The first location for the American clothing company Ralph Lauren to accept cryptocurrency payments is its recently opened shop in Miami’s Design District.
In accordance with a news statement, the retailer is collaborating with payment processor BitPay to enable users to buy goods using the cryptocurrency ether, MATIC from Polygon, and the digital currencies bitcoin and ether.
The company is also collaborating with the Web3 community Poolsuite to publish a co-branded non-fungible token (NFT), which will be given out to current owners of the Poolsuite NFT membership collection. A “special event” will only be accessible to members, and they will be able to customize their “Leisurist” avatars with digital Ralph Lauren gear.
In connection with the store launch, the company is organizing an immersive three-day event at a private estate in North Miami at the end of April.
David Lauren, chief innovation and branding officer of Ralph Lauren, said in an interview with WWD that “this store will be an opportunity for us as a brand to gain crucial data as we continue to explore the space.” We are still developing our road map, but we already foresee a great chance to expand on our previous metaverse touchpoints through digital goods and virtual experiences.
Recently, Ralph Lauren has been experimenting with Web3 and has produced digital apparel lines with well-known video game universes like Roblox and Fortnite. Patrice Louvet, the company’s CEO, stated in January 2022 that the business was actively looking for new avenues to engage with younger customers, particularly through activations in the metaverse. “Although we are not a clothing firm, there are many similarities between the metaverse and Ralph’s concept. He declared, “We are in the dreams business, and we are experimenting “with NFTs.