Gap decided to launch its own line of NFT collections on January 13th, 2022.
With the clothing retailer joining the NFT bandwagon, it joins a list of some of the most popular brands out there, such as McDonald’s, Ferrari, Burberry, and more that have tested the speculative asset market with their own offerings and unique launches.
As crypto & NFT enthusiasts wait for brands to line up and drop their NFT launches one at a time, the launch of Gap Threads can certainly work in the brand’s favor. The benefits were quite evident as the brand’s shares rose 5% on the stock market. Let’s find out more about the NFT drop and what’s in store for the brand down the line when it comes to NFTs.
Gap Threads NFT: What is it?
The official website for the NFT launch, explains what the brand aims to do with its Gap Threads NFT launch.
According to the official website, Gap Threads is a ‘fun and interactive digital collectible experience at the intersection of technology, fashion, music, and art’. The brand wants to tap into the younger demography, and launching the NFT collection is one of the steps it aims to do so with.
Gap as a brand has always associated itself with pop culture and the latest trends, allowing it to stay ahead of its time and competitors. Its 50-year-old legacy is only going to add to its goodwill and position as one of the NFT collections to look out for.
About The Collection
For the launch of its NFT collection, Gap decided to collaborate with the artist behind one of the most popular NFTs out there, the Frank Ape project. Artist Brandon Sineshas designed the NFT collectible. The artwork from the Gap collection includes various iterations of a hoodie with the iconic Gap logo in the middle.
The launch for the NFT collectibles was lined up in a phased manner with different sets of NFTs being launched on different days. The four levels of the collection were Common, Rare, Epic, and One-of-a-kind. Common level released first, followed by Rare drop on January 15th, the Epic drop on January 19th, and the One of a kind drop on January 24th.
The articles were listed on the NFT marketplace Objkt.com. As of when this article was published most of the NFT collectibles were already sold out on the official website.
Hosted on Tezos
The Gap NFT is hosted on Tezos that is a “more energy-efficient” blockchain, consuming far lesser amounts of energy than its counterparts like Ethereum or Blockchain.
Gap has mentioned on its official website, that it chose to host its NFTs on Tezos, for it consumes a lesser amount of energy.
It further goes on to explain Tezos as “..a more energy-efficient public blockchain where developers, artists, entrepreneurs, brands, and others from around the world build and engage with a network of decentralized applications. Tezos modular architecture allows for seamless, community-determined upgrades that deploy new advancements to fuel the next round of innovation.”
Combining Physical With Virtual
Gap has allowed its consumers to exchange their NFTs against a physical version of “FRANK APE X Gap – Always Play Hoodie” that can be shipped to the address you have mentioned while filling up your claim form. The physical hoodies are designed by the Frank Ape creator and are adorned with characters belonging to the Frank Ape universe.
How To Purchase Gap NFTs?
For purchasing Gap NFTs, the brand asks its customers to sign in to the Kukai NFT wallet. The Kukai wallet is exclusively built for the Tezos blockchain and hence is recommended by Gap on its website.
Once the signup process is complete, the users can buy Gap NFTs using credit cards or by using Tez. Users can access their collectibles through the Kukai wallet.
Current Scenario of Gap NFTs
As of when this article was published, the total trade volume for Tezos stood at 53.94k Tez, with the 24h trade volume standing at 877.95 Tez.
The floor price for the Gap NFTs stood at 4.5 USD (exchange rate at USD 3). Moreover, a FRANK APE x Gap – Feel The Rhythm NFT has been listed on the NFT marketplace being listed at 290 Tez.
Conclusion: Fashion & NFTs
The year 2021 saw many luxury brands, as well as retailers, join the NFT bandwagon.
However, as more and more brands rush into the space, the fashion brands need to figure out their own reasons, offerings, and utility of the NFTs and the collection they are offering. A report by McKinsey, State of Fashion 2022 states that NFTs are going to become part of the mainstream for retailers this year.
Moreover, the market is going to see an exponential rise, fuelled by a large Gen Z audience around the world the entrance of NFTs, and overall acceptance for cryptocurrencies.
Although, apart from the monetary benefits brands need to look at NFTs from sustainable and ethical points of view as well. The backlash faced by McDonald’s with its NFT launch can be a lesson. Mining an NFT and blockchains use massive amounts of energy, hence they do have an environmental impact.
This might show a brand in a negative spotlight, as the newfound awareness around climate change takes precedence amongst the younger audience.