Postpaid Designer Releases NFTs From Exclusive Items, New York Fashion Week Experiences

Listen to the article
3 minutes

This audio is automatically generated. Please let us know if you have any comments.

Dive Brief:

• Shop Now, Pay Later Afterpay is partnering with New York Fashion Week, according to a press release shared with Retail Dive. Afterpay also released a separate free NFT that includes a 6-month free trial of Tidal music streaming, access to NYFW’s best friends group on Instagram, and more.
• The NFTs were developed in collaboration with five designers – Altu by Joseph Altuzarra, Only Child, Jonathan Simkhai, Kim Shui and The Blonds – each inspired by their Spring/Summer ’23 collections. Each NFT comes with real-life items like a special edition leather tote, after-party favors, original runway designs and more.
• Designer NFTs cost $100. Special websiteAnd all proceeds are donated to non-profit organizations Free Arts NYC. Customers can pay in four interest-free installments.

Dive Insight:

Afterpay is bringing the buy now, pay later services to the world of NFTs – and with tangible benefits for both customers and nonprofits.

According to the press release, the NFTs were named as “keys” during Fashion Week. Each design is the designer’s unique vision of what the key to fashion week will look like. Associate events or merchandise that allows buyers to have a digital and physical experience at one of fashion’s most popular events.

Luxury brands – Many of them will be at NYFW – They are selling NFTs that come with special items. Jewelry retailer Tiffany & Co. recently sold a limited edition of CryptoPunks NFTs that includes a custom necklace based on the design for around $50,000. Prada announced in June that it plans to release monthly NFT drops to go with gender-neutral physical products.

However, NFT transactions have declined over the past few months, with trading volume on NFT marketplace OpenSea down 79 percent since July 1 compared to May 1, according to Dunn Analytics.

Afterpay’s NFT release comes with a lower barrier to entry than many NFTs. The designer collection can be purchased in US dollars instead of a currency like Bitcoin or Apecoin, and the price is minimal compared to the high cost of rare NFTs like CryptoPunk.