Quick take:
Afterpay, an Australian fintech company best known for its buy now, pay later service, has partnered with global sports, events and talent management company, IMG, to bring NFTs to the fashion crowd at this September’s New York Fashion Week (NYFW).
The partnership is in its third season running, and this time, AfterPay has joined forces with five fashion designers to drop NFT keys that unlock exclusive access to real-life experiences. AfterPay is also the official presenting partner of New York Fashion Week: The Shows.
Each NFT is a phygital collectible that will retail for $100 and buyers can purchase the NFTs by splitting the payment into four interest-free installments on Keys.NYFW.com.
The designers drew inspiration from their Spring/Summer ’23 collections to create their unique NFTs alongside a selection of limited edition products or traditionally unobtainable NYFW experiences.
Those who purchase Joseph Altuzarra’s NFT key will receive a special edition logo tote and oversized t-shirt or annual membership to one of New York City’s premiere art museums, while AnOnlyChild’s NFTs grants holders an exclusive invite to AnOnlyChild NYFW after-party or a limited edition belt bag.
Jonathan Simkhai’s NFT will offer access to a private meet-and-greet shopping experience with Simkhai or original, signed runway sketches from his new collection debuting Sep 13. Kim Shui’s NFT comes with a custom-designed hoodie incorporating Kim’s signature dragon motif or tickets to her runway show on Sep 12 while buyers of The Blonds’ NFT will receive an exclusive invite to The Blonds’ NYFW after party or a signed copy of The Blonds: Glamour, Fashion, Fantasy forthcoming book.
All proceeds from the sale of the designer NFT Keys will be donated to Free Arts NYC, bringing art and mentoring programs to children in underserved communities in New York City.
Besides collaborating with fashion designers to launch NFTs, AfterPay will also be issuing its first-ever free NFT in a limited quantity. Consumers can mint the NFTs to unlock utilities like a TIDAL HiFi Plus 6-Month Free Trial, access to an NYFW close-friends Instagram group, and an invitation to RSVP to NYFW: The Talks sessions.
The fashion industry has embraced Web3 this year with the debut of Metaverse Fashion Week this March while a number of fashion brands have launched NFTs and metaverse experiences. Last season, Clearpay (AfterPay’s Europe Division) teamed up with British designer Roksanda Ilincic to release NFT and AR digital wearable versions of a hero look from her Fall ‘22 collection.
Buy now pay later services for NFTs have also made their debut this year, such as the one from Teller and Halliday.
Both the designer NFT Keys and the free Afterpay NFT will be hosted on the Polygon network, and available in limited quantities beginning Aug 23.
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