Gucci becomes first major brand to accept ApeCoin payments

Gucci has ramped up its Web3 initiatives by allowing crypto nerds to purchase its products with ApeCoin in its stores, adding to a list of 12 other digital assets it accepts for payment.

Gucci becomes first major brand to accept ApeCoin payments

Italian high-end fashion giant Gucci has become the first major brand to accept payments in the Bored Ape Yacht Club affiliated ApeCoin (APE).

The move was announced on August 1 and could provide the ApeCoin project with significant mainstream exposure along with bringing further utility to the cryptocurrency.

Gucci customers in the United States (U.S.) will now be able to purchase items in-store with APE, while the payment infrastructure will be provided by BitPay, a firm that has helped big names such as AMC Theaters accept crypto payments in the past.

Despite the ongoing crypto bear market, the fashion brand has taken a serious plunge into the crypto sector this year.

In February, Gucci kicked things off with the "SUPERGUCCI" NFT collection in collaboration with X toy brand SUPERPLASTIC. The following month, Gucci then rolled out the "Gucci Grail" NFT collection that was targeted toward owners of top NFT projects such as the BAYC.

In May, the firm then went on to announce plans to accept 12 crypto assets as payment methods across 111 stores in North America. The list included Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five U.S. dollar stablecoins.

BAYC collectors seem to have shown strong support for Gucci's crypto moves so far, with @NBATopShotEast claiming to be the first person to pay for Gucci items in ETH at the brand's Wooster location in New York City in July. While another two BAYC members claimed to be the second and third people to do so.

In response to the latest APE announcement, @NBATopShotEast outlined plans to once again be the first person to use the asset in the Wooster Gucci store.