A leading retailer is the latest company to announce its entry into the fast-growing non-fungible token space. Find out how Gap Inc (NYSE: GPS) is approaching NFTs and doing something unique.
What Happened: Gap announced it is launching its first collection of NFTs that will “bring its brand and iconic product to new and existing customers in a rapidly evolving digital ecosystem.”
Gap collaborated with Brandon Sines, the artist behind Frank Ape, for its first NFT collection.
“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,” Sines said.
The Gap NFTs will include a gamified digital experience that gives customers the opportunity to own a limited-edition hoodie from the company.
The NFTs will use the Tezos (CRYPTO: XTZ) blockchain. Gap highlighted Tezos being a more energy-efficient approach and using minimal energy consumption, in line with the company’s commitment to “do the right thing for the planet.”
“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,” Gap North America Chief Product Officer Chris Goble said.
Related Link: How To Buy NFTs
What’s Next: The Gap NFTs launch on Jan. 13 at 12 p.m. EST at gap.com/nft.
There are four levels to the NFTs:
• Common NFTs can be purchased for 2 XTZ (around $8) each until Jan. 15 at 11:59 a.m. EST.
• Rare NFTs will launch on Jan. 15 at 12 p.m. EST and be on sale for 6 XTZ (around $25) each.
• Epic NFTs will launch on Jan. 19 at 12 p.m. EST and be on sale for 100 XTZ (around $415) each.
• A one-of-a-kind auction launches on Jan. 24 at 12 p.m. EST.
NFTs will be available on a first-come, first-served basis with Rare and Epic levels having limited quantities available.
The website prompts users to sign in with their Gmail, Facebook or Twitter accounts. The login sets up a Kukai wallet for the user. The wallet will store any purchased Gap NFTs and can hold Tezos.
Collecting Common and Rare NFTs can unlock the power to purchase the Epic NFTs, which come with a limited-edition digital art by Brandon Sines and the physical hoodie Gap x Frank Apes by Sines.
Gap is planning additional digital experiences in the future.
Price Action: Gap shares are up 6.31% to $18.87 and Tezos is trading at $4.27, down 1.85% Thursday at publication.
Photo: Courtesy Gap