Italian luxury clothing brand Gucci became the first major mainstream brand to accept cryptocurrency after it allowed its customers to pay in Bored Ape Yacht Club APE Coin for their retail transactions.
The Bored Ape Yacht Club’s APE crypto token was launched about five months ago. The coin opened for trading at $7.3 on March 17, 2022. But despite its hyped launch, it could not sustain its opening price. On August 10, it was trading at $6.84, according to Coinmarketcap.
The Bored Ape Yacht Club NFTs are hugely popular. Some of the NFTs sell for as high as $1,00,000. Bored Ape Yacht is also planning to launch an APE-themed metaverse, currently under trial.
Animoca Brands, the creator of the Sandbox (SAND) metaverse, has recently announced that it will accept the APE coin for its Benji Bananas play-to-earn blockchain game.