Gap Inc. is launching an assortment of Non-Fungible Collectible Tokens (NFTs) globally with a gamified digital experience.
NFTs are unique digital assets stored on a blockchain ledger that certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it.
For this outing, scheduled for Thursday, January 13. Gap collaborates with Brandon Sines, the artist behind the digital goods brand Frank Monkey, for a limited edition drop. Available to shop exclusively on gap.com/nft, Gap’s digital collectibles will feature four levels: Common, Rare, Epic, and Unique.
Starting at an affordable price, the first tier, Common, will be on sale from 9:00 a.m. PT on January 13 for 2 tez (XTZ) each until 8:59 a.m. PT on January 15. Currently 2 tez is worth around $ 8.30, but the exact conversion rates may vary depending on market price fluctuations.
The gamified digital experience accompanying the launch encourages customers to collect digital art of the Gap Hoodie at Common and Rare levels to unlock the opportunity to purchase Epic Digital Art – Brandon Sines Limited Edition and a hoodie physics Gap x Frank Ape from Sines.
Additional drops will be available over the next two weeks: Rare on January 15 for 6 tez, or about $ 24.90 each; Epic on January 19 for 100 tez, or roughly $ 415 each, and One of a Kind on auction on January 24, all starting at 9:00 a.m. PT. Digital collectibles will be available on a first come, first served basis, with limited editions to Rare and Epic levels.
The company relies on Tezos, an open source blockchain with a more energy efficient approach to secure its network, to operate with minimal energy consumption and a low carbon footprint.
“Gap has always been at the intersection of music, art and culture, so we’re excited about this opportunity to grow in the digital space with artists like Brandon Sines,” said Chris Goble, director of Products and General Manager of Gap North America.
With this first adventure in the NFT space, Gap plans to learn more about how customers want to engage in a digitally driven environment. Additional digital experiences are planned in the future, developed in partnership with cultural influencers.
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Retailers find NFTs smart
In recent months, NFTs have seen a dramatic increase in popularity among retailers. GameStop is reportedly planning to create a marketplace for DTVs. In October 2021, the specialized fashion brand DKNY unveiled a new logo inspired by his mural which has been on display for over a decade on Houston Street in New York City.
Additionally, pizza chain Domino’s resurrected its own old “Noid” ad campaign in a recent NFT series, and eBay and Shopify both now authorize their purchase and sale. And CKE Restaurants Carl’s Jr. and Hardee’s banners are teaming up with actress and model Charlotte Mckinney for a TVN promotion featuring one of Mckinney’s “All-Natural Burger” bites from a 2015 ad campaign.
“As part of our mission to build lasting customer relationships, our teams are constantly innovating,” said John Strain, Chief Digital Officer and Technology Officer, Gap. “We are excited about the possibilities that a more planet-friendly blockchain technology can open for us. and all the new ways it will allow us to connect with our customers.