Gucci Starts Accepting BAYC-Tied Token ApeCoin as Payment

Gucci has expanded its support for cryptocurrencies by announcing in a tweet on Tuesday that it is now taking ApeCoin for in-store purchases through payment processor BitPay. The non-fungible token (NFT) project Bored Ape Yacht Club (BAYC), developed by Yuga Labs, is connected to the cryptocurrency known as ApeCoin. Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3. — gucci (@gucci) August 2, 2022 Gucci Accepts Other Crypto To0 Gucci does not exclusively accept ApeCoin. Bitcoin, Ethereum, Dogecoin, and stablecoins tied to the value of $5 became available in some Gucci stores in the United States in May. Over $4,000 was paid for a Gucci virtual purse on Roblox last summer, which was more than the retail cost of the real thing. This year, luxury retailers Farfetch and brands like Gucci, Balenciaga, Off-White, and Phillip Plein began taking bitcoin payments. Despite the ongoing bear market, the apparel company has entered the cryptocurrency business head-on this year. “SUPERGUCCI” NFT Collection Gucci began things off in February with the “SUPERGUCCI” NFT collection created in association with the vinyl toy company SUPERPLASTIC. The owners of prestigious NFT projects like the BAYC were the target market for Gucci’s “Gucci Grail” NFT line, which was released the following month. Guc...