- Now, several Gucci boutiques accept Apecoin for payment.
- The Apecoin team announced the news on their blog.
- It is not yet clear what the long-term plans are for Gucci’s Apecoin experiment.
The action taken by the boutique firm is Yet Another Step in the House’s Exploration of Web3 technologies, which they have been active in since early 2020. The move also represents an incremental advance in the use of Apecoin as a means of payment for online transactions.
The Apecoin team announced the news on their blog, writing: “We’re excited to announce that Gucci is now accepting Apecoin payments for online orders! This is a huge step forward for Apecoin adoption, and we’re thrilled to partner with such a well-known and respected luxury brand.”
Gucci is not the first high-profile luxury brand to experiment with blockchain technology. In 2018, Burberry became the first major fashion house to launch its own cryptocurrency, called “Burberry Coin.” The coin was intended to be used as a loyalty program, allowing customers to earn and spend points at Burberry stores.
Similarly, in 2019, Louis Vuitton launched its own blockchain-based platform called “Aurora,” which allows users to buy, sell, and trade limited-edition digital collectibles.
It is not yet clear what the long-term plans are for Gucci’s Apecoin experiment. For now, it seems that the brand is simply testing the waters of blockchain technology and cryptocurrency payments. However, if the trial is successful, it is possible that we will see more luxury brands adopting Apecoin as a payment method in the future.
Apecoin is currently the ninth-largest cryptocurrency by market capitalization, with a total value of $2.6 billion. The coin has seen significant growth in 2020, rising from a price of $0.30 at the beginning of the year to a peak of $0.90 in August last year and a recent price of $6.93.
With the news of Gucci’s trial acceptance of Apecoin, it is likely that the price of the coin will continue to rise in the coming days and weeks. If more luxury brands follow Gucci’s lead and start accepting Apecoin as payment, we could see the currency become a major player in the world of online payments.
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