Gucci becomes the first major brand to accept ApeCoin payments

Gucci becomes the first major brand to accept ApeCoin payments – Mail Bonus

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

The move was announced on August 1st and could give the ApeCoin project significant public exposure as well as bring further utility to the cryptocurrency.

Gucci customers in the United States (US) will now be able to purchase items in-store with APE, but the payment infrastructure will be provided by BitPay, a company that has helped big names like AMC Theaters accept crypto payments in the past.

Despite the ongoing crypto bear market, the fashion brand has taken a serious dive 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 which was aimed at owners of major NFT projects such as BAYC.

In May, the company then went on to announce plans to accept 12 crypto assets as a form of payment in 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 US 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 shares 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 person to do so.

In response to APE’s latest announcement, @NBATopShotEast expressed plans to once again be the first to use the property at the Wooster Gucci store.

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The Apecoin community

APE was launched to much anticipation earlier this year in March. Its accompanying decentralized autonomous organization (DAO) and governance community have since been highly involved, overseeing important decisions such as vetoing a proposal to migrate APE from Ethereum to the new blockchain in June.

Last month, the DAO voted on some notable proposals such as exploring the feasibility of hosting an NFT conference and festival and providing APE funding for BoredApeGazette to become a 24-hour news site. Meanwhile, the project is working to implement APE staking in response to strong community pressure.

At the time of writing, APE is priced at $6.74 after pumping 11.4% over the past seven days. APE has shown a strong comeback of late, partly due to positive developments in the related Otherside Metaverse project, with its price up 49.1% over the past month.

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Its current market cap of approximately $2.06 billion makes APE the thirty-third largest crypto asset, however, APE is still down 74.8% from its all-time high of $26.70 on April 28.