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Gap Enters NFT Business

Gap Enters NFT Business

Gap Enters NFT Business

Gap is venturing into the non-fungible tokens (NFT) space with the launch of its first collection, which has been designed by Brandon Sines, the artist behind Frank Ape.

The apparel retailer has planned a gamified launch, which will take place over the course of two weeks on Gap’s website. The NFTs will utilize the open-source blockchain Tezos, which is said to be more energy-efficient and has a lower carbon footprint.

The NFTs can be bought starting January 13, 2022, at four different levels: Common, Rare, Epic and One of a Kind. The company plans to release fewer NFTs on each release in an effort to increase the rarity of the tokens. The first batch of NFTs will sell for $8 each and at “Rare” level, the company plans to issue 1,000 NFTs for $25 apiece. Buyers who shop for NFTs on each of the levels will unlock access to the Epic level, which includes some 100 NFTs that will be sold for $400 each.

The launch of the collection comes less than a week after rapper and fashion designer, Kanye West, now formally known as Ye, announced his collaboration with Balenciaga’s creative director, Demna Gvasalia, for a project at Gap. The project has been officially dubbed Yeezy Gap Engineered by Balenciaga and it aims to bring couture pieces at Gap-esque prices.

Ye also launched his latest “Heaven and Hell” music video, which also doubles as a Yeezy Gap TV commercial and prominently features the Yeezy Gap’s signature hoodie.

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