Gucci Adopts Apecoin as Payment in Stores

August 4, 2022

Reading Time: 2 minutes

Do you hold a portion of Apecoin (APE)? It is time to spend it on luxury fashion brands as Gucci in its recent announcement adopted Apecoin as payment for its products in selected US stores.

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Gucci Goes APE

Alongside other coins, Gucci will henceforth accept Apecoin in exchange for its products, this announcement comes after securing partnership with the crypto payment service provider BitPay.

This move sees Gucci as the first retailer to add Apecoin as one of its tokens for payment.

This is “yet another step in the House’s exploration of Web3,” says Gucci in a tweet.

Earlier this year, Gucci announced that it’ll begin accepting Bitcoin, Dogecoin, Shiba Inu, Litecoin and Ethereum at select stores, via BitPay service, payments are done by scanning a QR code with a crypto wallet.

Also in January, Gucci formed a partnership with vinyl toy maker Superplastic to collaboratively launch NFT collections, and then revealed a Gucci Vault location that will be part of the Ethereum metaverse game, The Sandbox. The brand has collaborated with NFT art platform SuperRare on digital exhibitions, as well.

Gucci also worked with a pseudonymous “digital tailor” (10KTF) who made apparel designs that can be placed atop profile picture projects like Bored Ape Yacht Club, Cool Cats, and World of Women.

Apecoin is a cryptocurrency launched in March, it is a digital currency made to power metaverse applications built around Yuga Labs Bored Ape Yacht Club, such as its upcoming Otherside game.

After the announcement on Tuesday, APE immediately soars by 3%, even though APE is 52% up in the last 30 days, the Yuga Labs token is still 72% down from its all time high.

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