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

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Ralph Lauren goes into crypto.

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

The store, which opens today, will feature products from luxury brands Mens Purple and Womens Collection, as well as unique handbags and other accessories exclusive to the Miami store.

The 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 design itself is also leaning towards a more modern, digital aesthetic, with interactive screens that allow users to browse the brands’ catalog and book styling appointments.

To kick off its season of interactive customer experiences, Ralph Lauren also announced on Tuesday a multi-level partnership with Miami-based Web3 leisure community Poolsuite. All members of the Poolsuite community will soon receive a “poolsuite x Ralph Lauren NFT”, which 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 locations.

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 Bored Ape Yacht Club NFT collection, are based in the oceanside city. 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 was recently delisted from OKX crypto exchange due to low liquidity and potential for misconduct.

Miami took the Web3 world one step further last July by 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 stunning collapse of crypto exchange FTX, Miami officially dismantled its most prominent crypto-themed landmark: FTX Arena, home to the Miami Heat. The NBA stadium currently bears the name Miami-Dade Arena until another suitable sponsor is found.

Ralph Laurens Web3 push comes amid an ongoing bear market and current dismal public perception of crypto and NFTs. But under these conditions, established brands, especially luxury lifestyle ones, have continued to line up to offer their products to selected and curated groups of high-impact customers, via NFTs and other on the blockchain.

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