Skip to content
technology — Business — Trade — Research — Finance — Economy — Ai — Law — Fashion — Lifestyle

Gucci Extends Digital Payment Methods to Include ApeCoin and Euro Coin

Cryptocurrency and NFT sectors witness further brand expansions amid indications of decreasing consumer attraction.

,   and  Administrator
2 min read
Amidst signs of waning consumer enthusiasm, an increasing number of companies have ventured into...
Amidst signs of waning consumer enthusiasm, an increasing number of companies have ventured into the realms of cryptocurrency and NFTs.

Gucci Extends Digital Payment Methods to Include ApeCoin and Euro Coin

Luxury retailer Gucci has made waves in the crypto economy by accepting ApeCoin and Euro Coin as forms of payment, marking the first instance of a merchant doing so through cryptocurrency processor BitPay. This move comes as brands expand their involvement in cryptocurrency and non-fungible tokens (NFTs).

BitPay, which also supports Bitcoin, Dogecoin, Ethereum, Litecoin, Shiba Inu, and 13 other cryptocurrencies, recently incorporated ApeCoin and Euro Coin into its platform. This enables shoppers to buy, hold, trade, and spend these digital currencies from their crypto wallets.

currently accepts 10 different cryptocurrencies across 70% of its U.S. locations. The brand plans to extend this acceptance to its remaining stores by early August.

As brands dive deeper into the world of cryptocurrency and NFTs, the long-term impact of these ventures remains uncertain. Some luxury brands like Balenciaga, PacSun, Tag Heuer, and Alo Yoga have also started accepting cryptocurrencies. However, the success of these experiments is yet to be seen.

Some brands and retailers, such as Tiffany, Lowe's, American Eagle, and GameStop, have also introduced NFT collections. GameStop launched a digital wallet for cryptocurrencies and NFTs in May, but reports suggest a decline in its NFT trading volume.

While consumers can now use ApeCoin to purchase goods from Gucci, the token is at the center of a fraud lawsuit. Law firm Scott+Scott has filed a class action lawsuit against Yuga Labs, which oversees the Bored Ape Yacht Club NFT project, alleging false marketing of Bored Ape NFTs and ApeCoin tokens. The lawsuit claims that the tokens were marketed as having the potential to generate future returns, but their value has significantly decreased over the past few months.

In conclusion, luxury brands are increasingly embracing cryptocurrencies as a form of payment, with Gucci being the latest to join this trend. However, the long-term impact of these ventures and the stability of these digital currencies remain uncertain, as demonstrated by the falling value of ApeCoin and the slowdown in NFT trading volume.

  1. The luxury retailer Gucci, alongside brands like Balenciaga, PacSun, Tag Heuer, and Alo Yoga, has started accepting cryptocurrencies as a means of payment.
  2. BitPay, the cryptocurrency processor used by Gucci, supports a variety of digital currencies, including ApeCoin and Euro Coin, which customers can use to buy, hold, trade, and spend.
  3. The economy's shift towards cryptocurrencies and non-fungible tokens (NFTs) has prompted other brands to follow suit, with Tiffany, Lowe's, American Eagle, and GameStop introducing NFT collections.
  4. The success of these ventures is yet to be fully realized, as evidenced by Gucci's decision to accept cryptocurrencies in some of its stores, and the slowdown in NFT trading volume reported for GameStop.
  5. The rise of cryptocurrencies in the fashion, business, and lifestyle sectors has not been without controversy, as the ApeCoin token – at the center of a fraud lawsuit – has seen a significant decrease in value over the past few months.

Read also:

    Related

    Latest