Gucci, the renowned fashion brand based in Florence, Italy, has been conducting trials of cryptocurrency payments in its American retail stores for the past few weeks. Now, the brand is expanding its digital currency options, becoming the first luxury brand to accept ApeCoin. Initially launched in March of this year, ApeCoin is a decentralized currency built on the Ethereum blockchain, designed specifically for members of the Bored Ape Yacht Club (BAYC), a popular NFT community featuring a collection of digital monkey characters.
Gucci’s decision to accept ApeCoin follows its previous collaboration with BAYC through the Gucci Grail project. Through this project, users were able to customize an NFT in the brand’s signature colors within various partner universes. Gucci’s move to integrate ApeCoin further solidifies its commitment to exploring Web3 technologies.
BitPay, the crypto payment solution chosen by Gucci, along with ApeCoin, has confirmed that Gucci is the first international brand to accept this currency. Tag Heuer, a luxury Swiss watchmaker, which already allows for the display of NFTs on its Connected Calibre E4 smartwatch, has also announced its intention to offer cryptocurrency payments, including ApeCoin.
Gucci’s significant expansion in the crypto payment realm means that 70% of its directly operated network in the United States now accepts payments in thirteen different cryptocurrencies. The remaining 30% of the network is set to adopt crypto payments in the coming days.
This move aligns with the growing trend among US merchants to accept cryptocurrencies as a form of payment. According to a recent study by Deloitte, 75% of US merchants plan to implement crypto payments within the next two years, recognizing the potential competitive advantage this functionality can provide.
Useful links:
1. Gucci Official Website
2. Tag Heuer Official Website
