ApeCoin Soared 15% as Gucci Adopted APE for Store Payments

Gucci is expanding the number of supported cryptocurrencies that it accepts for payment, the latest addition being ApeCoin. APE is the native ERC-20 token of the BAYC NFT collection, a subsidiary of Yuga Labs.

The iconic Italian fashion house revealed that the Bored Ape Yacht Club (BAYC) token will be available as a payment option alongside twelve different crypto-assets, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and Litecoin, across select stores in the US.

Gucci-ApeCoin

Gucci has become the first brand to accept ApeCoin as a payment option in its US stores. It enables the customers to make crypto payments by scanning a QR code with a crypto wallet via BitPay. The company hasn’t detailed the reason behind choosing APE but highlighted that the move is a step towards web3 exploration.

The official announcement read,

“Now accepting ApeCoin payments via BitPay, select 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.”

Bored Ape Yach Club first gained prominence during the 2021 crypto boom. Scarcity, speculation, and hype surrounding the NFT collection have attracted some celebrity cachet. Prominent personalities such as Jimmy Fallon, Paris Hilton, Steve Aoki, and actor Seth Green have flexed their Bored Ape NFTs on social media and television.

It’s worth noting that APE’s price soared today by 15% from $6.2 to $7.2 in hours following the announced. Despite retracing slightly since then, the asset is still well in the green.

Gucci’s Crypto Venture

Gucci ventured into the NFT space with various collaborations, including SUPERPLASTIC and SuperRare. The fashion brand also unveiled Gucci Grail in partnership with an NFT project called 10KTF in March this year. The NFTs were minted on the Ethereum blockchain.

Two months later, the company announced plans to accept crypto-assets, including five stablecoins. As reported by CryptoPotato earlier, Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas became the first Gucci stores to incorporate the new payment option.

Despite the market downturn, prominent brands are keen on exploring web3. For instance, Gucci’s ApeCoin update comes just days after American jewelry brand Tiffany & Co. announced plans to launch its new NFT collection called NFTiff. Notably, the initiative targeted the holders of CryptoPunks, yet another project owned by BAYC maker – Yuga Labs.