Fashion retailer Gap to launch NFTs
The NFTs are said to have a lower carbon footprint as they run on the Tezos blockchain
American worldwide clothing and accessories retailer Gap will launch gamified non-fungible tokens (NFTs) on the Tezos (XTZ) blockchain.
The fashion brand “is introducing a gamified digital experience celebrating creatives” and giving customers the chance to own a limited-edition digital collectible Gap hoodie.
Gap is collaborating with Brandon Sines, the artist behind ‘Frank Ape’, for a limited edition drop.
Lower carbon footprint
Gap chose XTZ blockchain as it uses “a more energy efficient approach to secure its network”, allowing it to operate with minimum energy consumption and a low carbon footprint.
The NFTs will be made available on the 13 January, and the digital collectibles will feature four levels: common, rare, epic and one of a kind.
The common Gap NFTs will sell for two XTZ, $8.78 (£6.41, at time of press), rare NFTs will go on sale on 15 January for six XTZ, $26.28 (£19.18), epic on 19 January for 100 XTZ, $438 (£319).
The one of a kind NFT will be auctioned on 24 January.
The gamified experience encourages customers to collect Gap hoodie NFTs at the common and rare levels to unlock the opportunity to purchase the epic NFTs, which gives the customer a physical Gap and Frank Ape by Sines hoodie as well as limited edition art by Sines.
Gap planning additional digital experiences
Sines said: “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. I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”
Chris Goble, chief product officer and general manager of Gap North America said: “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.”
John Strain, Gap chief digital and technology officer, said: “As part of our mission to create enduring customer relationships, our teams are constantly innovating. 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.”
Gap is planning additional digital experiences in the future.