The Gap is launching its first NFTs with the collectibles ranked from 'common' to 'one-of-a-kind'
Gapis launching its first-ever NFT collection that will go on sale starting January 13.
NFTsare ranked in four different categories: common, rare, epic, and one-of-a-kind.
- Brandon Sines, the artist behind Frank Ape, designed the NFTs with Gap.
The Gap is launching its first-ever NFT collection that it has dubbed a "gamified" experience.
The iconic American clothing retailer said in a Wednesday press release the first phase of its collection of non-fungible tokens — digital pieces of art tied to a blockchain — will arrive Thursday for a starting price of about $9.
Built on the open-source
The digital collectibles are ranked on four levels: common, rare, epic, and one-of-a-kind. The common NFTs will be the first to go on sale with the rest to follow over the next two weeks.
The gamified aspect encourages customers to collect the common and rare NFTs in order to unlock the chance at purchasing the epic NFT, which includes limited-edition Brandon Sines art and a physical hoodie.
"With this first venture into this new space, the company plans to learn more about how their customers want to engage in a digitally led world," Gap said in its statement.
The company is one of many fashion labels to enter the world of NFTs and the future internet dubbed the metaverse. Major fashion brands including Burberry, Louis Vuitton, Gucci, and Ralph Lauren turned to the digital world last year in an effort to promote their brands, Insider reported previously.
In August last year, Insider reported the Gap has been making a comeback after years of decline, thanks in part to its brand push to Gen Zs and a revamped marketing effort it calls "modern American optimism."
- ICICI Bank market-cap hits ₹6 lakh crore as its stock rises to a record high
- Jio, Airtel could emerge stronger weakening Vodafone Idea further, say analysts
- Foreign investors pour over Rs 12,000 cr in Indian equity in last 10 days
- IPO-bound OYO acquires Denmark's holiday home chain Bornholmske Feriehuse
- Sensex rallies 580 points, buoyed by intense buying in IT, bank stocks