- The latest Ralph Lauren store in Miami is accepting crypto payments, including Bitcoin, Ethereum and Polygon, via crypto payment service Bitpay.
- The store has also partnered with Web3 community Poolsuite to gift NFTs, with the first element of the partnership being a co-designed Ralph Lauren x Poolsuite NFT that unlocks access to a party at a private waterfront Miami estate as part of a three-day launch event later this month.
Blockchain technology has revolutionized various industries in recent years, and the fashion industry is no exception. Blockchain’s immutable ledger system can help track the entire lifecycle of a product, from sourcing raw materials to production, distribution, and retail. In the fashion industry, this can help increase transparency and accountability, reduce counterfeiting and fraud, and enable more sustainable and ethical practices.
One fashion brand that has embraced blockchain technology is French luxury fashion house Louis Vuitton. In 2019, the brand partnered with blockchain startup ConsenSys and Microsoft to launch the AURA blockchain platform. AURA allows customers to track the authenticity and origins of Louis Vuitton products, providing a tamper-proof record of the entire lifecycle of the product.
AURA uses Ethereum blockchain technology and is built on the Microsoft Azure cloud platform. It uses unique digital certificates for each product, which can be accessed through a mobile app. Customers can scan the certificate with their smartphone camera to access information about the product’s authenticity, production, and supply chain.
This move towards blockchain technology is just one example of how fashion brands are embracing innovative technologies to improve their practices and engage with customers. As blockchain technology continues to evolve, we can expect more fashion brands to adopt it to increase transparency, accountability, and sustainability.