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    Gap Launches Its First Collection of NFTs

    Non-fungible tokens (NFTs) have taken the investment and art world by storm as society moves deeper into the digital sphere. A non-replicable digital item, such as a one-of-a-kind trading card or even a famous meme, is referred to as an NFT. Anything digital, from art to music to something as obscure as Twitter founder Jack Dorsey’s first tweet, which he sold for $3 million, can be converted into an NFT. The Ethereum blockchain, a sort of cryptocurrency similar to bitcoin, is connected to the majority of NFTs. Most NFTs are kept on this blockchain, however they can also be kept on other blockchains.

    Why are NFTs “different”?

    NFTs’ value is determined on who owns them. Anything can be duplicated and reproduced on the internet, but an NFT is the original digital item. This is why NFTs have grabbed the art world by storm, since they have opened up a whole new avenue for fine art collectors. Any price can be set for an NFT. The majority of the appeal to buy an NFT comes from the belief that it will become more valuable in the future, similar to how Pokémon cards have lately surged on the secondary market.

    GAP’s announcement

    Gap today announced the global launch of its first collection of non-fungible tokens (NFTs) in order to bring its brand and iconic product to new and existing customers in a constantly changing digital ecosystem. For this launch, Gap is launching a gamified digital experience honoring creatives and providing customers with a one-of-a-kind limited-edition Gap hoodie.

    The Artist behind GAP’s NFT

    Gap has collaborated on a limited edition drop with Brandon Sines, the artist behind Frank Ape. Sines’ work, which embodies happiness and equality and coincides with Gap’s modern American optimism values, emphasizes community, creativity, and self-expression.

    Sines’ words on the collaboration

    “The creative cycle has come full circle with this cooperation with Gap since it allows me to share the lovely sentiments of Frank Ape while cooperating with one of the most classic companies in history,” said Sines. “I can’t wait to show Gap and Frank fans all over the world the tangible and digital pieces we’ve been working on.”

    “Gap has always been at the nexus of music, art, and culture, so we’re enthusiastic about this growing opportunity in the digital arena with artists like Brandon Sines,” said Chris Goble, Gap North America’s Chief Product Officer and General Manager.

    GAP’s blockchain

    Tezos, an open source blockchain, was chosen to develop the customer experience as part of the company’s desire to do the right thing for the environment. Tezos secures its network with a more energy-efficient technique, allowing it to run with low energy consumption and a reduced carbon footprint.

    GAP’s NFT marketplace

    Beginning tomorrow, Gap’s digital collectibles will be available only on gap.com/nft and will be divided into four categories: common, rare, epic, and one-of-a-kind. The first level, Common, will be available for purchase for 2 tez (XTZ) apiece beginning at 9 a.m. PT on January 13 and ending at 8:59 a.m. PT on January 15. 2 tez is now worth around $8.30 USD, but actual conversion rates may vary depending on market volatility.

    Over the next two weeks, additional drops will be available: Rare on January 15 for 6 tez (about $24.90 USD), Epic on January 19 for 100 tez (nearly $415.00 USD), and One of a Kind on Auction on January 24, all starting at 9 a.m. PT. The digital collectibles will be available on a first-come, first-served basis, with rare and epic versions having limited quantities.

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