Phillip Plein fashion icon to crypto

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In an effort to bring the fashion industry into new innovations and trends, many brands are entering the cryptoverse to test them out. Fortunately, the crypto industry is wide open, ready to accept the world of fashion and grow.

One fashion designer who has recently started to dive into the crypto world is Philipp Plein. She participated in Decentraland’s Metaverse Fashion Week, exhibiting collections with Dolce & Gabbana, watch company Jacob & Co and many others who joined Decentraland in an effort to unify fashion and the Metaverse. During the show, Plein used the skull so visible on his brand to not only showcase the model but also showcase his work.

Cointelegraph stopped by the launch event for Plein’s new Museum of NFT Art concept store, which brings its brand to the crypto industry and demonstrates how it plans to take a fashion-forward approach to crypto — in style and in the heart of London.

Crypto is starting

It wasn’t just Metaverse Fashion Week that made Plein crypto. In 2021, something appeared in him. “No plans have been developed. It’s just that everyone talks about crypto, everyone says it’s cool, and it’s happening. I don’t have any vision,” the designer told Cointelegraph.

Regardless, he found that his vision was to help people like his mother understand and participate in the crypto industry — but to make it high-fashion and ensure that it was truly accessible to everyone.

Plein first started accepting crypto on its online store, but payment options were soon introduced to physical stores around the world as well, allowing anyone to take advantage of the new technology. The clothing in the store has a QR code that, when scanned, directs potential shoppers to a website showing how much it costs in British pounds, Bitcoin (BTC), Ether (ETH) and TerraUSD (UST), among other accepted cryptocurrencies.

When asked how exactly the brand regulates 25 different cryptocurrencies plus the local currency, Plein told Cointelegraph that “We have developed a very complex way of doing it. Every 10 minutes, we update the exchange rate on the website. So, if you go to the website and click on a shoe to find out the price, every 10 minutes you will get the updated price. So, we’re getting closer to the real price at the moment.”

But what if you want to return the product and the Bitcoin price has increased? Plein has found a solution. “If you want to return it in a month or two, we will give you the same value of what you spent in the currency of the country where you live. For example, if you buy this for 100 pounds, which is 1 Ether, and in three months the ETH goes up, you will get back 100 pounds.”

Plein wanted to make the onboarding process easier. Thus, offline stores foster an environment where everyone can learn about crypto through the app developed by Plein and his team. Sales associates are there to answer questions and provide insight into how Philipp Plein and crypto are a pair made in fashion, bringing everyone interested into the crypto community without any part being intimidating. Plein added:

“I had to make it accessible to my mother, so that was my vision and mission.”

MONA

The event was held to celebrate the opening of the Museum of NFT Art, or MONA. On the third floor of Plein’s London store, he invites guests to see a presentation of his non-exchangeable tokens. He showed off the NFT of a monster figure along with a screen displaying his product. Here and in his shop, Plein wants to be “the one who gets you your first NFT.”

The NFT Art Museum was built in-house because Plein didn’t “like working with agencies. So, I created my own publishing house and started working with people. Now, we choose our own team and offer our services for free.”

The problem with other NFT platforms is cost, he said. But Plein sees NFT and people orientation differently: “We don’t aim for money. We make money with our products. We developed this platform for our needs, and now we are making it accessible to others.”

Now, here is where it gets interesting.

NFT can be purchased directly through a sales associate, but this is only one part of the customer experience when visiting the MONA London store. He aims to provide multiple ways for users to experience NFT that can help anyone with any level of crypto knowledge.

“People are getting interested, but they can’t pay with crypto because they don’t own crypto. They started asking, ‘How can we get Philipp Plein’s NFT monster?’ And then we started selling them from websites like shoes. You can pay with a credit card, Apple Pay — you can pay whatever you want, then we send you NFT. And this is interesting. We sold about 1 million NFT in two to three months.”

In addition to direct credit card or Apple Pay purchases, NFT can also be purchased with cash. “I’ve never heard of paying for NFT in cash. So if you want to come to London you can pay cash.” He wanted to make NFT accessible “to my mother, who would never buy NFT.”

As the cherry on top of this innovation in the ever-changing NFT market, Plein describes his biggest problem with NFT: the cost of gas. “They sell you NFT, and then you have to pay for the fuel costs,” He added: “Explain to my 67-year-old mother what fuel costs are.”

So, Plein decided to combine the price of NFT and the cost of gas so that customers don’t have to think about it. Indeed, with reports of NFTs Otherdeeds Yuga Labs raising some gas costs by up to 5 ETH, this issue presents a major problem, one that many did not anticipate. “Some people are looking at 10 euro shipping and won’t even buy the product because they have to pay for the delivery. We’ll be selling all of our NFTs at a price that includes gas costs, so you don’t have to worry about that.”

As part of a joke about what one can actually do with NFT, other parts of Plein’s NFT experience include photo frames, or hardware for walls, and even Christmas tree decorations. Anyone has the opportunity to hang their Plein NFT right next to their favorite ornament, and maybe Santa will bring one that can be burned into a wearable at Decentraland.

“So my mother, who now has NFT, asked, ‘Well, what do I do with it?’ Okay, Mom, now you hang it on your wall.”

Future

Cointelegraph asked Plein about the future of the Philipp Plein brand and its Metaverse endeavors — specifically, how he blends his personal ideas with real life and his Metaverse brand.

According to Plein, fashion is one of the toughest industries imaginable, where “you have to reinvent yourself from scratch several times a year. Each season, the trends are highly unpredictable, and consumers are extremely difficult to control due to these unpredictable seasonal trends.”

Plein herself has tried a lot of new things to see what stands out, not only with Metaverse Fashion Week but also with her spring/summer 2022 campaign with Megan Fox and photographer Stephen Klein. “The only way to work with this is to be open minded, experiment and try new things to understand what consumers like.”

Plein also sees the Metaverse as a way to explore trends to see what will hold up. He believes that even if the “Metaverse doesn’t exist yet, it won’t take much time, maybe three to five years, because the technology is much faster now than it was in the past.”