Ralph Lauren, the famous American fashion house, now accepts Bitcoin (BTC), Ether (ETH) and MATIC as a means of payment at one of its new stores located in Miami. To celebrate the occasion, the brand gave away 3,000 non-fungible tokens (NFT) in partnership with the Poolsuite Web3 community and created a collection of virtual accessories for NFT Grand Leisure holders.
Ralph Lauren is moving into digital assets
Iconic American fashion house Ralph Lauren is taking its first step into the world of cryptocurrencies by welcoming Bitcoin (BTC), Ether (ETH) and MATIC as payment methods at one of its new stores in the heart of Miami’s Design District, 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 Ethereum and MATIC by 0xPolygonLabs and more. “
Although this is a first step into the crypto ecosystem – it had already opened up to NFTs and metavers – for the polo player-flagged brand, the outlet it chose offers more than 4,000sqm of retail space to showcase its brand and its variations like 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. In addition, to celebrate the occasion, the Ralph Lauren brand partnered with the Poolsuite Web3 community by distributing 3,000 non-fungible tokens (NFTs).
In addition, Grand Leisure NFT holders, themselves developed by Poolsuite, will soon be able to personalize their avatar with a collection of accessories created especially for the occasion. And to top it all off, a special party will be jointly organized by the 2 entities on April 28th
Fashion’s irruption in the NFT sector
TAG Heuer, Rolex, Balenciaga, Hermès, Balmain or even Philipp Plein, many luxury brands are setting their sights on the digital sector, whether it is cryptocurrencies, NFT or even metavers.
At the crossroads of luxury goods, the house of Gucci has actually recently partnered with Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFTs, to deliver a collection of digital accessories to dress up NFT Kodas or Vessels.
NFTs and the metaverse are an innovative way for major brands to capture a new market segment, whether by creating their own digital collections or developing virtual accessories and outfits.
At the end of 2021, the Morgan Stanley bank published a study showing a potential additional revenue of 50 billion dollars for fashion and luxury brands by 2030. The study also highlighted that brands operating in the ready-to-wear and leather goods were “particularly well positioned” regarding the digital market.
