Gucci, a luxury fashion house, has announced its endorsement for ApeCoin (APE). Gucci is the first major brand to accept payments in APE, the native token launched by the Bored Ape Yacht Club (BAYC).
Gucci helps ApeCoin funds
The transfer was introduced by Gucci on August 1. The support could play a significant role in pushing APE to the mainstream, as it increases the coin’s usability. Yuga Labs introduced APE this year, and the coin attracted a lot of interest due to the popularity of the BAYC NFT collection.
Customers of Gucci in the United States can now make in-store purchases using APE. BitPay, which has been instrumental in assisting major manufacturers accept cryptocurrency funds, can handle these transactions. According to CoinGecko, APE has gained 12.9% to trade at $7.18 at the time of writing.
Gucci’s continued forays into the cryptocurrency market have been mostly unaffected by the market’s ongoing bearish trend. Gucci introduced the “SUPERGUCCI” NFT collection in conjunction with vinyl toy brand SUPERPLASTIC in February of this year. Gucci later introduced the “Gucci Grail” NFT collection, targeting owners of prestigious NFTs such as BAYC.
At May of this year, Gucci announced that it will accept 12 cryptocurrencies as payment in its US stores. These cryptocurrencies include Bitcoin, Bitcoin Cash, Ether, Litecoin, Shiba Inu, Dogecoin, Wrapped Bitcoin, and five stablecoins backed by the US dollar.
Developments throughout the ApeCoin group
The BAYC NFT collectors have backed Gucci’s efforts to move towards Web3. The BAYC NFT collection is among the most popular and expensive, with ground costs exceeding $100,000. The NFT has received celebrity support from Madonna, Snoop Dogg, Justin Bieber, and others.
APE was released in March with much anticipation from the BAYC team. According to rumors, APE was airdropped to holders of BAYC NFTs. The APE decentralized autonomous organization (DAO) and governance group have maintained an excessive level of activity. It typically influences strategic decisions, such as the veto of a proposal to move APE from the Ethereum blockchain to a new chain.
In July, the APE DAO also submitted a number of ideas, including an evaluation of the viability of conducting an NFT convention and competition. In addition, funding for the Bored Ape Gazette was approved, making it a 24-hour news website. The project is also considering introducing APE staking in response to increased demand for such options from the APE group.