The Italian fashion brand, Gucci, has gone into partnership with the crypto payment platform, BitPay. The partnership will enable customers to pay ApeCoin to procure items from Gucci.
The Link from the BAYC
One needs to understand Bored Ape Yacht Club before tying up to ApeCoin. The Bored Ape Yacht Club is an ecosystem and NFT collection that was built by Yuga Labs.
Yuga Labs described it as a collection of more than 10,000 Ape NFT pieces. They are distinctive electronic collectibles that are domiciled on Ethereum’s blockchain. Having Bored Ape NFT items also serves as having membership access to the Yacht Club.
The membership access also extends benefits to certain things for members alone. The first part of the “members only” access is to the “Bathroom,” which is a graffiti board for collaboration. More areas and benefits will be made available through activation by the community.
Every Bored Ape item is distinctive and can be generated programmatically from more than 170 possibilities. The generative attribute of the NFTs includes facial expression, clothing, head dressing, and more. Yuga Labs says all the Apes are “dope” and some are rare.
These said Apes are preserved as ERC-721 assets on Ethereum’s blockchain. They are then hosted on IPFS. An Ape currently costs 0.08 ETH.
ApeCoin, on the other hand, is a utility and governance token based on ERC-20. It is used in APE’s ecosystem in order to power a decentralized community that is building on the web3 front.
$APE is used for governance as the ecosystem’s native currency. Holders of the token are able to take part in ApeCoin’s DAO. The token is also a means of settlement as the system’s utility token.
$APE equally gives access to some segments of the ecosystem that would not be available without it. Such access includes exclusive events, games, services, and merch.
Static Volumes and an Evolving World
The total supply of ApeCoin is pegged at one billion tokens permanently. There are neither minting nor burning facilities available on the product’s interface. So the overall supply of the tokens will not increase or decrease at any point.
Gucci unveiled a program in May that will let in take some cryptocurrencies as payment in chosen boutiques in the US. The company said it was planning to make this available at all the stores it operates directly in North America towards the end of summer.
The boutiques that accepted cryptocurrencies were The Shops in Las Vegas, Wooster Street, and Phipps Plaza. Others are Miami Design District and Rodeo Drive.
Gucci’s CEO and President said Gucci looks to incorporate new tech as long as they enhance customers’ experience. Marco Bizzarri also said it is natural for customers to transact with cryptocurrencies since Gucci has incorporated it.