Clothing retailer Gap launches NFT Collectible

Clothing retailer Gap launches NFT Collectible

Not first in line, but definitely not last. The famous American clothing retailer Gap has, as of today, officially launched its first NFT collection on the Tezos blockchain.


The epic NFTs will become available Wednesday, Jan. 19, for 100 tez or $450.00 each, but you’ve got to collect common and rare Gap NFTs to gain access. It’s the same for the One of a Kind auction, which begins Monday, Jan. 24, at 9:00 a.m. PT.

Joining the ranks of Adidas, Gucci and Louis Vuitton, the American clothing company has officially launched its first collection of NFTs. It’s a series of collectibles, created in collaboration with Brandon Sines, the artist behind the friendly Frank Ape figure who dons home goods, apparel, prints and other digital NFT pieces.

What are NFTs?

NFTs, or non-fungible tokens, have grown in popularity over the last year. It is estimated that NFTs have been sold to the tune of $25 billion last year. Not too bad. But what are they really? Well they can be anything really.

Each NFT’s unique construction allows for a variety of use cases. They are, for example, an excellent vehicle for digitally representing physical assets such as real estate and artwork. NFTs, which are based on blockchains, can also be used to eliminate intermediaries and connect artists with audiences, as well as for identity management. NFTs have the potential to eliminate intermediaries, simplify transactions, and create new markets.


The collection by Gap

Gap now has its own collection. Customers are encouraged to purchase a few Gap NFTs in order to be eligible for a limited edition, physical Gap hoodie. This roll-out is, gamified, meaning NFTs will be released in four tiers: common, rare, epic, and one of a kind. Common NFTs are available now for 2 tez (XTZ) each, which converts to about $8.30 at press time. This sale will last until 8:59 a.m. PT on Friday, Jan. 15, then it’s followed by the rare drop, which sees NFTs go for 6 tez, or roughly $24.90 each.

Gap’s newly minted NFT collection

The digital collectibles, like most NFTs, are only available on a first come, first served basis, with more limited editions appearing in the rare and epic levels. On a grand scale, both digital and physical hoodies come into play. Go to gap.com/nft to learn more about the Gap NFT launch and to get your first assets.

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