Luxury fashion brand, Gucci partners with BitPay to introduce a digital payment method via BAYC’s token, ApeCoin. Now, buyers in the United States can purchase their favorite fashion products at Gucci stores using ApeCoin, along with ten other cryptocurrencies.
“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,” Gucci said in an official statement.
ApeCoin is basically a governance and utility token for Bored Ape Yacht Club and other Yuga Labs projects. It is one of the best-trading NFT tokens around the world, and many people buy it solely because of its stability. As BAYC increases in worth day by day, ApeCoin is also climbing the market.
Gucci is one of the pioneering brands exploring various possibilities with Web3. Prior to this partnership, Gucci also announced that it is working on its own metaverse space on the Roblox platform. This means Gucci lovers can expect a virtual store or something similar in the virtual worlds as well.
It even dropped its own NFT collection in collaboration with the SuperRare marketplace.
With BitPay, Gucci is opening doors for the crypto community by giving more options in digital coins to buy fashion products, becoming the first brand to do so.
There’s no doubt in saying that Gucci’s crypto and metaverse adoption might motivate its competitors to add the same features for their consumers.