The popular American fashion brand Ralph Lauren has hopped on the crypto bandwagon, as it will be accepting crypto payments in its newly launched Miami store. The store in Miami’s Design District will become Ralph Lauren’s first outlet to accept crypto as a payment method. For this, Ralph Lauren will collaborate with the payments service provider, Bitpay.
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
Customers will be able to pay in Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Polygon (MATiC), and other cryptocurrencies. The refunds will also be dealt with in cryptocurrencies that were used to pay in the first place. However, refunds will be made according to the amount in USD at the time of purchase, as cryptocurrencies differ in value due to high volatility. These customers could buy from Men’s Purple and Women’s Collection luxury labels, handbags, and other exclusive accessories.
Ralph Lauren Signs a Partnership With Poolsuite
The luxury brand is starting its interactive customer experience through a partnership with the Web3 platform, Poolsuite. Around 3,000 community members of Poolsuite will be rewarded with a Poolsuite x Ralph Lauren NFT, unlocking access to an exclusive in-person event. This event will be a part of a three-day immersive experience in North Miami, planned for the end of April.
Furthermore, these community members can update their avatars by acquiring digital Ralph Lauren wearables. All of these measures are marking Ralph Lauren’s entry into the Web3 space. The brand has been testing digital collections in a bid to engage with the audience at a wide level. The company is also experimenting with NFTs and the metaverse.
The Chief Innovation and Branding Officer at Ralph Lauren, David Lauren said,
“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.”
Miami Continues to Embrace Crypto
The city has actively supported and helped crypto initiatives in the recent past. Many crypto firms, including Yuga Labs, are based in Miami. It is home to many NFT and Web3 events as well. Miami also launched a crypto token backed by the Mayor of the city. However, MiamiCoin has lost almost all of its value due to low liquidity.
Despite the current bearish phase of the crypto industry and the low-paced NFT sector, the interest of big brands like Ralph Lauren is a big boost for Web3. These brands continue to put life into the sector, setting it up for mainstream adoption in the future.