Will Philipp Plein’s Crypto Store Shake Up Luxury Retail?

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What happened: Philipp Plein is bringing some of the Metaverse to the real world as brands rush to buy Metaverse real estate. April 28, German luxury designer new “Crypto Concept Store” At his London flagship store, customers can pay for their products in 25 major digital currencies such as Bitcoin and Ethereum. If successful, the idea will be rolled out to his other 100 stores around the world in the next two weeks.

In addition, Plein has opened what he calls the MONA (Museum of NFT Art) above the store’s main retail sales space, described as Metaverse’s first physical art gallery. There, customers can view projections of Plein Plaza, Decentraland’s $ 1.4 million virtual land, create their own avatars, and shop from the brand’s NFT Marketplace. Featuring a collaboration between Plein and visual artist Antonio Tudisco, this space features “Cultural, artistic, fashion, and futuristic hub.”

Philipp Plein’s NFT Art Gallery features physical sculptures from his “Lil Monster Gang” NFT collection.Photo: Philipp Plein

Jintake: Obviously, Philipp Plein isn’t afraid to lead everything digital.Earlier this year, his company with his Plein Sport sneakers Lil Monster Gang Collection, Raised about 1 million euros in the last 3 months.In fact, the owner of Philipp Plein International Group Told the fashion network Of the € 100 million generated from online retail last year, about 3 percent came from cryptocurrencies — and he plans to double it in 2022.

Now, after becoming the first luxury fashion company to accept cryptocurrency payments last year, Philipp Plein is extending this experience to physical stores. But while this is cool in theory, it’s not without its challenges. First, the value of digital currencies can change every few minutes. This means that Plein’s cryptocurrency prices should always be updated. In addition, cryptocurrency payments are slower than cash and credit cards, usually taking 3-5 minutes to complete a transaction, which can be annoying to consumers.

Instead, what more brands can ultimately do is duplicate Plein’s NFT Museum on their flagship. With so many gorgeous players creating digital collections, having a physical gallery to display them not only helps educate clients about the Metaverse, but also NFTs with traditional cash or cards. Offers the option to buy and makes it more accessible. This could be especially useful in China, where cryptocurrencies are banned but NFTs are of great interest.From blockchain-based hosting Art exhibition in Beijing Last april Chengdu 24-hour NFT Gallery In October, the country showed a desire for digital art that Philip Plain and others could leverage in these innovative retail experiences.

Jintake It reports on some of the key news and presents an analysis by the editorial team on its significant impact on the luxury industry. In the recurring column, we’ll analyze everything from product drops and mergers to the sprout of fierce debate on Chinese social media.

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