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Gucci, a high-end Italian fashion brand, is the first major company to accept ApeCoin, which is backed by the Bored Ape Yacht Club (APE).
The move was announced on Monday, and it could give the ApeCoin project a lot more mainstream attention and give the cryptocurrency more uses.
Gucci customers in the US will soon be able to pay for items in-store with APE. BitPay, a company that has helped big companies like AMC Theaters accept crypto payments in the past, will handle the payment infrastructure.
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
Even though the crypto bear market is still going on, the fashion brand has made a big move into the crypto market this year.
Gucci started things off in February with the "SUPERGUCCI" NFT collection, which was made in partnership with the vinyl toy company SUPERPLASTIC. The next month, Gucci released the "Gucci Grail" NFT collection, which was made for people who owned top NFT projects like the BAYC.
The company then said in May that 111 of its stores in North America would accept 12 different types of cryptocurrency as payment. On the list were Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five U.S. dollar stablecoins.
So far, BAYC collectors seem to be very supportive of Gucci's crypto moves. A Twitter user with the handle "NBATopShotEast" claimed to be the first person to pay for Gucci items with ETH in July at the brand's Wooster Street store in New York City. Two more BAYC members said they were the second and third to do it.
In response to the latest APE news, NBATopShotEast said he would be the first person to use the asset in the Gucci store in Wooster.
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 people who use Apecoin
APE came out in March of this year after a lot of anticipation. Since then, its associated decentralized autonomous organization (DAO) and governance community have stayed very active. They have made important decisions, such as voting against a June plan to move APE from Ethereum to a new blockchain.
Last month, the DAO approved a number of important ideas, such as looking into the possibility of hosting an NFT conference and festival and giving APE money to the Bored Ape Gazette so that it could become a 24-hour news site. APE staking is also being worked on as part of the project. This is because the community has been pushing for it.
ApeCoin fam - we hear you on staking. It’s important and something we want to get right. We’re currently finalizing details that will serve as the basis for a wider update on our progress in line with AIPs-21&22. Expect more frequent updates and collaboration soon. pic.twitter.com/jKi8fZuaqd
— ApeCoin (@apecoin) July 22, 2022
At the time of writing, APE is worth $6.74. It has gone up by 11.4% in the last week. The price of APE has gone up by 49.1% in the last month, thanks in part to positive changes in the Otherside metaverse project, which is related to APE.
With a market cap of about $2.06 billion, APE is the 33rd largest cryptocurrency asset right now. But APE is still down 74.8 percent from April 28, when it hit its all-time high of $26.70.
