Holders of ApeCoin can now purchase products from the iconic luxury brands Gucci and TAG Heuer using Bitpay.
In a recent announcement, Gucci announced it would be accepting ApeCoin (APE), an affiliate of the Bored Ape Yacht Club through BitPay. As a result, Gucci will allow you to exchange APE for US dollars, which you can spend at its stores.
Swiss luxury watchmaker TAG Heuer has followed the Italian fashion house in accepting ApeCoin. The brand announced in June that it will integrate BAYC NFTs into its Calibre E4 digital watch, and now they will allows US customers to purchase timepieces using APE, also through BitPay.
A variety of collaborations, including with SuperPLASTIC and SuperRare, have contributed to Gucci’s foray into NFT’s. Gucci Grail was also launched in March this year together with a project called 10KTF on the Ethereum blockchain.
The company announced two months later that it would accept crypto-assets, including five stablecoins. Los Angeles’ Rodeo Drive, Miami Design District, Las Vegas’ The Shops at Crystals, New York’s Wooster Street and Atlanta’s Phipps Plaza were the first stores to implement the new payment method.
“We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it,” BitPay CEO Stephen Pair said, “they asked, and we delivered.” It appears that Web3 technology continues to gain traction and adoption in the luxury fashion space, with this integration joining the likes of Balenciaga accepting cryptocurrency payments in the U.S., Tiffany & Co launching its first NFT collection and Prada launching its third.