costs $7.33 (approximately Rs. 580) with a live market cap of $2,234,823,542 (approximately Rs. 17,673 crore).
Meanwhile, other luxury brands such as Balenciaga and Swiss luxury watchmaker Tag Heuer have begun experimenting with crypto payments alongside Nike, Hipster’s Paradise, Aeropostale, H&M, Calvin Klein, American Eagle, Philipp Plein and Etsy.