Gap launches first NFT collection
Gap announced on Wednesday the launch of its first collection of non-fungible tokens (NFTs).
For the launch, the clothing brand is introducing a “gamified” digital experience, which will give customers the opportunity to own a limited edition, collectible Gap hoodie.
The company will leverage Tezos, an open source blockchain, to create the customer experience, which is known for using a more energy efficient approach to secure its network, for minimal energy consumption and a low carbon footprint.
Gap's digital collectibles will feature four levels: Common, Rare, Epic and One of a Kind. The first level, Common, will be on sale as of Thursday morning, while additional drops will be available over the next two weeks: Rare on January 15 for 6 tez, or roughly $24.90 USD each, Epic on January 19 for 100 tez or approximately $415.00 USD each, and the One of a Kind on Auction on January 24.
The limited edition NFT collection was created in collaboration with Brandon Sines, the artist behind Frank Ape.
“With this partnership with Gap, the creative cycle has come full circle as it allows me to express the beautiful messages of Frank Ape while collaborating with one of the most classic brands in history,” said Sines. “I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”
“Gap has always been at the intersection of music, art and culture, so we are excited about this growth opportunity in the digital space with artists like Brandon Sines,” said Chris Goble, chief product officer and general manager of Gap North America.
Gap said it is venturing into the NFT space with plans to learn more about how their customers want to engage in a digitally led world.
"As part of our mission to create enduring customer relationships, our teams are constantly innovating,” said John Strain, chief digital and technology officer. “We are excited about the possibilities that a more planet-friendly blockchain technology can unlock for us and all the new ways it will enable us to connect with our customers.”
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