Platform “Buy now and pay later” (BNPL) postpaid is at the forefront of New York Fashion Week (NYFW) this year with decentralization, blockchain, and NFT as part of its message.
In addition to offering access to exclusive runway shows and designer collection debuts, Afterpay launched a limited edition NFT It features the work of five designers: Joseph Altuzarra, AnOnlyChild, Jonathan Simkhai, Kim Shui and The Blonds, which sold out within hours of its release. Each NFT provides access to rare designer art and serves as a ticket to in-person NYFW events and exclusive merchandise. These types of phydigital experiences, linking online and in real life, are becoming increasingly familiar with NFTs.
In line with Afterpay’s core business, $100 NFT buyers were given the option to pay the NFT in installments.
In addition to building brand awareness for the company through NYFW, Afterpay has identified fashion as a niche it wants to target in 2022 with its third appearance at the event. Afterpay’s role in democratizing access to NYFW via NFT puts the company in front of consumers who are likely to use its services for their clothing purchases.
The company not only democratized access, but took the concept of decentralization one step further. Asian-American womenswear designer Kim Shui asked the public to submit pixels that she planned to use to collaborate on a fabric design for a garment. The fashion apparel will not only be featured on the runway, but after NYFW, it will become an NFT and every pixel contributor will receive one.
Collaborative fashion design is also happening in the digital world, with various platforms launching apps that allow people to design metaverse clothing or modify others’ creations. A recent example is avatar platform Genies, but others, like fashion brand NFT The Fabricant, have similar plans.
For the NFT aspect of their promotion, Afterpay partnered with third web. Within days of Afterpay filing its NFTs, Thirdweb announced a $24 million Series A round, including funding from Shopify, Coinbase Ventures, Polygon and others.
Meanwhile, Afterpay’s NFTs aren’t the only ones offering access to hot events. Prada’s 32nd Timecapsule featured an NFT that will grant access to a Prada experience in Milan.
Source: www.ledgerinsights.com