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- Buy now, pay later, company Afterpay has teamed up 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 has also released a separate free NFT that includes a 6-month free trial of Tidal music streaming, access to a NYFW close friends group 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 actual products such as a special-edition leather tote bags, after-party invitations, quirky runway sketches and more.
- Designer NFTs are $100 via a single webpageand all profits will be donated to the association Free Arts NYC. Customers can pay in four interest-free installments.
Overview of the dive:
Afterpay brings its buy now, pay later services to the world of NFTs – and they have tangible benefits for customers and nonprofits.
NFTs are dubbed “key” to fashion week, according to the press release. Each design is the creator’s unique take on what a fashion week key looks like. Accompanying events or merchandise that shoppers have access to provide customers with a digital and physical experience at one of fashion’s most popular events.
Luxury brands — many of which will be at NYFW — are increasingly selling NFTs that come with exclusive products. Jewelry retailer Tiffany & Co. recently sold limited NFT CryptoPunks for around $50,000 that include a bespoke necklace based on the design. Prada announced plans in June to release monthly NFT drops accompanied by gender-neutral physical products.
However, NFT transactions have been declining in recent months, with July 1 trading volume on the OpenSea NFT market down 79% compared to May 1, according to Dune analytics.
The NFT version of Afterpay, however, has a lower barrier to entry than many NFTs. The Creators Collection is purchasable with US dollars instead of cryptocurrency like Bitcoin or Apecoin, and the price is relatively low compared to the high cost of rare NFTs like CryptoPunks.