The non-fungible token space has transformed dramatically over the past year. The Bored Ape Yacht Club (BAYC) NFT collection has been at the center of this hype, with even celebrities rushing to secure the NFTs. Gucci, a high-end fashion brand, has announced it will accept the BAYC-linked token, ApeCoin, for payments.
Gucci to accept APE payments
Gucci is expanding the list of cryptocurrencies used as payments in its stores. The luxury brand will accept ApeCoin payments through the infrastructure provided by BitPay.
In a tweet posted on Tuesday, Gucci said that the recent acceptance of APE payments was another step the high-end brand took to explore the buzzing Web3 sector. The company has already accepted several cryptocurrencies in its US stores.
Yuga Labs, the company behind the BAYC NFT collection, launched ApeCoin in March this year. The digital token’s goal is to power applications created by Yuga Labs, including the Otherside metaverse game. After ApeCoin’s launch, BAYC holders received token airdrops, and the token was quickly listed on top exchanges like Binance and Coinbase.
The news of Gucci’s endorsement has seen people rush to buy ApeCoin amid speculations of an uptrend. According to CoinGecko, APE has gained by 15.9% during the past 24 hours to trade at $7.37 at the time of writing. APE has a market cap of $2.2billion, making it the 33rd-largest cryptocurrency.
The launch of ApeCoin was accompanied by a decentralized autonomous organization (DAO). The DAO or governance community for the ApeCoin ecosystem has been highly active since its launch. The DAO has been behind several strategic decisions, including the vetoing of a proposal that could have moved the project from the Ethereum blockchain to a new blockchain.
The recent endorsement of ApeCoin comes just a few days after another luxury brand, Tiffany & CO., announced the launch of an NFT project surrounding another Yuga Labs project known as CryptoPunks.
Gucci’s move toward the crypto sector
In May, Gucci made a strategic step towards the web 3.0 & crypto sectors after announcing it would accept cryptocurrencies including Bitcoin, Ether, Litecoin, Dogecoin, and Shiba Inu in selected stores.
Gucci has also shown a massive interest in the Web3 space. In January this year, the luxury brand unveiled a partnership with vinyl toy maker Superplastic to release NFTs. It later unveiled a Gucci Vault location that would be part of The Sandbox, a metaverse game built on the Ethereum blockchain.
Gucci also partnered with SuperRare, an NFT art platform, to launch digital exhibitions. The brand has also worked with 10KTF, an artist who creates apparel designs with popular profile pictures of collections such as BAYC.
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