Italian high-end fashion giant Gucci has become the first major brand to accept payment at ApeCoin (APE), part of the Bored Ape Yacht Club.
The move, announced on Aug. 1, could provide the ApeCoin project with significant mainstream exposure while bringing more utility to the cryptocurrency.
Gucci customers in the United States (US) can now use APE to make in-store purchases, while the payment infrastructure will be provided by BitPay, which has helped big-name businesses like AMC Theatres accept crypto payments in the past.
pleased to announce @Gucci will be the first major brand to allow customers to pay in-store with ApeCoin, via @bitpay. https://t.co/ipoeW6lXLl
— Apecoin (@apecoin) August 2, 2022
Despite the ongoing cryptocurrency bear market, the fashion brand has made serious forays into the cryptocurrency space this year.
In February, Gucci launched the “SUPERGUCCI” NFT collection in collaboration with X toy brand SUPERPLASTIC. The following month, Gucci rolling Launched the ‘Gucci Grail’ NFT collection aimed at owners of top NFT projects such as BAYC.
In May, the company then announced plans to accept 12 cryptoassets as payment methods at 111 stores in North America. The list includes Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and five U.S. dollars stablecoins.
So far, BAYC collectors appear to have expressed strong support for Gucci’s cryptocurrency move, with @NBATopShotEast claiming to be the first person to pay for Gucci merchandise in ETH at the brand’s Wooster store in New York City in July. Two other BAYC members claimed to be the second and third to do so.
In response to APE’s latest announcement, @NBATopShotEast outlined plans to once again be the first to use the asset in Wooster Gucci stores.
I am fortunate to be the first encrypted user of Gucci to enter the store…and hope to be the first Apecoin user to enter the store https://t.co/mNdG9oSJPi
— NBA Top Shot East Coast Podcast (@NBATopShotEast) August 2, 2022
Ape Coin Community
Launched in early March this year, APE is highly anticipated. Its accompanying Decentralized Autonomous Organization (DAO) and governance community have since remained highly engaged and overseen important decisions, such as the June rejection of a proposal to port APE from Ethereum to the new blockchain.
Last month, the DAO voted for several notable proposals, such as studying the feasibility of hosting NFT conferences and festivals, and providing APE funding for BoredApeGazette to become a 24-hour news site. The project is working hard to launch APE staking in response to a strong push from the community.
ApeCoin fam – We hear your pledge. That’s important, and it’s what we want to do right. We are currently finalizing details that will serve as the basis for our broader updates in line with AIPs-21 and 22. Expect more frequent updates and collaborations soon. pic.twitter.com/jKi8fZuaqd
— Apecoin (@apecoin) July 22, 2022
At the time of writing, APE is trading at $6.74 after gaining 11.4% over the past seven days. APE has shown a strong recovery recently, driven in part by positive developments in the affiliated Otherside Metaverse project, with prices up 49.1% over the past month.
related: Tiffany & Co turns CryptoPunk NFTs into $50K custom pendants
Its current market cap of around $2.06 billion makes APE the 33rd largest asset in the crypto space, however, APE is still down 74.8% from its all-time high of $26.70 on April 28.