Gap is the most recent brand to enter the NFT market.
Following in the footsteps of brands such as Adidas, Dolce & Gabbana, and Louis Vuitton, the retail behemoth has unveiled non-fungible tokens of its signature hoodie, marking its first foray into the NFT market. Customers are urged to purchase a collection of limited-edition hoodies created by Brandon Sines—the designer of Frank Ape—as part of Gap’s gamified digital experience.
“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 are based on the Tezos blockchain, will be divided into four groups. “Common” is the initial and most accessible level, followed by “Rare,” “Epic,” and “One of a Kind.” The Common parts will cost 2 tez (XTZ) apiece (about $8.30) from now until 8:59 a.m. PT on Saturday. The Rare will be available for 6 tez on Saturday, the Epic for 100 tez on Tuesday, and the One of a Kind auction will begin on January 24 at 9 a.m. PT.
To get entry to the Epic level, customers must first collect the hoodies from the Common and Rare levels. The digital assets will be offered at Gap.com/nft on a first-come, first-served basis.