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Buy Now Pay Later Platform (BNPL). Non payment is headlining New York Fashion Week (NYFW) this year with decentralization, blockchain and NFTs as part of its messaging.
Along with providing access to exclusive runway shows and designer collection debuts, Afterpay launched the limited edition NFTs featuring the work of five designers – Joseph Altuzarra, AnOnlyChild, Jonathan Simkhai, Kim Shui and The Blonds – which sold out within hours of their release. Each NFT provides access to rare art by the designer and serves as an all-access ticket to personal NYFW events and exclusive merchandise. These types of fidget digital experiences, connecting online and IRL, are becoming more popular with NFTs.
In line with Afterpay’s core business, buyers of $100 NFTs were given the option to pay for the NFT in installments.
In addition to generating brand awareness for the company through NYFW, Afterpay has identified fashion as a place it wants to target in 2022 with its third appearance at the event. Afterpay’s role in democratizing access to NYFW through NFTs 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 the pixels she planned to use to assemble a fabric design for a garment. The couture outfits will not only be shown on the runway, but after NYFW, they will be turned into an NFT and every pixel contributor will receive one.
Collaborative fashion design is also happening in the digital world, with several platforms releasing apps that enable people to design metaverse clothing or edit others’ creations. A recent example is avatar platform Genies, but others, such as NFT fashion brand The Fabricant, have similar plans.
For the NFT aspect of its promotion, Afterpay partnered with third web. Within days of Afterpay unveiling its NFTs, the third-party website 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 Time featured an NFT that will grant access to a Prada experience in Milan.
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