Ralph Lauren debuts in-store crypto payments and NFT ‘Gifts’ in Miami
Ralph Lauren goes crypto.
On Tuesday, the American fashion company announced the opening of a new luxury-focused concept store in Miami’s Design District, which will accept cryptocurrency payments and serve as the focal point for a targeted push into the city’s active Web3 community.
The store, which opens today, will offer products from the company’s Men’s Purple and Women’s Collection luxury 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 via a partnership with crypto payment service provider BitPay. This is the first time a Ralph Lauren store has ever accepted cryptocurrency as payment.
The Miami storefront will serve as a 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 into a more modern and digital aesthetic, with interactive screens that allow users to browse the brand’s catalog and book styling appointments.
To kick-start the season of interactive customer experiences, Ralph Lauren on Tuesday also announced a multi-layered partnership with Miami-based Web3 leisure communities Pool Suite. All Poolsuite community members will soon be “gifted” a Poolsuite x Ralph Lauren NFT, which will unlock access to an exclusive personalized event.
That event, according to a person familiar with the matter, will be part of a three-day immersive experience at a private waterfront property in Miami in late April. During these three days, a number of Web3 activations will host influencers, customers and Poolsuite x Ralph Lauren NFT holders to commemorate the opening of the Miami location.
Further details on additional immersive Ralph Lauren events have yet to be revealed, but will likely also target Miami’s vibrant crypto community.
Miami, long a hotbed of crypto activity, has embraced the new technology for years. A number of dominant Web3 companies—including Yuga Labs, 4 billion dollar company behind dominant NFT collection Bored Ape Yacht Club– is based in the city by the sea. The annual Bitcoin conference and increasingly NFT-centric Art Basel Miami Beach events are also in town.
The city previously launched a MiamiCoin cryptocurrency in 2021, which Mayor Francis Suarez supported. MiamiCoin has since lost over 99% of its peak value, per CoinGecko, and was recently delisted from the OKX crypto exchange due to low liquidity and the potential for “abuse”.
Miami pushed further into the Web3 world July last year by announcing a line of 5,000 Miami-themed Ethereum NFTs in partnership with TIME, Mastercard and Salesforce. However, that series, which was supposed to debut last December, seems to have never seen the light of day.
A month later, in the wake of the spectacular collapse of the crypto exchange FTX, Miami formally dismantled its most prominent crypto-themed landmark: FTX Arena, home of the Miami Heat. The NBA stadium currently goes by the name Miami-Dade Arena until another suitable sponsor is found.
Ralph Lauren’s Web3 push comes amid an ongoing bear market and power surge gloomy public perception of crypto and NFTs. But in the midst of these conditions, established brands – especially luxury lifestyles – have continued to line up to offer their goods to select, curated groups of high-impact customers via NFTs and other blockchain-based tools.
