Gap is the latest brand to join the NFT field.
Following companies like Adidas, Dolce & Gabbana, and Louis Vuitton, the retail giant has officially launched non-fungible tokens of its classic hoodie, marking its first venture into the NFT business. The move introduces Gap’s gamified digital experience in which customers are encouraged to purchase a range of limited-edition sweatshirts designed by Brandon Sines—the creator of 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,” Sines said in a statement. “I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”
Gap’s NFTs, which were built on the Tezos blockchain, will be available in four different categories. The first and most accessible level is “Common,” followed by “Rare,” then “Epic,” and finally, “One of a Kind.” The Common pieces can be purchased now until 8:59 a.m. PT on Saturday, and will cost 2 tez (XTZ) each (about $8.30). The Rare will drop Saturday for 6 tez each; Epic on Tuesday for 100 tez each; and the One of a Kind auction will begin Jan. 24 at 9 a.m. PT.
Customers will have to collect the hoodies at the Common and Rare levels to unlock access to the Epic level. The digital assets will be available on a first come, first served basis at Gap.com/nft.
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“Gap has always been at the intersection of music, art and culture,” said Chris Goble, Chief Product Officer and General Manager of Gap North America, “so we are excited about this growth opportunity in the digital space with artists like Brandon Sines.”