Singapore – Social fitness platform LIV3LY has partnered with Atome, a Buy Now Pay Later (BNPL) brand, to introduce flexible instalment payment options for LIV3LY’s 1000 NFTs (non-fungible tokens).
This is the first kind of partnership in the Asia Pacific region where users can have the option to use a BNPL platform option to purchase NFTs. Atome is the first BNPL operator in Asia to partner with a merchant to enable the purchase of NFTs using buy now pay later payment options.
In Q2 of 2022, LIV3LY launched a one-time exclusive release of 1000 NFTs targeted at fitness and lifestyle enthusiasts. These NFTs are a tradable digital bib that comes with perpetual real-world privileges such as shareable complimentary runs, access to private events and launches, front-row at races, VIP services at physical events and revenue share.
CEO of LIV3LY, Jeffrey Foo, said, “As the pandemic measures loosen up, the conduct of more running events and sharing sessions of our NFTs will provide more knowledge and confidence to the mainstream market. Today’s technology allows us to revitalise and shape the future of the live events industry.”
As a game changer, LIV3LY expressed their excitement to embark on this journey with more than 300 thousand organic members within their community. “In this way, we can build on our user experience and increase customer loyalty in the long run,” said Foo.
Customers who purchase LIV3LY’s NFTs, will also have access to varying privileges and benefits depending on the tier of the NFT purchased. As of May 2022, more than 20 per cent of the 1000 NFTs have already been bought. Through LIV3LY’s partnership with Atome, NFT buyers will now be able to split their purchases into deferred zero-interest instalments by checking out with Atome. To pay, users first have to download Atome’s app and register an account, before selecting Atome as the payment method.
Regional Head of Commercial at Atome, William Yang, said, “We are thrilled to partner with LIV3LY, a leading social fitness company which has organised many iconic live events in the region and international runs. We want to be able to offer more payment options for digital assets as the world and also our consumers become more familiar with the growing metaverse and Web3. This partnership enables LIV3LY’s customers to purchase the running-related NFTs through our flexible payment options, making NFTs more affordable to buyers looking to engage in the metaverse.”
Buy now pay later is expected to be Asia’s fastest growing online payment method by 2025. Between 2021 and 2025, buy now pay later arrangements are expected to grow at a compound annual growth rate (CAGR) of 40% and double their share of transaction value from 4% to 8%, according to the 2022 Global Payments Report by Worldpay from FIS.
Atome also plans to announce more NFT-related partnerships in the coming months this year.
