Ralph Lauren Rolls Out Crypto Payments and NFT Gifts

American fashion brand Ralph Lauren is making its foray into the crypto world. The company announced opening a store in Miami’s Design District which will accept crypto payments.

Ralph Lauren on Tuesday announced the opening of a new luxury-focused concept store in Miami’s Design District which will accept various cryptocurrencies as payment. Vogue Business reports customers can pay for merchandise using various cryptos, including Bitcoin, Ether, Polygon, Dogecoin and others, through a partnership with crypto 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

Ralph Lauren’s store will offer products from the label’s Men’s Purple and Women’s Collection and one-of-a-kind handbags and accessories exclusive to its Miami location.

The store will consider crypto’s volatile nature and provide any refunds in the same cryptocurrency used for the original payment but will adjust the amount to match the total dollar amount of the item.

Ralph Lauren will also release a co-branded NFT (non-fungible token) in collaboration with the Web3 community Poolsuite. The NFT will be “gifted” to 3,000 existing Poolsuite community members and grant holders access to an exclusive in-person event.  

Palm trees and eternal sunshine. Welcome to #RLxPoolsuite. For the first time, @RalphLauren celebrates Miami’s vibrant energy in collaboration with @Poolsuite #RLMiami pic.twitter.com/FdhZc1bzwe

— Ralph Lauren (@RalphLauren) April 4, 2023

Decrypt reports a person familiar with the matter said the event would be one part of a three-day immersive experience at a private waterfront estate in Miami to take place late in April. Over the three-day event, a number of Web3 activations will be hosted for influencers, customers and Poolsuite x Ralph Lauren NFT members to mark the Miami store’s opening. More details regarding the event will soon be released.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.