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.
“NFTs provide unique opportunities for brands to connect directly with consumers by transforming how retailers can engage with their customers,” he said. “We continue to uncover exciting opportunities for brands and creators to utilize NFTs to unlock access to new products and bridge the gap between physical and digital ownership.”
An NFT acts like a deed of ownership to a unique digital item, including images, video files, video game items, and more. The industry expanded dramatically over the course of 2021, generating more than $22 billion worth of trading volume according to a mid-December estimate by analytics resource, DappRadar.
Tezos is a proof-of-stake blockchain network that uses significantly less energy than Ethereum, which is currently the leading platform for NFTs. Brands such as gaming giant Ubisoft, esports club Team Vitality, and color standard creator Pantone have announced partnerships with Tezos in recent week
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