Gucci started to accept crypto payments in 111 US stores earlier this year. It seems that crypto adoption was a success story since the company announced to extend the options customers enjoy. So far, the luxury brand accepted five different stablecoins, Bitcoin, Ethereum, Litecoin, Dogecoin, and Shiba Inu. While it was not clear back then why Gucci chose these coins and no other cryptos for payments, the most recent addition goes a little bit deeper than just payments.
Why did Gucci choose ApeCoin as a partner and what will this partnership look like?
This club is a lifestyle choice
The Bored Ape Yacht Club is one of the most iconic NFT collections with many celebrities among its holders. Being part of it is not only an expression of wealth but also a lifestyle since many different products are branded using the counterfeit of the Apes.
ApeCoin is an addition to that ecosystem and creates a currency for BAYC holders to pay for services and goods. It seems that Gucci has picked up on the idea that BAYC fans are looking for exclusive things which also includes fashion.
Gucci will accept ApeCoin in a partnership with BitPay. The company is one of the biggest payment processors specialized in facilitating crypto transactions between customers and merchants.
Gucci also adopted non-fungible tokens
The luxury brand is also a part of the Metaverse and has adopted NFTs. It started to buy land plots in The Sandbox earlier this year. Gucci was not the only company to do so but one of the most notable brands among others like Adidas.
There is also a collaboration between Gucci and Superplastic that bore its very own NFT collection called “Supergucci”. The floor price for these NFTs dropped during the bear market with the cheapest Superguccis being worth 1.65 ETH at the time of writing.
Unlike other digital collectibles, these NFTs serve a real-world purpose which makes them still attractive to fans. Holding a Supergucci entitles the holder to pre-order new collections from Gucci among other perks. It seems that the idea to adopt ApeCoin is resonating with the BAYC community really well. Several users commented via Twitter that they are already excited to be the first customers paying for the Gucci accessories with ApeCoin.