News Report
July 14, 2022

Fashion brand Phillip Plein is embracing Metaverse and cryptocurrency

Philipp Plein metaverse
Philipp Plein logo

German designer Phillip Plein, the founder of Philipp Plein International Group fashion brands, firmly believes in Web3 and spoke about the topic at the WWD Metaverse Symposium.

Since last year, Plein has been accepting 24 cryptocurrencies for in-store and online purchases. In February, the Plein Group entered Decentraland by purchasing virtual land worth 510,000 Mana ($1.4 million at the time). After the land purchase, the designer stated he believed in “this new dimension of human interaction.”

Plein said that buyers paying in crypto are spending more on purchases. If the average order amounts to 600 euros, the price jumps by 85% for cryptocurrency payments, WWD reported.

As for the Metaverse, the future is still uncertain, but Plein trusts in it, even if his $1.4 million investment might never see financial benefits. He is building a skyscraper to open the Museum of NFT Art, which will invite artists to present their art. 

“Many talk about the new technology, but few are actually using it. At first, I thought cryptocurrencies sounded cool and fashionable, I didn’t really believe in crypto. We started as an experiment, but now I do. And there is a big future for this kind of payment method. I also believe in the metaverse, NFTs, and Web 3.0, which stand for a new beginning, a new era,” Plein told WWD. 

The designer also added that the number of Metaverse users is still small, with not many people knowing about NFTs and the virtual world. Yet he noted that luxury brands are actively entering the Metaverse, compared to how they first approached online commerce. 

Frank Fitzgerald, the founder of Pax World, told Metaverse Post that Web3 could revolutionize the fashion industry:

“The Metaverse could have a massive effect on the fashion industry from new revenue generation through NFTs to even shaping what fashion looks like in the real world based on what is happening in the Metaverse with current look and feel. It’s a cultural revolution not only in art but fashion as well.”

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Intmax Announces Builders From Latamex To Develop New EVM-Compatible Protocol
News Report Technology
Intmax Announces Builders From Latamex To Develop New EVM-Compatible Protocol
July 25, 2024
Clearpool Announces Its Launch On Arbitrum, Issuing $7M In Loans, And Receiving Grant
News Report Technology
Clearpool Announces Its Launch On Arbitrum, Issuing $7M In Loans, And Receiving Grant
July 25, 2024
D3 Announces Partnership With Magic Eden To Apply For .magic Top-Level Domain
News Report Technology
D3 Announces Partnership With Magic Eden To Apply For .magic Top-Level Domain
July 25, 2024
Backed Partners With Lisk To Promote RWA Adoption In Emerging Markets
Business News Report Technology
Backed Partners With Lisk To Promote RWA Adoption In Emerging Markets
July 25, 2024