For anyone paying attention to the NFT market, the fact that another major retailer like the Gap is experimenting with NFTs should come as no surprise. Non-fungible tokens, or Nifties as some fans like to call them, reported over $25 billion in sales last year according to a report released this week by DappRadar.
Over the past 12 months, a range of A-list celebrities and athletes have purchased NFTs or put out their own projects. And big names like Nike, Disney, Hennessy and now the GAP are stepping into the NFT space.
Let’s look a little closer at Gap’s NFT plan:
- What is it? GAP is collaborating with artist Brandon Sines on an NFT collection called “Threads.” It will feature digital images and some physical limited edition GAP signature hoodies.
- How much is it? The price per NFT is broken into tiers. The first sale on Jan 13th will cost two of Tezos’ native XTZ coin (around $9 total). On Jan 15th, Rare Level NFTs will be available for 6 XTZ (around $25). On Jan 19th, Epic Level NFTs will cost 100 XTZ (around $345).
- Where can I buy it? The collection will be dropped on GAP’s NFT website. You must set up a wallet and create an account to purchase an NFT, which can be stored in your Kukai wallet.
- What blockchain will the sale take place on? GAP NFTs run on the Tezos blockchain. Tezos is a competitor of more popular blockchains Ethereum and Solana.
- What do I get? Purchasers of Epic Level NFTs will receive a digital NFT hoodie and limited physical edition hoodies by Brandon Sines. By owning a collection of NFTs holders can unlock other perks and NFTs.
- What makes GAP NFTs cool? GAP is collaborating with Brandon Sines, who is the creator of Frank Ape. Frank Ape is a mystical creature who “lives in New York City amongst the humans but without human restrictions,” who also embodies “positivity and equality.” In other words, Sines is hyper-creative individual who puts out the family-friendly vibe GAP embodies.
While investing in NFTs can be risky given the newness of the market, NFT collections backed by household name brands like GAP might might appeal for people who want to dip their toes in the space.
GAP has also partnered with the superstar producer and entrepreneur Kanye West for a project set to drop sometime in 2022. No comments have been made about whether it will have an NFT element to it — but we think it’s worth keeping our eye on.