Gap Launches NFT Collection, Chooses Tezos for Payments 

Summary:
• Gap clothing has just launched its NFT collectibles. What inspired the move and how is it likely to change the company’s business model?

Clothing and accessories retail giant, Gap, has announced the global launch of its first collection of non-fungible tokens (NFTs). The company aims to bring its brand and iconic product to new and existing customers in the digital ecosystem. Essentially, the launch will give customers the unique opportunity to own a limited edition, collectible Gap hoodie. 

Gap’s digital collectibles will be available to shop exclusively on gap.com/nft starting January 13th. There will be four levels to choose from: Common, Rare, Epic, and One of a Kind. The first level, Common, will be on sale starting 9 a.m. PT on January 13th. The going price for each will be 2 Tez (XTZ) until 8:59 a.m. PT on January 15th.

Other drops will include Rare on January 15th for 6 Tez each, Epic on January 19th for 100 Tez each, and the One of a Kind on Auction on January 24th, all beginning at 9 a.m. PT. As part of the company’s commitment to do the right thing for the planet, it has chosen to leverage Tezos.

Connecting with customers through art

The launch will see the brand introduce a gamified digital experience celebrating creativity and giving customers the unique opportunity to own a limited edition, collectible Gap hoodie. Gap is collaborating with Brandon Sines, the artist behind Frank Ape, for a limited edition drop for this release. 

“With this partnership with Gap, the creative cycle has come full circle as it allows me to express the beautiful messages of Frank Ape while collaborating with one of the most classic brands in history,” said Sines.

Community, creativity, and self-expression are core values in Sines’ art. His work embodies positivity and equality and aligns with Gap’s values of modern American optimism. 

Why has Gap decided to go the NFT way?

As Chris Goble, Chief Product Officer and General Manager of Gap North America, stated, “Gap has always been at the intersection of music, art and culture.” Therefore, the NFT space gives the company an excellent opportunity to express its artistic and cultural richness in the digital space. In addition, the company plans to learn more about how its customers want to engage in a digitally-led world.  

The gamified experience that comes with NFT collection encourages customers to collect iconic Gap hoodie digital art at the Common and Rare levels. It will enable them to unlock the opportunity to purchase the Epic – limited edition digital art by Brandon Sines. In addition, they will get the chance to own a physical Gap x Frank Ape by Sines hoodie.  

Why has the company chosen Tezos?

Tezos is an open-source blockchain, with XTZ (Tez) as its native token. It is one of the leading smart contracts Proof of Stake blockchains. Tez is not mining-based and relies on a proof-of-stake. Using “proof of stake” protocol means Tezos uses a more energy-efficient approach to secure its network. Therefore, this allows it to operate with minimal energy consumption and a low carbon footprint.

John Strain, Chief Digital and Technology Officer, expressed his excitement at working with Tezos. Specifically, he mentioned the possibilities that come with using more planet-friendly blockchain technology. In addition, he stated that the Tezos platform offers Gap new ways to interact with its customers. Therefore, Tezos is about supporting payments and enhancing customer experience.