Gap to release first NFT collection
Gap Inc. is globally launching an assortment of collectible non-fungible tokens (NFTs) with a gamified digital experience.
NFTs are unique digital assets stored on a blockchain ledger which certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it.
For this release, scheduled for Thursday, Jan. 13. Gap is collaborating with Brandon Sines, the artist behind digital merchandise brand Frank Ape, for a limited edition drop. Available to shop exclusively on gap.com/nft, Gap's digital collectibles will feature four levels: Common, Rare, Epic and One of a Kind.
Starting at an accessible price point, the first level, Common, will be on sale starting 9 a.m. PT on January 13 for 2 tez (XTZ) each until 8:59 a.m. PT on January 15. Currently, 2 tez is worth roughly $8.30, but exact conversion rates may vary based on market price fluctuations.
The gamified digital experience accompanying the launch encourages customers to collect Gap hoodie digital art at the Common and Rare levels to unlock the opportunity to purchase the Epic – limited edition digital art by Brandon Sines and a physical Gap x Frank Ape by Sines hoodie.
Additional drops will be available over the next two weeks: Rare on January 15 for 6 tez, or roughly $24.90 each; Epic on January 19 for 100 tez, or approximately $415 each, and the One of a Kind on auction on January 24, all beginning at 9 a.m. PT. The digital collectibles will be available on a first-come, first-served basis, with limited editions at the Rare and Epic levels.
The company is leveraging Tezos, an open-source blockchain with a more energy-efficient approach to secure its network, to operate with minimal energy consumption and a low carbon footprint.
“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 GM of Gap North America.
With this first venture into the NFT space, Gap plans to learn more about how customers want to engage in a digitally-focused environment. Additional digital experiences are planned in the future, developed in partnership with cultural influencers.
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Retailers find NFTs nifty
In recent months, NFTs have experienced a dramatic surge in popularity among retailers. GameStop is reportedly planningto create a marketplace for NFTs. In October 2021, specialty fashion brand DKNY unveiled a new logo inspired by its mural which was on display for over a decade on Houston Street in New York City.
In addition, pizza chain Domino’s resurrected its own former “Noid” advertising campaign in a recent series of NFTs, and eBay and Shopify both now permit their purchase and sale. And CKE Restaurants banners Carl's Jr. and Hardee's are partnering with actress and supermodel Charlotte Mckinney for an NFT promotion featuring one of Mckinney's “All-Natural Burger” bite shots from a 2015 advertising campaign.
"As part of our mission to create enduring customer relationships, our teams are constantly innovating,” said John Strain, chief digital and technology officer, Gap. “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.”