Gucci announced that it now accepts ApeCoin (APE). The coin will be available for in-store purchases in select boutiques in the U.S.
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.
Italian high-end luxury fashion houses initially started accepting cryptocurrencies in early May in an attempt to woo more crypto-friendly customers following the 2021 bull market. Apart from Bitcoin and Ethereum, Gucci also started taking payments in smaller cryptocurrencies, including Dogecoin and Shiba Inu. Gucci customers are able to pay with the help of a QR code that gets sent to them via email.
Last month, one of the biggest names in the fashion world also invested $25,000 in the decentralized autonomous organization (DAO) of non-fungible token marketplace SuperRare.
In February, the Florence-based fashion giant released a series of NFTs in partnership with toy brand Superplastic. Other major names have also embraced digital fashion. Dolce & Gabbana unveiled its own NFT collection last September. German fashion house Philipp Plein, which is known for its particularly garish outfits, started accepting cryptocurrency payments last August.
In April, Philipp Plein, the controversial designer behind the brand, predicted that his company would earn roughly $16 million from crypto enthusiasts this year. ApeCoin, which was launched back in March, is the official cryptocurrency of the Bored Ape Yacht Club NFT ecosystem. Despite making waves after its launch, the token has failed to gain sustained momentum. It is currently in 31st place by market cap (below such also-rans as Bitcoin Cash and Monero).