Need to Know

New York – Buy-now, pay-later provider Afterpay is partnering with New York Fashion Week to transform access to the event using non-fungible tokens (NFTs). As part of the partnership, five New York designers – including Jonathan Simkhai, Kim Shui and AnOnlyChild – will grant access to their shows and unlock experiences, gifts and benefits to consumers who purchase a branded NFT key costing £87 ($100, €101).

There will be 50 keys available for each designer, with 250 NFTs in total. Customers who purchase the Keys to NYFW will have the option to choose between an IRL NYFW Experience or a Designer Keepsake, which will include a tangible item from the company. Both cryptocurrencies and conventional credit cards are accepted as payment methods, meaning customers don’t need to be crypto-savvy to purchase the digital product.

With a reasonable price point and the ability to purchase them with fiat currencies, the NYFW keys show how fashion brands can use NFTs to reward their fans and customers with exceptional products and experiences.

A large-scale transition to wood in the construction industry could help combat the climate crisis. Research from the Potsdam Institute for Climate Impact Research (PIK) has found that building homes with wood rather than concrete or steel could cut CO2 emissions by 100bn tonnes over the next 80 years.

Although the timber plantations required for supplying construction wood could put biodiversity at risk, and must be properly managed, wood has a substantially lower carbon footprint than materials like steel and concrete. According to researchers from PIK, the reduction in emissions that would result from a widespread use of wood for construction in cities would be equivalent to 10% of the world’s remaining carbon budget.

As technological advances make mid-rise timber buildings – structures that are 4–12 storeys high – more feasible, designers such as Mario Cucinella are showing how sustainable materials are the key to future cities.