Gucci has been on the fashion scene for quite an ample time. The luxury brand has become a household name when it comes to stylish apparel, designer handbags, expensive jewelry, and wristwatches. But never could we have thought that the iconic brand would be involved with the crypto niche. And more so, integrate Cryptocurrency into its payment structure. But it’s happening. Gucci is integrating an ERC-20 governance/utility token into its payment options.
The brand made it known to the public this week, it plans to incorporate into its payment option the BAYC (Bored Ape yacht club) ApeCoin (APE). This option is only accessible through BitPAY.What this means is that Gucci would allow users to liquidate their APE in place of the USD (United States dollar) and further use this to shop in a Gucci store.
This support provision puts Gucci on a record-breaking path as officially the first known brand to provide support for Bored Ape yacht club’s APE through payments on Bitpay. This wasn’t just a sudden flight by Gucci. But the brand earlier announced its intentions to provide support for about 12 crypto assets to be used as payment options across 100 of its stores located in North America.
Bitcoin (BTC) holders, Ethereum (ETH), and Dogecoin (DOGE) holders are literally smiling to Gucci stores to convert their crypto assets into owning one of the items in the Gucci collection including a $5000 tote bag, courtesy: Gucci
Asides from providing support for BAYC’s (ADE) Gucci also made a groundbreaking achievement when it launched its Non-Fungible token collection this year. Asides from this, February featured the SUPER GUCCI NFT by Gucci. This effort by Gucci shows its efforts in Web3 adoption. This effort has largely been promoted by opening up its stores to new Cryptocurrencies.
BORED APE YACHT CLUB (BAYC)
BAYC is one of the well-known and successful NFT projects. The project has numerous NFTs in its collection and the most expensive in the collection went for $3.59 million which is approximately 796ETH. Prominent Individuals have bought into this innovative NFT platform, like Snoop Dogg, Eminem, Post Malone, and Stephen curry.
The ApeCoin was released on the Ethereum network. ApeCoin is the native token for the APE ecosystem and was released recently. The cryptocurrency also functions as a native token for ApeCoin DAO. The token also functions as a primary token for new products and as well services of the BAYC. The reason for the token was intended to provide a decentralized protocol layer to house initiatives by the community.