You know that the next generation of the internet is upon us when iconic fashion brands are on their way to joining the Metaverse. Ralph Lauren was founded in 1967 and has decided to embrace blockchain technology as it slowly pulled the curtains open to accept payments in the form of crypto.
The American fashion brand will be accepting cryptocurrency payments at its new store located in Miami’s Design District and is the first entity to do so in the state of Florida.
The store is currently working with BitPay, which will empower customers to make purchases with either Bitcoin (BTC), Ethereum (ETH), or Polygon (MATIC). The store will open at the end of April and will be accompanied by an immersive three-day experience at a private location in North Miami.
The Web3 Connection
Ralph Lauren will also be collaborating with Poolsuite to release a co-branded and co-created NFT (non-fungible token). The NFT will not be sold, but instead, it will be given to existing holders of the Poolsuite NFT membership collections. The NFT recipients will also get exclusive access to special events and access to digital Ralph Lauren wearable assets to be used with the Leisurist avatars.
The above digital transformation initiatives are being spearheaded by David Lauren, the Chief Innovation and Branding Officer of Ralph Lauren. The store will allow Ralph Lauren to test the digitized waters as they continue to explore the digital space while observing market trends.
The company is in the early stages of its road map but does see the potential opportunities ahead for digital goods and the virtual experience as they build on its past towards the Metaverse. Roblox and Fortnite are the first few games for which Ralph Lauren has released a line of digital clothing collections to be worn in the game.
Hugo Boss Enters the Metaverse
Ralph Lauren isn’t the only fashion company to enter the Metaverse. Hugo Boss also decided to step into the Metaverse as it participates in the Metaverse Fashion Week (MVFW) with a virtual showroom and an immersive interactive experience. The Metaverse event was a digital extension of the BOSS Miami Fashion Show.
The theme of the digital fashion show focused on architectural elements, whereas the fashion show focused on an aquatic theme. The new space also offered a gamified digital shopping experience which allowed users to experience the brand in a different way.
Crypto Evolved
Some people still argue that crypto is not real, while others will argue that crypto is the future. Bitcoin, Ethereum, and Dogecoin are already being accepted by SpaceX, Tesla, The Miami Mavericks, and now Ralph Lauren. Cryptocurrencies are gaining a wider level of acceptance and recognition across the world.
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