Gucci to Start Accepting ApeCoin (APE) for Payment in Select Stores

Sir Coopernicus

Italian fashion powerhouse Gucci has announced that it will start accepting ApeCoin (APE), the cryptocurrency for the Bored Ape and Otherside communities, as payment in select stores. This is a major development for both brands and could pave the way for more widespread acceptance of cryptocurrencies in the retail sector, especially in luxury.

Luxury brands are diving deep into web3 quickly.  Tiffany & CO announced their collaboration with CryptoPunks this week, allowing owners to purchase a handcrafted pendent accompanied with an NFT collectible.

Why now?  Are luxury brands struggling in traditional markets?

NO, luxury is thriving and looking to innovate.  Tiffany & CO led a revenue surge for their parent company, LVMH and comparable jewelry/watch stores are up 40% in revenue this year.

So why web3 now?  Because it's the future for luxury brands, the addition of digital collectibles on top of their physical goods just makes sense.  Integrating into these communities is a signal that they aim to be allies, not enemies.

The brands that experiment now will be rewarded for their exploration and critical analysis of their efforts in 2022.

Source: Gucci