GAP Announces the Global Launch of its First Collection of NFTs

Gap Inc. has entered the nonfungible token (NFT) space. The brand is introducing a gamified digital experience celebrating creatives within the NFT sector.

Gap Partners with Brandon Sines to Launch its NFT Collection

Gap Inc. announced earlier today that it has partnered with Brandon Sines, the artist behind Frank Ape. The partnership saw Gap Inc. launch its first NFT collection.

The company, in its blog post, said it is introducing a gamified digital experience celebrating creatives. The launch will give customers the unique opportunity to own a limited edition, collectible Gap hoodie.

Chris Goble, Chief Product Officer and General Manager of GAP North America, said the company’s entry into the NFT space is due to its interest in music, art, and culture.

Sines commented that “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. I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”

Gap’s NFTs will Launch on the Tezos Blockchain

Gap revealed that it has chosen to launch its NFT collection on the Tezos blockchain. The company chose Tezos in a bid to create an excellent customer experience. Gap added that Tezos uses a more energy-efficient approach to secure its network, allowing the blockchain to operate with minimal energy consumption and a low carbon footprint.

The Gap NFTs will be available for users to buy exclusively via the company’s official website starting tomorrow, January 13. “Gap’s digital collectibles will feature four levels: Common, Rare, Epic and One of a Kind,” the company added.

The American news wire agency Associated Press (AP) announced the launch of its NFT marketplace earlier this week. AP said it would sell award-winning photographs, including Pulitzer Prize-winning images, via the marketplace.

Data from market tracker DappRadar shows revealed that sales of NFTs reached some $25 billion last year. The NFT market could grow even bigger this year as more entities enter the space.