Luxury fashion designer Philipp Plein has made a groundbreaking move in the industry by launching a “crypto concept store” at his flagship location in London. This store allows customers to make purchases using cryptocurrency, making Plein’s brand the first luxury fashion company to accept crypto. The brand plans to introduce this concept to more than 100 stores in the next couple of weeks, highlighting their commitment to embracing new technology.
At the store, customers will find QR codes next to the products, enabling them to easily scan and make payments using any of the 25 cryptocurrencies accepted by the brand. This innovative approach to payment is necessary due to the volatility of cryptocurrency values, making traditional price tags impractical. The success of this new payment method is evident, as approximately 3% of the brand’s online retail turnover came from crypto last year. Plein is confident that this figure will double this year, showcasing the potential of cryptocurrency in the luxury fashion industry.
However, the crypto store concept goes beyond just accepting cryptocurrency as a form of payment. The store also features The M.O.N.A. (Museum of NFT Art), an upstairs gallery touted as the first physical art gallery of the metaverse. Visitors will be treated to an immersive experience, including a mega screen projecting Plein Plaza, which was purchased for $1.4 million in the virtual world of Decentraland. This introduction to the metaverse allows customers to create their own avatars and experience the digital realm firsthand. Additionally, the brand has launched its own NFT marketplace within the M.O.N.A floor. This marketplace enables consumers to purchase digital art, bid on auctions, and directly engage with artists, with the aim of promoting new NFT artists and boosting the NFT market.
Plein has also experienced success in NFT sales, with Pleinsport sneakers and Monsters generating approximately €1 million in sales over the past three months. To further enhance the customer experience, the brand plans to connect physical products to NFTs. For instance, if a customer buys a sneaker in-store, they will automatically receive an NFT, effectively turning them into a collector.
To display NFTs as artwork, the brand offers screens and picture frames in various sizes, allowing customers to showcase their digital art at home. In addition, Philipp Plein is launching an exclusive NFT videogame reminiscent of the 80s. Players will have the opportunity to collect exclusive NFTs and stand a chance to win a real diamond gift.
Overall, Philipp Plein’s crypto concept store and NFT platform signal a significant shift in the brand’s business model. By embracing cryptocurrency and the metaverse, Plein is utilizing new technologies to create a unique and immersive shopping experience for his customers. He firmly believes that the metaverse will revolutionize the world and consumer products in the coming years and positioning his brand at the forefront of this transformation.
Useful links:
1. Philipp Plein Official Website
2. Decentraland Official Website
