Ralph Lauren, the American fashion company, has announced the launch of a new luxury-focused concept store in Miami’s Design District, which marks its entry into the world of crypto. The Miami store will accept cryptocurrency payments and serve as a platform for the company’s targeted push into the city’s active Web3 community. The store, which opened on Tuesday, will offer products from the company’s Men’s Purple and Women’s Collection luxury labels, as well as one-of-a-kind handbags and other accessories exclusive to the Miami store.

To enable cryptocurrency payments, Ralph Lauren has partnered with BitPay, a crypto payments service provider, to accept payments in Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Dogecoin (DOGE), and other cryptocurrencies. This marks the first time that 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, as per a press release. The store’s design 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 kickstart its season of interactive customer experiences, Ralph Lauren has also announced a multi-tiered partnership with Miami-based Web3 leisure community Poolsuite. All Poolsuite community members will soon be gifted a Poolsuite x Ralph Lauren NFT, which will unlock access to an exclusive in-person event. The event will be one component of a three-day immersive experience at a waterfront private estate in Miami in late April. Over those three days, a number of Web3 activations will be hosted for influencers, customers, and Poolsuite x Ralph Lauren NFT holders to commemorate the Miami location’s opening.

The Miami store will be Ralph Lauren’s spearhead into the city’s Web3 community with NFT-based activations experiences. The store will also host other immersive Ralph Lauren events targeting Miami’s vibrant crypto community. Miami has long been a hotbed of crypto activity and has embraced the novel technology for years. A number of dominant Web3 companies, including Yuga Labs and the $4 billion company behind the dominant NFT collection Bored Ape Yacht Club, are based in the oceanside city.

Despite the ongoing bear market and current dismal public perception of crypto and NFTs, established brands, particularly luxury lifestyle ones, have continued to line up to offer their wares to select, curated groups of high-impact customers, via NFTs and other blockchain-based tools. The annual Bitcoin Conference and increasingly NFT-centric Art Basel Miami Beach events are also in town, and the city previously launched a MiamiCoin crypto token in 2021, which Mayor Francis Suarez backed. However, MiamiCoin has since lost over 99% of its peak value and was recently delisted from crypto exchange OKX due to low liquidity and the potential for “misconduct.” A month later, in the wake of the stunning collapse of crypto exchange FTX, Miami formally dismantled its most prominent crypto-themed landmark: FTX Arena, home to the Miami Heat. The NBA stadium is currently going by the name Miami-Dade Arena until another suitable sponsor is found.