Gucci becomes first major brand to accept ApeCoin payments
Gucci has ramped up its Web3 industries by allowing crypto nerds to purchase its products with ApeCoin in its stores.
Italian fashion giant Gucci has become the first major brand to accept payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin(APE)
The move was declared on Monday and could provide the ApeCoin project with significant mainstream exposure along with bringing further utility to the cryptocurrency.
Gucci customers in the United States will now be able to purchase items in-store with APE. while the payment infrastructure will be provided by BitPay. a firm that has supported big names such as AMC Theaters accept crypto payments in the past.
According to Gucci, 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 exploration of Web3.
Despite the ongoing crypto bear market, the fashion brand has taken a serious dive into the crypto sector this year.
Gucci kicked things off with the SUPERGUCCI NFT collection in partnership with viny toy brand SUPERPLASTIC, GUCCI rolled out the GUCCI Grail NFT collection targeted towards owners of top NFT projects like BAYC.
The firm went on to declare plans to accept 12 crypto assets as a payment method across 111 stores in North USA. the list included Bitcoin(BTC), Bitcoin Cash(BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five other Stablecoins.
BAYC collectors seem to have shown strong support for Gucci's crypto moves so far, with pseudonymous Twitter personality NBATopShotEast claiming to be the first person to pay GUCCI items in ETH at the brand Wooster street location in New York City in July.
The latest APE declaration NBATopShotEast outlined plans to once again be the first person to use the asset in the Wooster Gucci store.
APE was launched following much anticipation earlier this year in March its accompanying DAO and governance community has since remained highly engaged and has overseen important decisions like the vetoing of a proposal to port APE from Ethereum to a new blockchain in June.
The DAO voted in favor of different notable proposals like studying the feasibility of hosting an NFT conference and festival and providing APE funding for the Bored Ape Gazette to become a 24hrs news site. also, the project is now working on APE Staking in response to a strong push from the community.
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
According to ApeCoin, 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.
The APE coin is priced at $6.74 after pumping 11.4% over the past seven days. APE has shown a strong resurgence of late due in part to positive developments in the affiliated metaverse project. with the price increasing by 49.1% over the past month.
The live ApeCoin price today is $7.34 with a 24-hour trading volume of $806,410,480 ApeCoin is up 16.56% in the last 24 hours. The current CoinMarketCap ranking is #31, with a live market cap of $2,252,268,880 USD. It has a circulating supply of 306,875,000 APE coins and a max. supply of 1,000,000,000 APE coins.