Do you have any ApeCoin (APE), the Ethereum-based token of the growing Bored Ape Yacht Club ecosystem? You can now spend it at luxury fashion brand Gucci, which announced that it would accept it as payment alongside other coins in select U.S. stores.
The announcement can bring ApeCoin into the mainstream
By stating its support for ApeCoin (APE), Gucci is the first significant brand to accept payments in APE, the Bored Ape Yacht Club’s native token (BAYC). In addition, because it increases the coin’s utility, the support could significantly bring APE into the mainstream. Yuga Labs launched APE this year, and the currency drew much attention because of the popularity of the BAYC NFT collection.
Customers in the United States can now purchase products from Gucci in-store using APE. BitPay, which has assisted leading brands in accepting cryptocurrency payments, will facilitate these payments. According to CoinGecko, at the time of writing, APE had increased by 14 percent to trade at $7.40.
The ongoing rise of BAYC
After much anticipation from the BAYC community, APE was launched in March this year.
According to rumors, APE was airdropped to BAYC NFT holders. The APE decentralized autonomous organization (DAO) and governance community has remained active. It is also the driving force behind strategic decisions, such as the veto of a proposal to move APE from the Ethereum blockchain to a new chain.
The APE DAO also approved several proposals in July, including one to assess the feasibility of holding an NFT conference and festival.
It also voted to fund the Bored Ape Gazette, making it a 24-hour news source.
The project is also considering launching APE staking in response to increased demand from the APE community for such services.