You know the next generation of the internet is upon us when iconic fashion brands are on their way to join the Metaverse. Ralph Lauren was founded in 1967 and chose blockchain technology as it slowly opened the curtains to accept payments in the form of crypto.
The American fashion brand will accept cryptocurrency payments at its new store in Miami’s Design District, becoming the first company to do so in the state of Florida.
The store is currently working with BitPay, which allows customers to make purchases using either Bitcoin (BTC), Ethereum (ETH) or Polygon (MATIC). The store will open in late 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 pool suite Release of a co-branded and co-created NFT (non-fungible token). The NFT will not be sold but will be passed on to existing pool suite NFT membership collection holders. NFT recipients will also receive exclusive access to special events and access to Ralph Lauren digital wearable assets to use with the recreational athletes avatars.
The above digital transformation initiatives are led by David Lauren, Ralph Lauren’s Chief Innovation and Branding Officer. The store will allow Ralph Lauren to test the digital waters as the company continues to explore the digital space while monitoring market trends.
The company is still in the early stages of its roadmap but sees the potential opportunities in digital goods and virtual experience building on its past towards the Metaverse. Roblox And Fourteen days are the first games for which Ralph Lauren has released a series of digital clothing collections that can be worn in the game.
Hugo Boss enters the metaverse
Ralph Lauren isn’t the only fashion company entering the Metaverse. hugo boss has also decided to enter the Metaverse as it is attending 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 while the fashion show focused on a water theme. The new space also offered a gamified digital shopping experience that allowed users to experience the brand in a different way.
Crypto has evolved
Some people still argue that cryptocurrencies aren’t real, while others argue that cryptocurrencies are the future. Bitcoin, Ethereum and Dogecoin are already accepted by SpaceX, Tesla, the Miami Mavericks and now Ralph Lauren. Cryptocurrencies are gaining increasing acceptance and recognition around the world.
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