Gap Enters Crypto and Is Launching NFT Collectibles

January 17, 2022 10:21 pm

Gap, a famous clothing and apparel brand, just launched its own collection of non-fungible tokens (NFTs) in order to introduce its existing customer base to the emerging digital ecosystem as well as obtain new customers it wouldn’t have been able to reach before

The company reportedly is collaborating with a well known NFT artist named Brandon Sines who is known as the artist behind Frank Ape which was a popular NFT collection that was dropped.

The reason it chose to work with Brandon Sines was because his existing work aligned with the same art and vision as Gap which is about conveying creativity and self-expression.

The-Blockchain.com reports:

“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,” said Sines.

“I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”

“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,” said Chris Goble, Chief Product Officer and General Manager of Gap North America.

The company has decided to utilize the Tezos blockchain in order to release these NFTs and to recreate the Gap experience digitally.

Tezos is another well-known blockchain that is energy efficient and has a high focus on sustainability built into its original design.

The experience that the company is aiming to provide includes providing customers the ability to collect NFTs that include Gap Hoodie digital art as well as Gap x Frank Ape hoodie art.

Beyond this, Gap has already announced that it will continue to explore more ways to integrate blockchain and crypto technologies into its existing products and to find new ways to connect with their customers.

MarketingDive.com explains more in detail on how Gap’s strategy to release it’s NFT collectibles:

The Gap NFT collection attempts to address barriers to access with the blockchain-powered format, namely that digital collectibles often carry high price tags that are prohibitive to the average consumer.

Gap is deploying a tiered approach where common iterations of the Sines-designed collectibles are cheap and available in large quantities, while NFTs on the epic level fetch 100 tez, or approximately $415.00 apiece.

All are sold on a first-come, first-served basis.

Additionally, Gap is trying to gamify the experience.

Acquiring common and rare ($24.90 each) offerings opens the chance to score epic-level NFTs, as well as a physical Gap x Frank Ape by Sines hoodie.

Gap said it plans to release digital experiences developed with other cultural influencers down the line.

This is one of the first times that a major clothing retailer has decided to step into the world of crypto and NFTs.

The move could possibly entice other clothing retailers to enter the space and collaborate with NFT artists to create their own digital experiences in the NFT world.

As of now, Gap joins the likes of Macy’s, Nike, and Adidas which are all retail brands that have already entered the digital token business.

At this stage, no one can deny that NFTs are one of the most significant things in the world as part of the new digital revolution.

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