Gucci, a high-end fashion giant, has announced support for ApeCoin (APE). Gucci is now the first major brand to accept payments in APE, the native token created by the Bored Ape Yacht Club (BAYC).
Gucci supports ApeCoin payments
Gucci announced this move on August 1. The support could play a significant role in bringing APE into the mainstream, as it boosts utility for the coin. APE was launched this year by Yuga Labs, and the coin attracted massive interest because of the popularity of the BAYC NFT collection.
Gucci’s customers in the United States can now buy products in-store using APE. These payments will be facilitated by BitPay, which has been behind helping leading brands accept cryptocurrency payments. At the time of writing, APE has gained by 12.9% to trade at $7.18, according to CoinGecko.
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The ongoing bear market has done very little to deter Gucci from continuing to dive deeper into the cryptocurrency sector. In February this year, Gucci launched the “SUPERGUCCI” NFT collection in partnership with SUPERPLASTIC, a vinyl toy brand. Gucci later launched the “Gucci Grail” NFT collection, targeting owners of top NFTs like BAYC.
In May this year, Gucci announced it would accept 12 cryptocurrencies as payments across its stores in the US. These cryptocurrencies include Bitcoin, Bitcoin Cash, Ether, Litecoin, Shiba Inu, Dogecoin, Wrapped Bitcoin, and five USD-backed stablecoins.
Developments within the ApeCoin community
Collectors of the BAYC NFT have supported the plans made by Gucci to move towards Web3. The BAYC NFT collection is one of the most popular and expensive ones, with floor prices above $100,000. The NFT has gotten endorsement by celebrities including Madonna, Snoop Dogg, Justin Bieber, and more.
APE was launched in March this year after much anticipation from the BAYC community. Rumors said that APE was airdropped to holders of the BAYC NFTs. The APE decentralized autonomous organization (DAO) and governance community has maintained high engagements. It is also behind strategic decisions like a veto on the proposal to move APE from the Ethereum blockchain to a new chain.
In July, the APE DAO also passed several proposals, including assessing the feasibility of organizing an NFT conference and festival. It also voted on providing funds to the Bored Ape Gazette, making it a 24-hour news site. The project is also looking at unveiling APE staking amid increased demand for such offerings from the APE community.
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