Gucci has added ApeCoin to its list of approved crypto payments, marking another step forward in the luxury brand’s exploration of the crypto industry.
Gucci, the high-end Italian fashion brand, has become the first big brand to accept ApeCoin payments. The move, published on Monday, could provide the initiative with enormous mainstream exposure. Also, it adds utility to the cryptocurrency.
Gucci is Expanding Its Crypto Exposure
This news comes after Gucci announced in early May that crypto payments would be accepted in select locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas. The list of accepted coins includes Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Shiba Inu, and several stablecoins.
Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3.
— gucci (@gucci) August 2, 2022
Then, ApeCoin is a new addition to the list of cryptocurrencies accepted by Gucci for purchases of their products in select US boutiques. Therefore, customers can now pay for Gucci products with ApeCoin via BitPay. Gucci stated on Tuesday that this is yet another move in the House’s exploration of Web3.
During a market boom in 2021, Bored Ape Yacht Club became the most popular NFT collection in the world. Celebrities like Paris Hilton, Stephen Curry, and Jimmy Fallon have paraded it on television and social media. The ape-themed NFTs in the collection was initially produced for about $200. It is currently trading at a floor price of about 84 ETH, or about $135,000.
The Gucci news comes shortly after Tiffany & Co.’s statement on Sunday that it would release a line of handcrafted pendants based on CryptoPunks. It is another famous NFT line owned by Yuga Labs. Holders of CryptoPunk will be able to purchase a replica of their NFT for 30 ETH (about $48,600 at today’s values). The replica will be made of “at least” 30 diamonds or gemstones. The item will hang from a gold chain with additional diamonds on the clasp. The collection will be released in a limited edition of 250 “NFTiffs”.
About ApeCoin
ApeCoin is an ERC-20 governance and utility token that is utilized within the APE Ecosystem to empower and incentivize a decentralized community that is growing at the forefront of web3. It is inspired by Yuga Labs’ Bored Ape Yacht Club initiative.
ApeCoin is managed by the APE Foundation. It serves as the base on which the ApeCoin holders in the ApeCoin DAO can build. According to the website, the Foundation is responsible for administering the ApeCoin DAO’s decisions. Furthermore it is responsible for:
- day-to-day administration
- bookkeeping
- project management
- other tasks that ensure the DAO community’s ideas have the support they need
Moreover, the DAO approved many notable proposals last month, including researching the feasibility of organizing an NFT conference and festival. Also, it will provide APE financing for the Bored Ape Gazette to become a 24-hour news site. In addition, in response to a significant push from the community, the team is working on implementing APE staking.
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
APE Price Outlook
At the time of writing this article, APE is trading at $7.20 and is up 25% in the last seven days. APE has recently experienced a remarkable comeback, primarily due to positive achievements in the linked Otherside metaverse project, with the price climbing by 62% in the last month.
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