Gucci now accepts payments in ApeCoin

Key learning points

  • Gucci now accepts ApeCoin in some stores in the United States.
  • Payments are facilitated by the crypto payment provider BitPay.
  • The news comes days after another luxury brand, Tiffany & Co., announced it would be dropping a collection of 250 NFTs that can be exchanged for custom CryptoPunks themed jewelry.

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Gucci today added ApeCoin to its list of accepted crypto payments, marking another step in the luxury brand’s exploration of the crypto ecosystem.

Yuga Labs meets luxury brands

Gucci doubles up on Web3.

The high fashion brand announced on Twitter that it began accepting ApeCoin payments via BitPay in select boutiques across the United States. It comes after Gucci stated in early May that it would authorize cryptocurrency payments at select stores in New York, Los Angeles, Miami, Atlanta and Las Vegas; the list of accepted coins included Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Shiba Inu and multiple stablecoins.

ApeCoin is the board and utilities token for ApeCoin DAO, that is: be bound to Yuga Labs’ Bored Ape Yacht Club-affiliated Otherside ecosystem. Bored Ape Yacht Club became the world’s best NFT collection during a market boom in 2021; celebrities like Paris Hilton, Stephen Curry and Jimmy Fallon have paraded on television and on social media. The collection’s monkey-themed NFTs, minted for around $200 and currently have a rock bottom price of around 84 ETH, the equivalent of about $135,000. Gucci called the addition of ApeCoin “another step in the House exploration of Web3,” following several efforts in the NFT space, including collaborations with 10KTF, SUPERPLASTIC, and SuperRare.

Gucci’s announcement comes on the heels of Tiffany & Co’s announcement. on Sunday that it would release a collection of handmade pendants modeled after CryptoPunks, another iconic NFT collection owned by Yuga Labs. For 30 ETH (about $48,600 at current prices), CryptoPunk holders will be able to get a replica of their NFT made of “at least” 30 diamonds or gems, and the piece will hang from a gold chain with additional diamonds at the clasp. The luxury brand’s collection will be released in an edition of 250 ‘NFTiffs’, NFTs that can be exchanged for one of the CryptoPunk themed pendants. It goes on sale this Friday.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

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