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Gucci Adopts ApeCoin As Payment Method. What Does It Mean For The Crypto?

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Gucci announced a few days ago that some of its US stores will accept ApeCoin as payment

ApeCoin (APE), a cryptocurrency developed by Yuga Labs and adopted as the native token of Bored Ape Yacht Club (BAYC), was the subject of much discussion in the first quarter of 2022.

nft illustratioin

BAYC has consistently ranked among the top non-fungible token (NFT) collections with a thriving community since the ApeCoin DAO was founded in April 2021.

Gucci’s Announcement On ApeCoin!

Recently, Gucci announced that some of its US stores will accept ApeCoin as payment. Italian luxury clothing boutiques in the US will accept APE for in-store transactions with BitPay, a Bitcoin (BTC) and cryptocurrency payment service provider.

In a tweet a few days ago, Gucci wrote:

“Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the US expand the range of cryptocurrencies available for in-store purchases, the next step in Web3 House’s exploration.

Gucci

This news led to the rise of Ape Yacht Club’s latest bored NFT collection. Despite growing bearish sentiment in the cryptocurrency market, ApeCoin’s price currently remains above an important support area.

ApeCoin was able to show its true development potential as an NFT asset thanks to Gucci’s ambitions to enter the Web 3.0 space.

One of the many factors leading to the rise of ApeCoin is the overall rise of the cryptocurrency industry. Investors are now hoping that ApeCoin will cross the $10 mark as soon as possible.

At the time of writing, the price of Apecoin is $7.25, according to CoinMarketCap. Due to the volatility of the cryptocurrency market, it may take some time for ApeCoin to reach the $10 mark.

According to experts, the rise of ApeCoin will increase the market value by 50 percent. He also believes that the growing popularity of cryptocurrencies will be one of the main drivers of their market value.

bayc apecoin

The creators of ApeCoin and BAYC have now established themselves in the decentralized market. The cryptocurrency is about to become powerful and provide some of the largest available.

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