Ralph Lauren, the renowned American fashion brand, has announced that it will now accept cryptocurrency payments at its newly opened Miami store.
This marks the first time that the brand will accept payments via digital currencies, including Bitcoin (BTC), Ether (ETH), and the Polygon MATIC token.
The store is collaborating with BitPay, a popular crypto payment service provider, to facilitate the process.
In addition to accepting digital payments, Ralph Lauren is also partnering with the Web3 Poolsuite community to release NFTs that will be gifted to members’ collection of non-fungible Poolsuite tokens.
These members will have exclusive access to a “special event” and the ability to upgrade their “Leisurist” avatars.
The director of innovation and branding at Ralph Lauren, David Lauren, said, “We see an exciting opportunity in digital merchandise and virtual experiences.”
Ralph Lauren’s move comes as part of its efforts to connect with younger consumers, as CEO Patrice Louvet had previously noted.
Other luxury brands, such as Balmain, Prada, and HUGO, have also recently ventured into the world of NFTs, indicating a growing interest in digital collectibles among high-end fashion labels.