Luxury fashion brand, Gucci, has announced that they will now be accepting Apecoin as payment for their brand products in some of their select United States stores. This development comes after the fashion brand adopted Bitcoin and Ethereum as payment options and made NFT and Metaverse plays.
Gucci has expanded their crypto payment support since they signed a partnership with BitPay in May. Yesterday, the brand announced that they will be accepting Apecoin (APE) and Eurocoin (EUROC) as payment on its platform. This makes Gucci the first brand to support Apecoin as a payment medium in certain U.S. boutiques.
In an interview with Vogue Business in May, Gucci announced that it would accept payments in top cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Shiba Inu and Litecoin at some of their select stores. All cryptocurrency payments are made by scanning a QR code with a crypto wallet via BitPay.
The luxury fashion brand has made other forays in the Web 3.0 this year. In January, Gucci partnered with vinyl toy-maker, Superplastic to launch NFTs and then revealed that the Ethereum metaverse game, the Sandbox, will have a Gucci Vault Location. The luxury brand has also partnered with SuperRare, an NFT platform, for digital exhibitions, etc.
Gucci’s Apecoin announcement comes after Tiffany and Co. stores announced their partnership with another Yuga Labs NFT project, cryptopunks. In this partnership, cryptopunk owners can purchase Tiffany NFTs for 30 ETH (almost $50,000) and use them to redeem a handcrafted pendant of the pixelated avatar.
Apecoin was launched in March as a digital token meant for empowering metaverse applications built around Yuga Labs’ Bored Ape Yacht Club (BAYC). Owners of Mutant Ape and Bored Ape NFTs received Apecoins as rewards during it’s launch and it was quickly listed by leading crypto exchanges like Binance and Coinbase. At the time of this announcement, Apecoin was up 3% to $6.87. It is up 52% over the last 30 days but is still 74% down from it’s all-time high in April.
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