Gap has recruited the artist behind Frank Ape to launch its first collection of nonfungible tokens (NFTs), the fashion retailer announced Wednesday (Jan. 12).
The launch will include a “gamified digital experience celebrating creatives” and give users the opportunity to take home a limited edition, collectible Gap hoodie. The company said it is working with Brandon Sines, who created Frank Ape, as his art “embodies positivity and equality, and aligns with Gap’s values of modern American optimism.”
The company says it will use the open source blockchain Tezos for the launch, as it uses a “more energy efficient approach” to securing its network, thus operating with minimal energy use and a low carbon footprint.
The NFTs will be available for purchase beginning Thursday (Jan. 13), selling at four levels: Common, Rare, Epic and One of a Kind. Common will go up first, selling 2 tez (about $8.70) each beginning at 9 a.m. PST until 8:59 a.m. PST on Jan. 15.
Additional drops will happen in the coming weeks: Rare (6 tez, or $26.11) starting Jan. 15, Epic (100 tez, or $435) on Jan. 19 and One of a Kind, which will be auctioned off January 24.
Read more: Adidas Launches NFT Line, Joins Footwear Rivals’ Expansion Into Metaverse
With this launch, Gap follows fellow apparel makers Adidas and Nike into the NFT world.
As PYMNTS reported in December, Adidas earned more than $23 million in Ethereum and minted almost 30,000 NFTs during its first foray into the tokens. That’s worth noting when considering Adidas’ profit in the latest quarter came to about $538.4 million.
Also last month, Nike acquired the NFT collectible and fashion startup RTFKT, which boasts among its lineup a hybrid NFT and physical shoe collectible, which was inspired by the CryptoPunks NFT Collection.
“This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” Nike President John Donahoe said at the time.
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