Clothing company Gap is entering the non-fungible token (NFT) sector through a partnership with digital artist Brandon Sines, the designer of Frank Ape (which is not connected to the Bored Ape Yacht Club NFTs). The collection is launching through a gamified digital experience that will enable consumers to own collectible Gap hoodie digital art, and for rarer NFTs, they can also receive a limited edition physical hoodie.
“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,” said Chris Goble, Chief Product Officer and General Manager of Gap North America.
The collection will feature four different levels of rarity. NFTs will be released in order of scarcity, from least to most scarce. The Common hoodie will cost approximately $8.30, and it will sell as many as people demand within the two-day timeframe. The Rare NFT will be almost four times that price, costing around $24.90, and the Epic hoodie will be priced at $415. Consumers will have to collect the Common and Rare NFTs to have access to the Epic, which also unlocks physical hoodies designed by Brandon Sines. In addition, there will be a One of a Kind Auction at the end of the sale for unique Sines digital art and a physical hoodie.
Gap is partnering with environmentally conscious blockchain Tezos for the project. As a result, all NFTs are priced in tez, the blockchain’s currency, and hence the price may vary the sale day. Buyers have to use a specific crypto wallet, which many crypto users may be unfamiliar with.
The approach that Gap is taking has been trialed by other brands. While it has limited gaming-like components, it is not necessarily a long-term engagement strategy. There are no indications about how to use the NFTs besides showcasing and trading them after the sales end. Other brands have launched additional benefits later.
Still, it seems that Gap is looking to continue to explore the NFT industry. This first venture simply aims to gather data on Gap’s consumers’ desire to engage digitally. Depending on the success of this project, it is likely it will continue exploring ways to integrate NFTs with its brand and potentially find a use for the digital hoodies that yields more utility to consumers.
Meanwhile, Adidas launched an NFT initiative with a Bored Ape Yacht Club. Under Armour launched in-game assets in three different metaverses with NBA player Stephen Curry. Nike recently bought digital fashion collectible startup RFKT, and Pepsi launched an NFT collection for free.