Fashion House Ralph Lauren has officially announced that its Miami store would accept cryptocurrency. It has also partnered with the Web3 community, Poolsuite. Adopting the South Miami culture in its first store in the Miami Design District, the design house will not only accept certain digital coins but will also partner with the Web3 community for non-fungible tokens (NFTs).
Ralph Lauren will use crypto payment service Bitpay. It will accept purchases that are made using the following digital coins at launch:
Bitcoin (BTC)
Ethereum (ETH) and
Polygon (MATIC).
The fashion house will also make refunds on the original digital coin that was used in the purchase. It will be equal to the total dollar amount of the item returned, as cryptocurrency values remain volatile.
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Ralph Lauren’s first element of its partnership with Poolsuite consists of a co-designed Ralph Lauren x Poolsuite NFT. All the roughly 3,000 Poolsuite members will get the first NFT. It will unlock access to a private waterfront party to be held at a Miami estate. This party is a part of Ralph Lauren’s three-day launch event that will take place in April.
Ralph Lauren’s Miami launch is the fashion house’s first Web3 venture that is based on blockchain. However, the designer house has made a foray into the digital world through gaming and the metaverse.
The fashion house took a phygital approach with a phygital Fortnite collection. It launched a fashion collection that was inspired by digital pieces that were designed for the popular video game. The American brand also added a series of events that were both physical and virtual.
In December 2021, Ralph Lauren built a shoppable and seasonal digital holiday world in Roblox. Virtual Polo Shops in the metaverse featured collections from Polo Sport, Stadium and Snow Beach archives.
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In 2020, Ralph Lauren partnered with Snap to create 12 digital pieces that had been designed for Bitmojis and they could be bought as physical versions both online and in-store.
Ralph Lauren’s first of its kind Web3 launch will take place in April 2023 in Miami, long considered to be a hotspot for both Web3 as well as for luxury brands.
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