The Gap is the latest clothing brand to jump on the non-fungible token (NFT) bandwagon by teaming up with InterPop to launch its first collection on Tezos.
The San Francisco-headquartered retailer said Wednesday it’s rolling out a gamified digital experience allowing customers to purchase a limited-edition Gap hoodie.
Gap’s NFT collaboration is designed by Brandon Sines, the artist behind Frank Ape, a cartoon mythical creature, and will be built on the Tezos blockchain.
Pieces can be purchased via the Gap NFT website and will go on sale Jan. 13 for 2 XTZ each (about $9 at press time) until Jan. 15. There will be more Gap NFT drops throughout January, the firm said in a press release.
In an attempt to give Gap customers a more digital experience, the brand said it will gamify the experience by allowing them to collect Gap hoodie digital art at different levels. Participating users will be able to collect digital art by Brandon Sines and a physical Gap x Frank Ape by Sines hoodie.
“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,” Chris Goble, Gap’s chief product officer, said in a press release.
In August, the British luxury fashion brand Burberry launched its NFT collection in partnership with Mythical Games. The Burberry NFTs featured items via Blankos Block Party, a game with digital vinyl toys known as Blankos that live on the blockchain.
Following Burberry, the Italian haute couture fashion label Dolce & Gabbana teamed up with luxury marketplace UNXD built on Polygon, to launch its Collezione Genesi NFT collection, which fetched approximately $5.65 million.
Brand relevance in the metaverse era
In 2020, Gap faced supply chain issues, losing $300 million in sales and reporting net sales of $3.9 billion for the quarter ended Oct. 30, the Wall Street Journal reported.
Gap is doing everything it can to stay relevant and attract a younger demographic. Most recently the brand signed a deal with rap artist Kanye West to launch a new clothing line called Yeezy Gap.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.