E-paper (or e-ink) displays have the unique property of not needing power to maintain an image. Once a charge blasts across the display and correctly aligns pixels full of black and white balls, everything will stay where it is when the power turns off, so the image will stick around. You might not have thought about it before, but in addition to data, NFC comes with a tiny wireless power transfer. This display is designed so that NFC provides just enough power to refresh the display during a data transfer, and the e-ink display will hold onto the image afterward.
Fascinating use of available technology. This would be brilliant for passive viewing - for dashboards or billboards or all sorts of boards that do not need regular change of content.