Afterpay releases designer NFTs with exclusive items, experiences for New York Fashion Week

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Dive card:

• Buy now, pay later company Afterpay has partnered with New York Fashion Week to issue limited-edition non-fungible tokens that come with exclusive merchandise and personalized experiences, according to a press release shared with Retail Dive. Afterpay also released its own free NFT that comes with a 6-month free trial of Tidal music streaming, access to a NYFW group for close 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 merchandise like a special edition leather bag, after-party invitations, original runway sketches and more.
• The Designer NFTs cost $100 apiece unique websiteand all proceeds will be donated to the nonprofit Free Arts NYC. Customers can pay in four interest-free installments.

Diving Insights:

Afterpay brings its buy now, pay later services to the world of NFTs – and they come with tangible benefits for both customers and a non-profit.

The NFTs are called “keys” to 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 buyers have access to allow customers to have a digital and physical experience during one of fashion’s most popular events.

Luxury brands — many of them will be at NYFW — are increasingly selling NFTs that come with exclusive items. The jewelery retailer Tiffany & Co. recently sold limited CryptoPunks NFTs for about $50,000 that include a custom-made chain based on the design. In June, Prada announced plans to release monthly NFT drops that are accompanied by gender-neutral physical products.

However, NFT transactions have declined in recent months, with transaction volume as of July 1 on NFT marketplace OpenSea down 79% compared to May 1, according to Dune analytics.

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