Gucci added ApeCoin to its list of accepted crypto-payments today, marking another step in the luxury brand’s exploration of the crypto ecosystem. The news comes just days after another luxury brand, Tiffany & Co, announced that it would be dropping a collection of 250 NFTs redeemable for custom CryptoPunks-themed jewelry.
Yuga Labs meets luxury brands
The high fashion brand has announced on Twitter today that it had begun accepting ApeCoin payments via BitPay at select stores in the United States. This announcement comes after the one in early May when it would allow crypto-currency payments in select stores in New York, Los Angeles, Miami, Atlanta, and Las Vegas; the list of accepted coins included Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Shiba Inu, and several stablecoins.
Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3.
– gucci (@gucci) August 2, 2022
ApeCoin is the governance and utility token for ApeCoin DAO, which is linked to the Otherside ecosystem affiliated with Bored Ape Yacht Club by Yuga Labs. Bored Ape Yacht Club became the world’s first NFT collection during its 2021 market boom; it was featured on television and social media by celebrities such as Paris Hilton, Stephen Curry and Jimmy Fallon. The NFTs in the collection were minted for about $200 and currently have a floor price of about 84 ETH, the equivalent of about $135,000. Gucci called the addition of ApeCoin ” another step in the House’s exploration of Web3 “, after various attempts in the NFT space, including collaborations with 10KTF, SUPERPLASTIC and SuperRare.
Gucci’s announcement comes on the heels of Tiffany & Co. announcing on Sunday that it would launch a collection of handcrafted pendants modeled after CryptoPunks, another iconic NFT collection owned by Yuga Labs. For 30 ETH (about $48,600 at today’s prices), CryptoPunk holders will be able to get a replica of their NFT made of ” at least “30 diamonds or gemstones, and the piece will hang from a gold chain with additional diamonds on the clasp. The luxury brand collection will be released in an edition of 250 “NFTiffs“, NFTs redeemable for one of the CryptoPunk themed pendants. It will go on sale this Friday.