On Thursday, the American worldwide clothing retailer Gap will release its first-ever NFT collection. In addition, Gap has collaborated with the creator of Frank Apefor its NFT sale.
Gap NFT For Sale
Gap officially announced the global launch of its first collection of non-fungible tokens (NFTs), which aims to deliver its brand and iconic product to existing and new customers in an ever-changing digital ecosystem.
For the said launch, the clothing company has developed a gamified digital experience that honors creatives while also providing shoppers with a one-of-a-kind, limited-edition Gap sweatshirt.
Gap has collaborated on a limited edition drop with Brandon Sines, the artist behind Frank Ape. According to Gap, Sines' design embodies self-expression, equality and optimism, all of which align with the company's "values of modern American optimism".
"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," Sines told Gap.
The Frank Ape designer also added that he is really excited to show Gap and Frank fans all around the world the physical and digital items that they have both worked on.
In addition to this, chief product officer and general manager of Gap North America Chris Goble stated that "Gap has always been at the intersection of music, art and culture."
"We are excited about this growth opportunity in the digital space with artists like Brandon Sines," Goble furthered.
#tezos x @Gap NFT drop tomorrow 🔥https://t.co/b0lg86ePEq pic.twitter.com/dMokSTHnwg
— thatboicandy (@thatboicandy) January 12, 2022
Gap NFT for Sale: Price and Release Date
Gap will be launching their Gap NFT for sale collection through Tezos, a cryptocurrency that claims a more energy-efficient proof-of-stake consensus method, per Crypto Potato.
Beginning Thursday, Gap's digital collectibles will be available only on this website, and it will be divided into four categories: common, rare, epic and one-of-a-kind.
The first level, Common, will be available for purchase starting on January 13 at 9 a.m. PT until January 15 at 8:59 a.m. PT. It costs 2 XTZ each.
As of writing, one XTZ costs $4.36, which means that the Gap NFT price rates may vary depending on market fluctuations.
For those wondering about the other collection, the clothing company clarified that the other items will be available over the next two weeks.
The Rare variant will be released on January 15 for 6 XTZ (about $24.12 USD) and Epic on January 19 for 100 XTZ (nearly $435.00 USD). Lastly, the One-of-a-Kind NFTs will be for auction starting January 24.
These Gap NFTs will all be released starting at 9 a.m. PT on the stated dates.
The digital items will be offered on a first-come, first-served basis, with limited editions available at the Rare and Epic classifications.
"We are excited about the possibilities that a more planet-friendly blockchain technology can unlock for us and all the new ways it will enable us to connect with our customers," the chief digital and technology officer John Strain added.
On the other hand, Wall Street Journal reported that Gap had supply chain challenges in 2020, losing $300 million in sales and reporting net sales of $3.9 billion for the quarter ending October 30, per CoinDesk.
With the clothing company entering the NFT world, it shows that Gap is doing everything possible to stay current and appeal to a younger audience. Recently, the company announced a collaboration with rap artist Kanye West to establish the Yeezy Gap apparel line.
