ApeCoin (APE), the virtual currency of the Bored Ape Yacht Club (BAYC) NFT collection, is now accepted by the famous Florentine Italian luxury brand Gucci. Already noticed in the Web3 with an NFT sold 25 000 dollars during an auction at Christie, the brand announced a few days ago the possibility to buy its products with ApeCoin (APE).
ApeCoin + Gucci = Gucci Web3 Gang
In a tweet this Tuesday, August 2, 2022 Gucci has announced supporting ApeCoin payments on Bitpay.
Gucci’s goals are clearly stated:
Attract the wealthy crypto-millionaire clientele to its stores to reach a new customer base;
Find its own Web3 muses;
Try a new type of marketing to get a piece of the Blockchain pie;
Positioning itself as a gateway to the massive adoption of cryptocurrencies that is coming.
Yes, the adoption continues to get closer and a recent study by the auditing firm Deloitte (ed. note: one of the Big Four all the same) shows that 75% of businesses in the United States are considering using active cryptos as a means of payment. In addition to that, other fashion houses like Balanciaga or Farfetch also accept Bitcoin, Ethereum, Shiba Inu and some stablecoins as payment.
ApeCoin is not a monkey currency
ApeCoin is an ERC-20 token created by ApeCoin DAO, used for the governance of the Ape ecosystem which includes the famous NFT Bored Ape Yacht Club (BAYC). It was initially distributed as an airdrop to BAYC holders.
With a name a bit boring to read, we quickly come to our senses when we know how much these digital assets are selling for. It takes between 81.9 Ether ($130k) and 6,969.69 Ether ($11 million) at the current price to get into the BAYC VIP club!
Rest assured, as far as ApeCoin is concerned, it is possible to get it by buying it on exchanges like Binance, Kucoin, Bybit.
With a total supply of 1 billion tokens and a current price of $7.49, the token is ranked 32nd on coinmarketcap with a capitalization of $2.298 billion.
Here are its tokenomics:
8% to the founders of the BAYC project
9.75% to the Yuga Labs team
14% to contributors who participated in the launch of the project;
47% for the financing of the DAO ecosystem
6.25% will be donated to the Jane Goodall Foundation, an environmental charity linked to the ethologist of the same name who specializes in great apes.
ApeCoin (APE) pump it
Unsurprisingly this announcement from the high fashion brand had a positive impact on ApeCoin’s price which rose from $6.29 to $7.21, a 14.63% increase.
The digital token has great prospects and the strongest NFT community. Without wanting to play Miss Irma, the future of the token based on Ethereum technology looks bright, but as usual, this is not an investment advice!
ApeCoin, after Gucci, Google imitates the monkey
Given their very high price, BAYC NFT attract competition and community initiatives. For example, the artist Artsy Monke has created a whole collection of NFTs using Google AI. These original monkeys taken straight from the original BAYC collection were then put on sale at 0,01 Ether or about $17.
This initiative combines artificial intelligence, art and cryptocurrencies, but will it have the success of its model?
On its side, the Ape ecosystem continues its development and the ApeCoin confirms its usefulness by joining the Gucci Gang. With TAG Heuer wishing to integrate it as a means of payment or Bernard Arnault, the CEO of the LVMH group, who has just created a 100 million euro fund in favor of the web3, or the recent Cryptopunks necklaces by Tiffany, it is obvious that the global luxury sector is projecting its future in the decentralization offered by the world of Bitcoin and cryptocurrencies. Or at the very least, an efficient way to centralize financial flows from the Web3 to their respective entities.
Co-founder of Coinpri, Expert in blockchain and NFT, I vulgarize the new web3 and blockchain paradigm here.