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Global high-end luxury house, Gucci, has recently started accepting ApeCoin payments for in-store purchases situated in the United States. ApeCoin is a new cryptocurrency added to the list of digital assets in the market, but with Gucci's recent acceptance, the token might soon reach the top cryptocurrencies in the market. Gucci customers can pay for the products using ApeCoin through BitPay. According to experts, this is just an extension of Gucci's initiatives to explore the Web 3.0 domain.
The 2021 crypto market rally triggered several high-end brands like Gucci and Balenciaga to adopt digital currencies. Quite similarly, the Italy-based fashion giant started accepting cryptocurrencies in early May 2022, in an attempt to attract more crypto-friendly customers to its brand. Apart from Apecoin, Bitcoin, and Ethereum, Gucci has also started taking payments through smaller cryptocurrencies, like Dogecoin and Shiba Inu. The customers should pay with the help of a QR code that gets sent to them via email.
Besides adopting ApeCoin, the luxury brand released a series of NFTs in partnership with the toy brand Superplasticm known as the 'SUPERGUCCI' NFT collection. The next month, Gucci rolled out the 'Gucci Grail' NFT collection aimed at owners of the top NFT projects such as the BAYC. Then in May 2022, the firm went on to announce plans to accept 12 other cryptocurrencies apart from BTC and ETH, including Bitcoin Cash, Litecoin, and five other dollar-pegged stablecoins.
Bored Ape Yacht Club collectors are extremely pleased with the strong support that Gucci has demonstrated towards ApeCoin. Apparently, the fashion giant's adoption of ApeCoin came right after Tiffany & Co. revealed its latest initiative to turn NFTs into personalized pendants for CryptoPunk holders. This clearly denotes that the brewing competition between the top luxury fashion and jewelry brands will soon turn into a full-blown war, taking over the reins of the flourishing crypto market.
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