Legendary luxury fashion retailer Gucci has announced that it is now accepting ApeCoin – the Bored Ape Yacht Club’s proprietary cryptocurrency – as a new accepted mode of payment in select branches across the US.
Being a limited and claimable cryptocurrency, ApeCoin was originally intended for Bored Ape and Mutant Ape holders to exchange worth and bragging rights (and spend in the Ape’s upcoming Otherworld) but with this new partnership, holders of these NFTs and cryptocurrency will have a new way of representing their community IRL.
Over the last couple of years, Gucci has been slowly planting the seeds of Web3 and in 2021, the luxury fashion retailer contributed to the massive bull run in the NFT space by turning Aria fashion collection into an NFT video that was sold at Christie’s Proof of Sovereignty sale for $25,000.
Following Gucci’s footsteps, other fashion brands are now adding NFT offerings. In January this year, Gucci and various other notable brands in fashion and art launched a collection of 10,000 programmatically generated NFTs in collaboration with Superplastic.
Later on in March, Gucci launched its very own collection known as 10KTF: Gucci Grail Mint Pass Collection. The project enabled holders to create custom PFP outfits consisting of pieces based on eleven of the most popular NFT projects back then.
Ultimately, a lot of behemoth fashion brands are now making their way into the NFT space such as Balenciaga and Prada, both of which made their NFT debuts this year with their high-value physical offerings as well as equally-exclusive digital drops.
The growing prevalence of NFT projects led by these grand luxury brands is a welcome sight, especially for members of the NFT community that have strong interests in high fashion.
Web3 offers a limitless space of new possibilities for individuals and brands alike. Giving brands opportunities to create loyalty campaigns and get unprecedented levels of engagement.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
