Afterpay is bringing its buy now, pay later services to the world of NFTs — and they come with tangible benefits for both customers and a nonprofit.
The NFTs are dubbed as “keys” to fashion week, per the press release. Every 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 whom will be at NYFW — are increasingly selling NFTs that come with exclusive goods. Jewelry retailer Tiffany & Co. recently sold limited CryptoPunks NFTs for around $50,000 that include a custom-made necklace based on the design. Prada announced plans in June to release monthly NFT drops that are accompanied by gender-neutral physical products.
However, NFT transactions have decreased in the past few months, with transaction volume as of July 1 on the NFT marketplace OpenSea decreasing 79% compared to May 1, according to Dune analytics.
Afterpay’s NFT release comes with a lower barrier to entry than many NFTs, though. The designer collection is purchasable with U.S. dollars instead of cryptocurrency like Bitcoin or Apecoin, and the price is relatively small compared to the high cost of rare NFTs like CryptoPunks.
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From Warby Parker and Allbirds to Outdoor Voices and Glossier, Georgetown has become the destination of choice for many digitally native brands.
With Target taking the vocal lead, retailers are flushing out excess inventory to reset for the holidays. How much they’ll sell then is anybody’s guess.
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