Gap, the global clothing brand, is making its first foray into the world of non-fungible tokens (NFTs) through a collaboration with New York-based artist Brandon Sines and open-source blockchain platform Tezos. Sines, the brains behind the cartoon Frank Ape, helped draw up the collection based on Gap's signature hoodie. The digital collectibles come in four tiers based on pricing and availability: common, rare, epic, and one-of-a-kind. Buyers of the epic-level NFTs will also receive an exclusive physical Gap x Frank Ape hoodie while common, rare NFT buyers get a way to “unlock” the ability to purchase an epic NFT.
Gap's common rarity NFTs will be available starting January 13 for two of Tezos' native XTZ coin which is valued just under $9 or roughly Rs. 665, with rare-level NFTs going on sale on January 15 for XTZ 6 ($26 or roughly Rs. 1,922). Epic-level NFTs will follow on January 19 for XTZ 100 ($436 or roughly Rs. 32,234), while the single-edition ‘One of a Kind' NFT will be auctioned off starting January 24.
Buyers of epic-level NFT will also receive an exclusive physical Gap x Frank Ape hoodie, and Gap Threads will have a gamification model which lets collectors of the common and rare NFTs “unlock” the ability to purchase an Epic rarity NFT.
The way this will work is customers will need to complete a collection of four common and two rare NFTs in order to create a "commemorative NFT," which then "unlocks access to purchase a limited edition Epic NFT," according to an announcement by Gap. Customers who purchase an epic NFT will be able to claim the physical hoodie co-designed by Brandon Sines, claims the announcement.
While this is Gap's first push into the NFT space, it might not be the last. In a release, the company wrote that it “plans to learn more about how their customers want to engage in a digitally-led world.” The global clothes retailer currently has a creative partnership with Kanye West in place too which just aired its first TV advertisement.
Gap also chose to partner with Tezos due to the platform's emphasis on a low carbon footprint. Crypto formats like NFTs have recently spurred outcry for producing high emissions, meaning Gap could safeguard itself from backlash by focussing on energy efficiency.
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