Gap is the latest retailer to launch an NFT collection, which includes USD 415 tokens that come with a physical hoodie.
By guest author Mia Sato from The Verge
Gap is selling NFTs, following other clothing retailers like Adidas, Nike, and Macy’s that in recent months have jumped into the NFT space. The NFTs are built on the Tezos blockchain, which touts itself as a more energy-efficient option.
The NFTs come in the form of a series of digital hoodie art, with different levels of rarity at different price points. Common level pieces starting at roughly USD 8.30, or 2 tez, are on sale today. Rare, epic, and one-of-a-kind tiers will roll out over the next few weeks. Gap is partnering with artist Brandon Sines, creator of the Frank Ape cartoon character, on the designs.
For shoppers who’d prefer to buy something wearable, look no further than the epic level NFTs, priced at around $415 (100 tez), which include digital art by Sines and a physical Gap x Frank Ape sweatshirt. But first, customers will need to purchase four common and two rare NFTs (priced at 6 tez, or roughly $24.90) to get the chance to buy an epic one, according to Decrypt. Gap says the “gamified experience” will encourage fans to collect hoodie art leading up to the epic level. In this case, the gamified experience comes out to around $500. If you’re not too picky about your clothing, Gap also has a 50 percent off sale right now that brings the price of a men’s hoodie to about $25.
Gap has scaled back its physical presence over the past few years, retreating from the shopping malls it was once a mainstay in. In October 2020, the company announced it would close 350 Gap and Banana Republic stores in North America.
Though the NFT-ification is noteworthy, this isn’t the first time Gap has rolled out a special edition drop. The company saw success and buzz around the Yeezy Gap Hoodie in September, which Gap says resulted in the most sales of an item in a single day. The company said 70 percent of shoppers were new to Gap.