Ralph Lauren, the famous American fashion house, now accepts Bitcoin (BTC), Ether (ETH) and MATIC as payment methods in one of its new stores located in Miami. To celebrate the occasion, the brand gave away 3,000 non-fungible tokens (NFTs) in partnership with Poolsuite’s Web3 community and created a collection of virtual props for Grand Leisure NFT holders.
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Ralph Lauren gets into digital assets
The iconic American fashion house Ralph Lauren takes a first step into the world of cryptocurrencies by welcoming Bitcoin (BTC), Ether (ETH) and MATIC as means of payment in one of its new stores in the heart of the Design District of Miami, Florida.
Introducing our new #RLMiami store, the first Ralph Lauren store to accept cryptocurrency as a form of payment.
In partnership with @BitPay, customers can make purchases with different cryptocurrencies including #Bitcoin, #Ethereum and #MATIC by @0xPolygonLabs and more. pic.twitter.com/YUHhsDRexB
— Ralph Lauren (@RalphLauren) April 4, 2023
“Introducing our new #RLMiami store, the first Ralph Lauren store to accept cryptocurrency as payment. In partnership with BitPay, customers can make purchases there with different cryptocurrencies, including #Bitcoin, #Ethereum and MATIC by 0xPolygonLabs and more. »
Although this is a first step in the crypto ecosystem – it had already opened up to NFTs and the metaverse – for the flocked brand of a polo player, the point of sale chosen by the latter offers more than 4,000m² of sales area, in order to display its brand and its variations such as the Purple Label, its luxury collection.
An opportunity for the brand to open up to new circles of consumers, while allowing its regular customers to potentially open up to cryptocurrencies. Moreover, to celebrate the occasion, the brand Ralph Lauren has partnered with Poolsuite’s Web3 community by distributing 3,000 non-fungible tokens (NFTs).
In addition, holders of NFT Grand Leisure, themselves developed by Poolsuite, will soon be able to personalize their avatar thanks to a collection of accessories created especially for the occasion. And to top it all, a special evening will be jointly organized by the 2 entities on April 28.
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The irruption of fashion in the NFT sector
TAG Heuer, Rolex, Balenciaga, Hermès, Balmain or even Philipp Plein, many luxury brands have set their sights on the digital sector, whether it is cryptocurrencies, NFT or metaverse.
At the crossroads of luxury products, Gucci recently teamed up with Yuga Labs, the company behind the NFTs of the Bored Ape Yacht Club (BAYC), to deliver a collection of digital accessories to dress NFT Kodas or Vessels.
NFTs and the metaverse register as an innovative way for major brands to capture a new market segmentwhether creating their own digital collections or developing virtual accessories and outfits.
At the end of 2021, the Morgan Stanley bank published a study on this subject reporting a potential additional revenue of $50 billion for fashion and luxury brands by 2030. The study also underlined that brands operating in ready-to-wear and leather goods were “particularly well positioned” in the digital market.
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Source: Fashion Network
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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