If you’re a New York Fashion Week fan, Afterpay has a non-fungible token collection for you. The Buy Now, Pay Later company has partnered with five artists — AnOnlyChild, Jonathan Simkhai, Joseph Altuzarra, Kim Shui, and The Blonds — to deliver an NFT set that unlocks utilities at the week-long festival. Here are all the details.
- The Afterpay team is billing the NFTs as phygital items that have physical and digital rewards
- Each NFT will cost $100, and users can choose to pay in four installments with no interest
- All proceeds from the designer NFT keys sale will go to Free Arts NYC
- The NFT drop will utilize the Polygon blockchain, which is a Layer-2 solution for Ethereum
Each designer key has unique physical and digital rewards, some that relate directly to New York Fashion Week and others that tie directly to the artist. For instance, by purchasing AnOnlyChild’s NFT, users can expect to receive an invite to that designer’s after-party or a limited edition belt bag. Buyers of Kim Shui’s NFT can garner either a custom-designed hoodie or a ticket to Shui’s runway show.
In addition to the five designer key NFTs, Afterpay will release its own NFT that comes with special benefits: a TIDAL HiFi Plus six months free trial, access to a close-friends NYFW group on Instagram, and an invitation to RSVP for the NYFW: The Talks session.
The Afterpay team will handle the sale of the NFTs through a dedicated website, and users can pay through Afterpay, a credit card, or Ethereum. Interested persons will need a crypto wallet but can create one at checkout.
Tying Real World Utilities to NFTs Becoming More Popular
Although NFTs have many types of utilities, the most popular perhaps being the use of them as avatars on social media platforms, many companies have experimented with adding utilities to them — as another way of enticing people to buy. Here are two stories where companies have done just that.
Earlier this year, Hennessy attached a rare bottle of cognac to an NFT it put up for auction. The winning bidder also received specialty serving glasses and a wooden crate with all the times inside. Hennessy’s attempt explored the attachment of utility to an NFT before it became popular.
Also earlier this year, McLaren, the British supercar manufacturer, attached different utilities to a set of NFTs it sold. The NFTs came with the ability to virtually tour the McLaren supercar factory, along with other perks. The only problem came from its limited audience: You had to own a McLaren supercar to purchase an NFT.
The attachment of utility is part of why Kevin O’Leary, famous from the hit TV show Shark Tank, said NFTs could be bigger than Bitcoin. Because of the blockchain, it is easy to prove the chain of ownership of an NFT, ruling out inauthentic items.
Fashion fans will likely enjoy the new Afterpay NFTs, as they can grant access to in-demand designers and popular events that are tough to get. The collection continues to explore the pairing of utilities with NFTs to enrich the buying experience.