Fashion retailer GAP announced the launch of Gap Logo Remix alongside the commencement of its fall campaign. The clothing company is launching the NFT design competition, inviting artists to submit designs for their take on the GAP logo. Customers can vote for their favorite logos and the three most popular images will be turned into GAP NFTs, with the designs sold as physical hoodies as well.
GAP is applying a trend of retail fashion brands using NFTs. Companies ranging from Forever 21 to Burberry and Diesel have all launched NFT projects. This is indicative of a growing awareness amongst companies that the application of Web3 technology is a critical tool for advertising, brand building, engaging with existing customers and attracting new consumers to the brand.
This initiative is a concerted effort by GAP to position its brand as a dynamic fashion house. The crowdsourcing element of the project arguably is meant to foster a sense of community with its customers and give them a sense of ownership over the NFT designs.
This is not the brand’s first foray into the Web3 space. Earlier this year, GAP partnered with Frank Ape designer Brandon Sines for an NFT collection. Limited edition NFT drops with footballer Demit Omphroy and designer Dapper Dan followed in quick succession. It collaborated with DOGAMÍ to bring GAP-themed clothing for virtual pets on the platform. The brand also ventured into metaverse experiences with Roblox, launching a virtual Gap Teen store on Club Roblox.
The launch is timely because the company’s stock price is at a 20-year low (bar the brief COVID crash). While this NFT project may not revive the company’s valuation, it is another step in revamping GAP’s image.