Ralph Lauren launches in-store crypto payments and NFT “gifts” in Miami

Ralph Lauren goes into crypto.

On Tuesday, the American fashion company announced the opening of a new luxury-focused concept store in Miami’s Design District that will accept cryptocurrency payments and serve as a focal point for a targeted push in the active neighborhood. from the city. Web3 community.

The store, which opens today, will feature products from the company’s luxury Men’s Purple and Women’s Collection brands, as well as unique handbags and other accessories exclusive to the Miami store.

Items will be available for purchase in Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Dogecoin (DOGE), and other cryptocurrencies through a partnership with crypto-payment service provider BitPay. This is the first time a Ralph Lauren store has accepted cryptocurrency as payment.

The Miami storefront will serve as the focal point for Ralph Lauren’s burgeoning Web3 push, hosting “a series of innovative and immersive moments” throughout the year, according to a press release. The store’s design itself also leans towards a more modern, digital aesthetic, with interactive screens that allow users to browse the brand’s catalog and book styling appointments.

To kick off its season of interactive customer experiences, Ralph Lauren also announced a multi-level partnership with Miami-based entertainment community Web3 on Tuesday. Pool suite. All members of the Poolsuite community will soon be “offered” a Poolsuite x Ralph Lauren NFTwhich will unlock access to an exclusive in-person event.

This event, according to a person familiar with the matter, will be part of a three-day immersive experience at a private waterfront estate in Miami in late April. Over the three days, a number of Web3 activations will be held for influencers, customers and Poolsuite x Ralph Lauren NFT holders to commemorate the opening of the Miami location.

Additional details on other immersive Ralph Lauren events have yet to be revealed, but are likely to target Miami’s vibrant crypto community as well.

Miami, long a hotbed of crypto activity, has embraced the new technology for years. A number of dominant Web3 companies, including Yuga Labs, the $4 billion company behind the dominant NFT collection Bored Ape Yacht Club– are based in the city by the ocean. The annual Bitcoin Conference and increasingly NFT-centric Art Basel Miami Beach events are also in town.

The city previously launched a MiamiCoin crypto token in 2021, which Mayor Francis Suarez backed. MiamiCoin has since lost over 99% of its peak value, per CoinGecko, and has been recently deregistered of the crypto exchange OKX due to low liquidity and the potential for “misconduct”.

Miami pushed further into the world of Web3 last July announcing a line of 5,000 Miami-themed Ethereum NFTs in partnership with TIME, Mastercard, and Salesforce. However, this series, which should debut last December, seems to have never seen the light of day.

A month later, following the staggering collapse of crypto exchange FTX, Miami officially disbanded its most prominent crypto-themed landmark: FTX Arena, home of the Miami Heat. The NBA stadium currently bears the name Miami-Dade Arena until another suitable sponsor is found.

Ralph Lauren’s Web3 push comes amid ongoing and current bear market dismal public perception of crypto and NFT. But under these conditions, established brands, especially luxury lifestyle ones, have continued For double at the top to offer their products to selected and curated groups of high-impact customers, via NFTs and other blockchain-based tools.

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