Gucci Ups Its Web3 Game, To Accept ApeCoin Payments in Select US Stores

The high-end Italian fashion brand has partnered BitPay to facilitate ApeCoin payments.

By Radhika Parashar | Updated: 3 August 2022 16:50 IST

Gucci Ups Its Web3 Game, To Accept ApeCoin Payments in Select US Stores

Photo Credit: Twitter/ Gucci

Gucci started accepting payments in some cryptocurrencies back in May

Highlights

ApeCoin is the native token of the BAYC ecosystem
Gucci is the first luxury brand to include ApeCoin as payment mode
Balenciaga and Nike are among other brands experimenting with crypto pay

Gucci has announced that it is expanding its crypto payments support by accepting ApeCoin (APE) as a mode of payment. The Ethereum-based token belongs to the Bored Apes Yacht Club (BAYC) NFT ecosystem, created by Yuga Labs. The high-end Italian luxury fashion brand has become the first in its league to include ApeCoin as a payment option for its products. The brand has partnered BitPay to facilitate ApeCoin payments. While not all Gucci stores in the US are accepting ApeCoins, the service will be rolled-out in select outlets.

Founded in 1921, Gucci entered its 101st year of operations in 2022. The company, which has since enjoyed a massive following among extravagant fashion enthusiasts and celebrities, has posted an official announcement on Twitter.

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

Back in May, Gucci started accepting crypto payments in US stores.

In January, the fashion brand had also partnered with vinyl toy maker Superplastic to launch collaborative NFTs.

The brand also collaborated with NFT art platform SuperRare on digital exhibitions.

As for ApeCoin, it launched in March this year to power metaverse applications around the BAYC NFT ecosystem.

Owners of Bored Ape and Mutant Ape NFTs received a free allotment of ApeCoin worth tens of thousands of dollars at launch.

The token quickly made its way onto exchanges like Coinbase and Binance.

As per CoinMarketCap, each APE token is currently priced $7.33 (roughly Rs. 580) with a live market cap of $2,234,823,542 (roughly Rs. 17,673 crore).

Meanwhile, other luxury brands like Balenciaga and Swiss luxury watchmaker Tag Heuer have started experimenting with crypto payments alongside Nike, Hipster's Paradise, Aeropostale, H&M, Calvin Klein, American Eagle, Philipp Plein, and Etsy.

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Further reading: Cryptocurrency, Web3, ApeCoin, APE, BAYC, Yuga Labs

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More