The world-renowned high fashion brand Gucci is now accepting Apecoin payment via BitPay. Selected Gucci boutiques in the United States are expanding their range in accepting cryptocurrency payments for in-store purchases.
ApeCoin was currently trading at $$6.88 on CoinMarketCap and spurred higher by 2.4% because of the news. The total market cap is currently valued at US$2.1B.
ApeCoin is an ERC-20 governance and utility token used to empower decentralized community building at the forefront of Web3. More on Apecoin here, Is It Finally Time To Go Bananas Into $APE? Everything You Need To Know About ApeCoin.
Gucci started accepting payments for its products using cryptocurrencies since May 2022 which include Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Shiba Inu, litecoin, Wrapped Bitcoin, and a few U.S. dollar-pegged stablecoins.
This move by Gucci also encourages other big luxury brands to accept crypto payments in attempt in staying competitive. Especially in a $53B dollar industry, gaining traction in this field may see sparks of crpyto adoption and contributes to bringing the next million of adoptors into crypto.
“You miss 100% of the shots you don’t take”, this blockchain shooting their shot on the latest news.
Huge potential for both parties
There is immense potential between the merge of Web3 and luxury. The global luxury industry will reach $1.5T in 2025 with with millennials representing 50% of the total market and they are the demographic who drives 85% of the luxury goods sale, the decision in adopting cryptocurrencies as payment becomes more important.
Just like the trillion dollar gaming industry, the luxury goods market is one to keep an eye on. Even NFTs are slowly infiltrating the luxury space, with brands such as Hublot and Off-White riding the crypto adoption wave.
Cryptocurrency is here to stay, and it will be longer than we know. As major brands within various industries to accept cryptocurrency, this will influence the luxury industry to shift toward crypto adoption, potentially impacting the space more than we can fathom.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
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