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June 7, 2022

Gap furthers exploration of NFTs

US specialty clothing retailer Gap Inc has announced its namesake brand is collaborating on a new collection of limited-edition non-fungible tokens (NFTs) as it continues to explore new channels to engage customers in the rapidly evolving digital ecosystem. 

By Beth Wright

Gap announced the global launch of its third collection of NFTs in partnership with contemporary artist and former professional soccer player Demit Omphroy yesterday (6 June).

“Gap is continuing to experiment in this space, furthering its commitment to its sustainability values as well as creativity and innovation that shapes culture by amplifying individuality,” Gap Inc said.

This spring, Omphroy launched a limited-edition graphic tee collection (Gap x Demit) as part of the brand’s Artist Series. Now, Omphroy is launching his first NFTs with Gap.

“Partnering with unique artists and creators is a cornerstone of our NFT programme,” says Chris Goble, chief product officer at Gap. “We are thrilled to collaborate with Demit and to create this vibrant collection of NFTs and product that amplifies his voice and represents his distinct individual style.”   

The experience will kick off today (6 June) with three gamified level drops: Common, Rare and Epic. Common will be on sale for a limited time for 2 tez (XTZ). Rare will be on sale starting 9 June for 8 tez (XTZ) and Epic on 14 June for 50 tez (XTZ). The digital collectibles will be available on a first-come, first-served basis. Rare and Epic levels will be available in more limited editions. The entire collection supports payments in both fiat and tez. 

On 15 June, the One of a Kind digital auction will begin, featuring single edition digital art and a custom, hand-painted Gap denim jacket by Demit.  

Gap will also launch the first fashion collaboration of NFT wearables with petaverse game DOGAMÍ next month ́in the petaverse. Digital Gap logo hoodies specifically designed for DOGAMÍ avatars will engage players to express their virtual pet’s individual style that will have a direct impact on game stats. 

The Gap Threads marketplace and DOGAMÍ are both built on Tezos, said to be a more energy-efficient blockchain, allowing for minimal energy consumption and a low carbon footprint. In addition, Gap continues to partner with Interpop to create the Gap Threads experience.

In April, Gap Inc launched a limited-edition NFT collection, designed in collaboration with fashion influencer Dapper Dan.

Meanwhile, Gap Inc recently revised its full-year guidance as it swung to a loss in the first quarter as sales fell by 13% on the prior year.

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