IOI
Through a collaboration with New York-based artist Brandon Sines and open-source blockchain platform Tezos, Gap, the worldwide clothing brand, is making its first entry into the world of non-fungible tokens (NFTs). Sines, the creator of the Frank Ape cartoon, assisted in the creation of the line, which is based on Gap’s characteristic hoodie. Based on price and availability, the digital collectibles are divided into four categories: common, rare, epic, and one-of-a-kind. Epic-level NFT purchasers will also receive an exclusive Gap x Frank Ape hoodie, while common and rare NFT purchasers will receive a method to “unlock” the chance to purchase an epic NFT.
Gap’s common rarity NFTs will go on sale on January 13 for two of Tezos’ native XTZ coin, which is worth little under $9 or roughly Rs. 665, while rare-level NFTs will be accessible on January 15 for XTZ 6 ($26 or nearly Rs. 1,922). Epic-level NFTs will be available for XTZ 100 ($436 or around Rs. 32,234) on January 19, with the single-edition ‘One of a Kind’ NFT being auctioned off on January 24.
Gap Threads will have a gamification model that allows collectors of common and rare NFTs to “unlock” the ability to purchase an Epic rarity NFT. Buyers of epic-level NFT will also receive an exclusive physical Gap x Frank Ape hoodie, and Gap Threads will have a gamification model that allows collectors of common and rare NFTs to “unlock” the ability to purchase an Epic rarity NFT.
Customers will be required to gather four common and two uncommon NFTs in order to build a “commemorative NFT,” which would then “unlock access to purchase a limited edition Epic NFT,” according to a Gap statement. According to the promotion, customers who purchase an epic NFT will be able to claim a tangible sweatshirt co-designed by Brandon Sines.
While this is Gap’s first foray into the NFT market, it is unlikely to be its last. “We plan to understand more about how their customers want to engage in a digitally-led world,” the business said in a statement. In addition, the worldwide clothing company has a creative relationship with Kanye West, which has just broadcast its debut television commercial.
Tezos was also chosen by Gap because of the platform’s emphasis on a reduced carbon footprint. Gap could avoid reaction by focusing on energy efficiency, as crypto forms like NFTs have recently sparked outrage for emitting significant emissions.
