Buy Now Pay Later (BNPL) Postpaid At the forefront of New York Fashion Week (NYFW) this year with decentralization, blockchain and NFTs as part of its messaging.
Along with giving access to exclusive runway shows and designer group debuts, Afterpay has launched a limited edition NFTs It showcases the works of five designers—Joseph Altuzarra, AnOnlyChild, Jonathan Simkhai, Kim Choi, and The Blonds—which sold out within hours of release. Each NFT provides access to scarce art from the designer and serves as an admission ticket to in-person NYFW events and exclusive merchandise. These types of phydigital experiences, online linkage and IRL, are becoming more familiar with NFTs.
In line with Afterpay’s core business, buyers of $100 NFTs were given the option to pay for their NFTs in installments.
In addition to increasing the company’s brand awareness through NYFW, Afterpay has identified fashion as a niche it wants to target by 2022 with its third appearance at the event. Afterpay’s role in democratizing access to NYFW through NFTs places the company in front of consumers who are likely to use its services to purchase their clothing.
The company has not only democratized access but has taken the concept of decentralization a step further. Asian-American women’s clothing designer Kim Choi asked the audience to send in the pixels she planned to use to assemble a fabric design for a garment. Not only will the fashion runway be shown, but after NYFW, it will be converted to NFT and every pixel contributor will receive one.
Collaborative fashion design is also happening in the digital world, with many platforms launching apps that enable people to design matching outfits or modify others’ creations. One recent example is the Genies avatar, but others, such as fashion brand NFT The Fabricant, have similar plans.
For the NFT side of its promotion, Afterpay has partnered with Therthweb. Within days of Afterpay revealing the 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 fashion events. Prada’s 32nd capsule features the NFT feature that will give access to the Prada experience in Milan.