Clothing Retailer The Gap Launches Tezos-Based Gamified NFT Collection

January 14, 2022, 11:15 AM AEST - 3 days ago

Gap Inc is collaborating with Brandon Sines, the artist behind Frank Ape, to launch a non-fungible token (NFT) collection on the Tezos blockchain with a gamified digital experience called Gap Threads.

This week’s release will offer a gamified digital experience in which customers can unlock the opportunity to buy digital art by Sines and a physical, limited-edition Gap hoodie. The digital collectibles for Gap Threads feature four levels: Common, Rare, Epic, and One of a Kind. The first level, Common, went on sale at 9am PT on January 13 for a reasonable price of 2 Tez (XTZ) each until 8:59 PT on January 15.

Additional drops will be available over the next two weeks: Rare on January 15 for six XTZ, Epic on January 19 for 100 XTZ, and One of a Kind will go to auction on January 24. At the time of writing, two Tez were worth US$8.30, but exact conversion rates may vary based on market price fluctuations.

Why Tezos?

As part of Gap’s commitment to do the right thing for the planet, it has chosen to leverage Tezos, an open-source blockchain, to create the customer experience. Tezos requires less energy and cost to operate than proof-of-work algorithms, thus making it an ideal platform for sustainable uses. The platform has recently been involved in collections from other consumer-facing brands, including Red Bull.

Gap intends to learn more about how customers want to engage in a digitally focused environment and has flagged additional digital experiences in the future, developed in partnership with cultural influences.

According to Gap’s chief digital and technology officer John Strain, “As part of our mission to create enduring customer relationships, our teams are constantly innovating. We are excited about the possibilities that a more planet-friendly blockchain technology can unlock for us and all the new ways it will enable us to connect with our customers.” 

The Future of Clothing is Here

NFTs are the perfect fit for the fashion industry, which is obsessed with authenticity and exclusivity. Chris Le, co-founder of RTFKT, has said that augmented reality will be a huge part of society in the future and that “you’re going to be walking out on the street and seeing NFT clothing on people”. RTFKT sold about 600 pairs of digital sneakers for US$3.1 million in just seven minutes last February at the inaugural Crypto Fashion Week.

Not everyone shares this view and many believe technology still needs more time before the big luxury brands dive in, according to RTFKT Studios co-founder Benoit Pagotto. If you also believe that the fashion industry is not quite there yet, and think the NFT market is overheated, you can short it.

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