The troubled fashion brand's non-fungible tokens will range in price from $8.30 to $415, and some of them will be accompanied by a physical sweatshirt too.
Gap has become the latest brand to jump on the NFT bandwagon — announcing plans to tokenize hoodies.
The troubled fashion brand's non-fungible tokens will range in price from $8.30 to $415, and some of them will be accompanied by a physical sweatshirt too.
Things get even more surreal considering that Gap is collaborating with Brandon Sines for the limited-edition drop. He's the artist behind Frank Ape, a sasquatch-like creature who "lives in New York City amongst the humans but without human restrictions."
Chris Goble, the fashion retailer's chief product officer and general manager, said:
"Gap has always been at the intersection of music, art and culture, so we are excited about this growth opportunity in the digital space with artists like Brandon Sines."
The NFTs are gradually going on sale — and four degrees of rarity are on offer: common, rare, epic and one of a kind. The Tezos blockchain has been selected for the launch because of how it can "operate with minimal energy consumption and a low carbon footprint."
One image provided by Gap shows Frank Ape dancing in a colorful Gap hoodie.
It's hoped that the NFT sale will enable Gap to "learn more about how their customers want to engage in a digitally led world."
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Changing Times
All of this comes as a growing number of fashion brands delve into the world of digital assets, with Nike even purchasing a company that makes virtual sneakers as it attempts to secure a foothold in the metaverse.
Gap's foray into NFTs comes as the company grapples with some pretty dire financials — exacerbated by the coronavirus pandemic.
It suffered a net loss of $152 million in the third quarter of 2021, compared with net income of $95 million a year earlier.
Supply chain issues and COVID-related factory closures were blamed for the tepid performance.
