The once-popular clothing retailer that has struggled to regain its cool factor on Thursday launched non-fungible tokens of its iconic hoodies, becoming the latest major retailer to dive into the world of NFTs and other speculative digital assets.
Gap said the NFTs come in the form of a series of digital hoodie art, with different levels of rarity at different price points. Common level pieces starting at roughly $8.30, or 2 tez, are on sale today. Rare, epic, and one-of-a-kind tiers will roll out over the next few weeks.
The company is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon. The NFTs are built and hosted on the Tezos blockchain.
In layperson terms, NFTs are blockchain-verified digital pieces of whatever you can think of – art, shoes, sketches, a coffee cup with YouTube star Mr. Beast’s face on it, or a digital rendering of former First Lady Melania Trump’s eyes.
And they are this year's -- and possibly this generation's -- hottest ticket, with Sony, AMC Entertainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report and even electric car maker Fisker (FSR) - Get Fisker Inc Class A Report all offering up NFTs to the broader public.
Indeed, the more than 50-year-old retailer's push to sell virtual assets follows similar moves from other retailers including Adidas (ADDYY) , Nike (NKE) - Get NIKE, Inc. Class B Report and Under Armour (UAA) - Get Under Armour, Inc. Class A Report that in recent months have jumped into the NFT space in what many see as a marketing play -- that works.
For Gap, the move is as much as way to boost sales as it is to regain its hipness among Millennials and Gen Z’ers who have balked at the company’s mass-produced clothing and accessories.
The company that once upon a time was a first stop at the shopping mall for young people has closed some 350 Gap and Banana Republic stores in North America since 2020.