Gap sells NFT, following other apparel retailers like Adidas, Nike and Macy’s which in recent months have moved into the NFT space. NFTs are built on the Tezos blockchain, which comes as a more energy-efficient option.
NFTs come in the form of a series of digital hoodie art, with different levels of rarity at different prices. Common level coins starting at around $8.30, or 2 tez, are on sale today. Rare, Epic, and Unique Tiers will be rolling out over the next few weeks. Gap is partnering with artist Brandon Sines, creator of the cartoon character Frank Ape, on the designs.
For shoppers who’d rather buy something wearable, look no further than the epic tier NFTs, priced around $415 (100 tez), which includes Sines digital art and a physical Gap x Frank sweatshirt ap. But first, customers will need to purchase four common and two rare NFTs (priced at 6 tez, or roughly $24.90) for the chance to purchase one epic, 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 costs around $500. If you’re not too picky about your clothes, Gap also has a 50% off right now that brings the price of a men’s hoodie down to around $25.
Gap has reduced its physical presence in recent years, withdrawing from the malls in which it was once a mainstay. In October 2020, the company announced that it would be closing 350 Gap and Banana Republic stores in North America.
While the NFT-ification is noteworthy, this isn’t the first time Gap has released a special edition. The company saw success and buzz around the Yeezy Gap hoodie in September, which Gap said generated the most sales of an item in a single day. The company said 70% of buyers were new to Gap.