According to Decrypt, Gucci is set to accept payments in cryptocurrencies. As expected, the major cryptocurrencies that are frequently used such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are once again seen as acceptable payment methods for purchases.
What's interesting in the news is that Dogecoin and Shiba Inu tokens will also be used for payment methods. At that point, I question the reasons why these "community tokens" are preferred rather than APE Coin, an overhyped project nowadays, and/or popular smart chain projects like Avalanche, Solana, or BNB.
Mostly, Crypto Payment Methods are NOT Up-to-date
I hardly remember any brand, accepting crypto payments, can catch up with the trends in crypto. As far as I see, the acceptance of Dogecoin, Floki, or Shiba Inu types of community tokens are viewed as a good way of signing mass adoption.
The hype on these "dogs and cats" tokens is not as hot as before. However, they already reached millions of people to go viral for several years.
However, I feel like these tokens are already infertile in nature because their limited narrative can hardly be enough to stay in the Top coins. As they fade away on the first page, they will not be different from earlier top projects which are not even in the Top 300-500 anymore.
Huge Difference Between ApeCoin Types & Dog Coins
When ApeCoin was launched, I thought that it is not going to be a usable coin for real purposes. Yet, there are several stories backing up the projects.
🔰 Authentic & Wealthy Community
🔰 Hot and Desired NFTs (Sign of Community)
🔰 Mass Adoption & Popularity of Yuga Labs
🔰 DAO
Naturally, there are more reasons for community token lovers to be a part of these communities or invest in their tokens. Imagine owning similar digital assets with some celebrities like Justin Bieber, Steph Curry, Eminem, and more.
Old-School, Community Tokens & Top Coins
Of course, there will not be a focus on a single class of cryptocurrencies. However, it does not really satisfy people when they see there are cryptocurrencies that are hardly used; no longer popular or sustainable for regular crypto payments.
IMHO, seeing Litecoin as a payment method is as weird as Shiba INU for payments because low transaction fees cannot be an acceptable narrative for a cryptocurrency in 2022's harsh conditions. Also, I am doubtful about their presence as the initial coins are accepted by brands for mass adoption.
Ideally speaking, having smart contract projects such as Avalanche and Solana; keeping veteran coins like BCH, ETH, and BTC, and using Community tokens like Ape Coin can be a quite reasonable and balanced way of starting to accept crypto payments. By the way, Hive is one of the best fits for any type of branch from free transactions to community tokens like LEO or CTP. However, the brands do not have such a vision 🤷♂️
TL;DR
Gucci becomes one of the popular brands that is set to accept crypto payments. Similar to previous examples, the cryptocurrencies that are initially accepted are kind of obsolete and hilarious.
Considering previous experience, I believe brands want to get the attention of community tokens. However, it is questionable whether Shiba INU, Dogecoin etc are the best options for that. IMHO, community tokens need to have strong foundations like APE Coin. Also, initial coins accepted by companies should, at least, have a reasonable distribution.
Ideally, I think some veteran coins like ETH & BTC; a couple of smart contract projects like AVAX & SOL, and "strong" (?) community tokens like APE coin can be a reasonable distribution of initial cryptocurrencies being accepted. ✌
Though Hive is the best fit for all these purposes, I do not think they have such an intention and vision to embrace such a promising project 🤦♀️