- Thanks to its partnership with BitPay, Gucci customers in the United States will now be able to purchase products from the luxury store using their ApeCoin tokens.
- In May, Gucci revealed to Vogue Business that it would begin accepting payments in 13 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and Litecoin at 111 stores in the United States.
from now anyone in the world who has enough ApeCoin (APE), the NFT ecosystem token of the Bored Ape Yacht Club (BAYC), will be able to use them to purchase luxury goods at Gucci, specifically at select US stores.
One of the main goals to be achieved by any token is to increase its usability and, without a doubt, ApeCoin has precisely this in mind.
For those who do not know, ApeCoin is a token based on the Ethereum Blockchain, that is, it is an ERC-20 token. Being part of a popular NFT ecosystem such as BAYC, APE can be mistaken for a non-fungible token, which is incorrect.
APE is a fungible token, just like Bitcoin or Ethereum. Among the use cases of this token is the governance of the BAYC ecosystem, incentives for developers, it can be used for payments and financing of community projects.
In fact, Gucci’s announcement specifically strengthens one of APE’s use cases, which is being a payment method.
Will Gucci accept cryptocurrencies as a payment method?
The possibility of Gucci offering crypto payment support is possible thanks to a association what did you do with BitPaywhich took place in May of this year.
In this way, BitPay issued a press release announcing that it has added APE and EuroCoin (EUROC) to its platform and Gucci would be the first retailer to support both cryptocurrencies in specific stores in the United States.
It is worth remembering thatand, since May, Gucci revealed told Vogue Business that it would begin accepting payments in 13 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Shiba Inu and Litecoin at 111 stores in the United States. Therefore, it is not the brand’s first foray into the world of Web3.
Gucci has been one of the luxury brands that has shown a high interest in exploring the Web3. Previously, it partnered with Superplastic to launch collaborative NFTs called “SUPERGUCCI”, developed the Gucci Vault in The Sandbox metaverse, and also collaborated with SuperRare, the NFT platform, on digital exhibits.
Likewise, it is also not the first time that BitPay offers the payment infrastructure to large companies to accept cryptocurrencies. Another of his partnerships for this purpose was with AMC Theatres.
What does this mean for APE?
Among all the bases that support the economy of a token, we can highlight two specifically that are of interest for this article: Trust and Usability. Without trust everything collapses and without usability the token will not be attractive to users.
With this in mind, the ability to purchase luxury items at Gucci using ApeCoin could provide the token with significant exposure to the mainstream but also increases the utility of the crypto. In fact, it is the first brand that accepts to use APE as a payment method. In fact, the community seems to have taken the news positively given that the value of APE has increased by 8.54% in the last 24 hours, according to CoinMarketCap.
You might be interested in: