Ralph Lauren, the American fashion brand, has announced that it will be accepting cryptocurrency payments at its new store in Miami’s Design District. Customers can purchase merchandise using Bitcoin, Ethere, and Polygon’s token, MATIC, through the brand’s partnership with service provider BitPay. The brand is also planning to release a co-branded non-fungible token (NFT) in collaboration with Web3 community Poolsuite, which will be gifted to existing NFT membership collection holders. The NFT will allow members to gain exclusive access to a “special event” and update their “Leisurist” avatars with digital Ralph Lauren wearables.
David Lauren, Ralph Lauren’s chief innovation and branding officer, spoke about the brand’s interest in exploring the space of Web3, “We are in the early stages of our road map, but we see an exciting opportunity ahead across digital goods and virtual experiences to build upon our past touchpoints in the metaverse.” Ralph Lauren has been experimenting with NFTs and digital clothing collections in popular gaming worlds such as Roblox and Fortnite.
However, at the ongoing Paris Blockchain Week, representatives from the French multinational holding company LVMH, which owns luxury brands such as Louis Vuitton, Dior, and Fendi, highlighted some concerns with Web3 technology. They stated that the “Web 3.0 ideology” focused on decentralization is slowing down user adoption. Despite this, luxury brands like Yves Saint Laurent and Balmain have still ventured into the Web3 world. Balmain recently launched its limited series of NFT sneakers, which can be purchased using traditional currency or ETH.
As more and more luxury brands explore the world of Web3, Ralph Lauren’s move to accept cryptocurrency payments and release a co-branded NFT showcases the growing interest in this space. The brand’s immersive three-day experience at a private estate in North Miami at the end of April, in conjunction with the store opening, is expected to attract a lot of attention from both cryptocurrency and fashion enthusiasts alike.