Luxury fashion brand Gucci recently announced on Twitter that it would be adding ApeCoin as a payment option at select boutiques in the USA, thanks to its partnership with BitPay. Gucci now accepts ten cryptocurrencies, including BTC, ETH, LTC, and more. This is a massive historical moment for BAYC holders and BAYC holders and the entire cryptocurrency community.
First, What Is ApeCoin?
Launched in February 2022, ApeCoin is the BAYC ecosystem governance token. Essentially, it’s a token that revolves around culture, gaming, and commerce. The token empowers the community to contribute to the development of Web3 and the BAYC ecosystem.
Okay, So What Is BitPay?
BitPay is a Bitcoin payment service provider headquartered in Atlanta, the USA. It was founded in 2011, and it provides merchants with Bitcoin and Bitcoin Cash payment processing services.
Gucci x ApeCoin
On Tuesday 2nd August, Gucci posted a Tweet to its 6.8 million followers stating that it is “now accepting ApeCoin payments via BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3.”
While many venture into Web3 because it’s trending, for monetary purposes, or for publicity, Gucci has been leading the forefront in Web3 adoption in recent months. Not only does Gucci accept cryptocurrency payments, but it has also been working on a Metaverse space in Roblox, a deal with SuperRare, and its own NFT collection.
This news marks a significant milestone for ApeCoin as it offers legitimacy and confidence that money cannot buy. Holders will be reassured knowing that their ApeCoin will have real-life utility. This is just the type of good news that the BAYC needed after the recent Nazi accusations and alleged legal action.
It will be interesting to see if other luxury brands or establishments start accepting ApeCoin or cryptocurrencies. Once one goes, often many follow suit.
