After embracing Bitcoin and Ethereum, and making NFT and metaverse plays, Gucci is getting involved with the prestigious ape-themed NFT ecosystem.
ApeCoin (APE) and Gucci
Now you can spend it at luxury fashion brand Gucci, which announced today that some U.S. stores will accept it as payment alongside other currencies.
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
Gucci’s expansion of cryptocurrency payments comes through a partnership with BitPay, which was unveiled in May.
BitPay announced that it has added ApeCoin and Euro Coin (EUROC) to its platform, with Gucci being the first retailer to bring ApeCoin support to certain U.S. boutiques.
Gucci and Web3
In January, Gucci partnered with vinyl toy maker Superplastic to launch collaborative NFTs, and then unveiled a Gucci Vault location that will be part of the Ethereum metaverse game, The Sandbox.
The brand has also collaborated with NFT art platform SuperRare on digital exhibitions.
In May, Gucci revealed in an interview with Vogue Business that it would begin accepting major currencies such as Bitcoin, Ethereum, Dogecoin, Shiba Inu and Litecoin in select stores.
Payments are made by scanning a QR code with a cryptocurrency through BitPay’s service.
Gucci has also worked with 10KTF, a pseudonymous “digital tailor” who creates clothing designs that can be placed on top of popular profile picture projects such as Bored Ape’s Yacht Club, Cool Cats, World of Women and CrypToadz.
ApeCoin launched in March as a digital token to power metaverse applications built around Yuga Labs’ Bored Ape Yacht Club, such as its upcoming Otherside game.
Owners of Bored Ape and Mutant Ape NFTs received a free allocation of ApeCoin worth tens of thousands of dollars at launch, and it was quickly adopted by cryptocurrency exchange platforms such as Coinbase and Binance.
The Gucci and ApeCoin partnership comes two days after jewelry brand Tiffany & Co. unveiled an NFT project based on another Yuga Labs-owned project, CryptoPunks.
In that case, current CryptoPunks owners can buy one of Tiffany‘s 250 NFTs for 30 ETH (nearly $50,000) to redeem for a handmade physical pendant of the pixelated avatar.
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