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“Buy Now Pay Later” (BNPL) platform After payment This year at New York Fashion Week (NYFW), decentralization, blockchain and NFTs are at the forefront as part of the message.
Along with offering exclusive runway shows and first access to designer collections, Afterpay has launched a limited edition. NFTs Featuring the work of five designers – Joseph Altuzarra, Only Child, Jonathan Simkhai, Kim Shu and The Blonde – sold out within hours of release. Each NFT features an occasional piece of artwork from the designer and serves as an in-person ticket to NYFW events and exclusive merchandise. These types of fidget experiences are becoming more popular with NFTs, bridging online and IRL.
In line with the postpaid principal, buyers of $100 NFTs are given the option to partially pay the NFT.
In addition to generating brand awareness for the company through NYFW, Afterpay has identified fashion as an area it wants to target in 2022 with a third appearance at the show. Postpaid will democratize access to NYFW through NFTs, putting the organization in front of potential consumers for apparel shopping.
The company not only democratized access, but also took the concept of decentralization a step further. Asian-American womenswear designer Kim Shui asked the public to submit pixels that she plans to use to crowdsource fabric designs for clothing. Fashion clothes will not only be on the runway, but after NYFW will be brought to the NFT and every pixel contributor will be welcomed.
Collaborative fashion design is also happening in the digital world, with several platforms releasing apps that allow people to design alternate outfits or edit others’ creations. One recent example is Genies’ avatar platform, but others have similar plans, such as NFT fashion brand The Fabricant.
For the promotional aspect of NFT, Afterpay has partnered with Third web. Within days of Afterpay announcing its NFTs, Third Web announced a $24m Series A round, including funding from Shopify, Coinbase Ventures, Polygon and others.
Meanwhile, Afterpay NFTs aren’t the only ones offering access to fashion events. Prada’s 32nd Timecapsule presents NFT to experience Prada in Milan.
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