Ralph Lauren has announced the opening of a new luxury concept store in the Design District of Miami that will accept Bitcoin payments and provide NFT-based experiences. The Miami store will serve as the brand’s focal point in the city’s bustling Web3 community.

Consumers will be able to make purchases with Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Dogecoin (DOGE), and other cryptocurrencies, thanks to cooperation with crypto payments operator BitPay. This is the first time a Ralph Lauren retail location has accepted cryptocurrencies as payment.

In addition to crypto payments, Ralph Lauren’s Miami store now offers NFT-based “gifts.” The company intends to capitalize on the growing interest in NFTs and provide its clients with a unique shopping experience.

While the Miami store is the first to accept cryptocurrency payments and non-fiat currencies, Ralph Lauren is likely to expand the service to additional locations in the future. The move is part of a larger retail industry trend toward increasing cryptocurrency acceptance and blockchain technology implementation.

The company has not yet disclosed any information about upcoming immersive events, although it is probable that they will be catered to Miami’s thriving cryptocurrency community. Ralph Lauren hopes to attract a new audience and establish itself as a leader in the luxury fashion industry’s use of cryptocurrencies and NFTs with the launch of its new store.