Gucci to Start Accepting ApeCoin at U.S Stores
Gucci announced on August 2nd that it will begin accepting ApeCoin in its stores in the United States, becoming the first large firm to do so. ApeCoin is Yuga Labs' official cryptocurrency, and it has greatly benefited holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs.
Gucci wrote in its Tweet:
“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.”
ApeCoin payments will be made using BitPay, a cryptocurrency payment, and storage service. BitPay was created in 2011 by Tony Gallippi and Stephen Pair and is based in Atlanta, Georgia, in the United States. It has previously assisted clients such as AMC Theaters with taking cryptocurrency payments from the general public.
NFT Twitter users reacted positively to the news, posting images of themselves lined up at Gucci stores or declaring (already) that they were among the first consumers to pay in $APE. Some predicted that mainstream corporations will adopt cryptocurrencies slowly at first, then all at once, like the tip of an iceberg.
The ApeCoin Twitter account likewise celebrated the announcement with a slew of emoticons, saying it was "excited" that Gucci was the first major brand to accept $APE in-store transactions. Following the news, the cryptocurrency's price trended upward, in keeping with a general trend of recovery in the crypto markets.
Gucci's use of ApeCoin as a payment method is not the company's first venture into Web3 or even cryptocurrency. NFT Drops Calendar reported three months ago that Gucci has begun accepting ten cryptocurrencies as payment in its stores, including Bitcoin, Ether, Litecoin, Dogecoin, and Shiba Inu.
In addition to that, Gucci also released their latest NFT collection, dubbed "The Next 100 Years of Gucci," a month ago. The NFT collection was created in partnership with the NFT marketplace SuperRare, and it embraced Gucci's history while also looking ahead.
Gucci's adoption of ApeCoin as a means of payment is significant for the NFT community and marks another step forward in the premium brand's exploration of Web3. We'll be keeping an eye out for any developments in the story here at NFT Drops Calendar.