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Diving summary:
The Buy Now, Pay Later company Afterpay has partnered with New York Fashion Week to launch limited-edition, non-fungible tokens that come with exclusive merchandise and in-person experiences, according to a press release shared with Retail Dive. Afterpay also launched a separate free NFT that comes with a 6-month free trial of Tidal music streaming, access to a group of close NYFW friends on Instagram, and more.
The NFTs were developed in collaboration with five designers: Altu by Joseph Altuzarra, AnOnlyChild, Jonathan Simkhai, Kim Shui, and The Blonds, inspired by each of their Spring/Summer 23 collections. Each NFT comes with real-life items, such as a special edition leather bag, after party invitations, original runway sketches and more.
Designer NFTs cost $100 through a unique web pageand all profits will be donated to the non-profit organization free arts new york. Customers can pay in four interest-free installments.
Diving information:
Afterpay is bringing its buy now, pay later services to the world of NFTs, and they come with tangible benefits for both customers and a nonprofit.
Afterpay’s free NYFW NFT comes with real-life perks.
Permission granted by Afterpay
The NFTs are called “keys” for fashion week, according to the press release. Each design is the designer’s unique take on what a key to fashion week looks like. The accompanying events or merchandise that shoppers have access to allows them to have a digital and physical experience during one of the most popular events in fashion.
Luxury brands — many of which will be at NYFW — they are selling more and more NFTs that come with exclusive products. Jewelry retailer Tiffany & Co. recently sold limited NFT CryptoPunks for around $50,000 that include a custom-made necklace based on the design. Prada announced plans in June to launch monthly NFT drops accompanied by gender-neutral physical products.
However, NFT transactions have declined in recent months, with transaction volume as of July 1 on the OpenSea NFT marketplace down 79% compared to May 1, according to Dune Analytics.
However, Afterpay’s NFT launch comes with a lower barrier to entry than many NFTs. The designer collection can be purchased with US dollars instead of cryptocurrencies like Bitcoin or Apecoin, and the price is relatively small compared to the high cost of rare NFTs like CryptoPunks.
Source: www.retaildive.com