Australia-based, Buy Now, Pay Later company Afterpay has released a series of limited-edition non-fungible tokens (NFTs) for New York Fashion Week. The NFTs were created in partnership with five designers, namely AnOnlyChild, Jonathan Simkhai, The Blonds, and Joseph Altuzarra.

They were inspired by the Spring/Summer ’23 collections of each designer, and they are accompanied by physical goods such as a special edition leather tote, invites to after parties, and original runway sketches. The designer NFTs cost USD 100, and all proceeds will be donated to a non-profit named Free Arts NYC. Afterpay has thrown its Buy Now, Pay Later services in the mix, which means that clients can purchase the NFTs in four interest-free instalments.

Afterpay also released a separate free NFT, which includes a 6-month free trial of Tidal music streaming and offers access to an NYFW close-friends Instagram group. According to paymentsdive. com, the NFTs are presented as keys to the fashion week, and each design is an original take on what a key to fashion week looks like.

According to the same source, luxury brands are increasingly selling NFTs that are accompanied by physical goods. One example is jewellery retailer Tiffany & Co, which sold limited CryptoPunks NFTs for around USD 50,000. The purchase also included a custom-made necklace based on the token’s design.

NFT transactions are slowing down Afterpay’s NFT release comes in the context of decreasing NFT transactions. According to Dune analytics, as of July 2022, transaction volume on the NFT marketplace OpenSea has decreased by 79% when compared to May 2022. What makes Afterpay’s NFT stand out is that it can be purchased with US dollars instead of cryptocurrency such as Bitcoin.

The price is also more affordable when compared to rare NFT offerings such as Bored Ape. Afterpay was acquired by Block In February 2022, Afterpay was acquired by Block for USD 29 billion. Following the integration, Block’s merchant customers in the United States and Australia were able to offer Buy Now, Pay Later offers at checkout.

Moreover, Afterpay’s customers received the ability to manage their instalment payments directly in the Block Cash app. Afterpay expanded its partnership with Ayden in 2022 In May 2022, Afterpay and global fintech platform Adyen, have extended a local payment method partnership that started in 2018. The two companies work together to process payments across key markets including Australia, New Zealand, Canada, Europe, the US, and the UK.

Adyen's global reach and focus on enterprise businesses as an acquirer provides Afterpay with the capability needed for its own business. Following the expansion, Afterpay became available to Adyen merchants in the UK, France, Italy, and Spain. .