Gucci has been making the news in its attempt to capture the growing Web3 space. Recently, Gucci ramped up its Web3 initiative by offering payment using ApeCoin in its stores, adding to its list of 12 other digital assets accepted for payments.
The high-end Italian fashion brand has become the first major luxury brand to accept payments in the form of ApeCoin, the affiliated Bored Ape Yacht Club token. Gucci announced this move on Monday and simultaneously gave ApeCoin just the right amount of mainstream exposure to increase the utility for the token.
Currently, the payment services are only enabled for US citizens as they can purchase items in-store using APE, using a payment infrastructure provided by BitPay, a firm that has helped several big names, including AMC Theaters.
Gucci’s Journey Into Web3
While the cryptocurrency community is still recovering from the bear market, the fashion brand has been pulling out all stops to make its mark on the crypto sector. In February, Gucci kicked off with its NFT collection SUPERGUCCI in collaboration with the vinyl toy brand, Superplastic. Later the next month, Gucci revealed another NFT collection Gucci Grail for owners of top NFT projects.
In May, Gucci announced its plans to accept digital assets as accepted payment methods starting with 12 assets, that included Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five US dollar stablecoins.
BAYC’s ApeCoin is the latest addition to the list, and BAYC collectors are more than happy with this development. According to a tweet by pseudonymous Twitter personality NBATopShotWast, they have become the first user to make a payment at Gucci using ApeCoin.
This is an excellent strategic decision made by Gucci as it allowed it to capture the news while smartly adding value to the ApeCoin holders. We are excited to see what Gucci will bring to the table next.