Gucci becomes first major brand to accept payments in BAYC token, ApeCoin
Italian luxury fashion brand Gucci announced that it is expanding its crypto payments support to include ApeCoin and Euro Coin (EUROC) to its platform.
The payments will be facilitated by crypto payments provider BitPay, which has helped big retailers including AMC Theaters accept crypto payments.
The move could give ApeCoin project significant mainstream exposure and introduce further crypto utilities.
Gucci customers will now be able to purchase items in-store with APE in select boutiques across the U.S, on top of the current cryptocurrencies that the brand already accepts, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), Wrapped Bitcoin (wBTC) and five U.S. stablecoins. Customers can make payments by scanning a QR code with their crypto wallet via BitPay’s platform.
ApeCoin is the governance and utility token for ApeCoin DAO, launched in March. Its holders have rights in important decisions such as the vetoing of a proposal to move APE platform Ethereum onto a new blockchain in June, and the funding for the BoredApeGazette to become a 24-hour news platform.
Meanwhile, Gucci has launched other initiatives in the Web3 space this year, as well. In January, the luxury brand partnered with vinyl toy maker Superplastic to create SUPERGUCCI NFTs, each NFT incorporates house codes found in the Gucci Aria collection, and gives its holders a limited-edition and exclusive white ceramic SUPERGUCCI sculpture, hand-crafted by ceramicists in Italy.
The luxury brand launched an interactive fashion experience based on Gucci Vault, in The Sandbox Metaverse, where select metaverse fashion items created by Gucci designers will be available for users to buy, own and use in their own Sandbox experience.
Recently, The brand partnered with NFT art platform SuperRare to launch Gucci's Vault Art Space, a series of virtual art exhibitions to showcase Gucci's storied heritage and offer a blueprint for the brand’s future.