Non-fungible tokens, or NFTs were one of the hottest topics of conversation in 2021, and there’s a good chance that trend will continue through 2022. In fact, the year is kicking off to a big start with several stories surrounding increased adoption. 

One of the biggest stories is the fact that Gap, a household name clothing brand, is diving into NFTs. Here’s what’s happening:

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Gap Launches NFTs

Recently, news broke that Gap has officially launched non-fungible tokens. The company’s first foray into the metaverse features a collection of NFTs centered around the company’s classic hoodie. 

According to the announcement, Gap’s collection is a gamified one, providing a digital experience that entices consumers to purchase a range of limited-edition hoodies, all of which have been designed by Brandon Sines, the founder of Frank Ape. 

The company explained that its NFTs are built on the Tezos blockchain, a platform that’s known to eliminate third-party censorship while taking advantage of the formal verification process, using complex mathematical equations to further secure transactions. At the same time, the blockchain operates on minimal energy, meaning it’s got a minimal carbon footprint. 

The company said the NFTs will be available in four different categories, ranging from Common to Rare, Epic, and One of a Kind. 

In the announcement, Gap said common pieces would cost 2 tez (XTZ), which works out to just over eight dollars. Rare pieces will drop on Saturday and come with a price tag of 6 tez. Epic pieces in the collection will be available Tuesday for 100 tez each. Finally, if you want to get your hands on a One of a Kind piece, you’ll need to be present for an auction that will begin on January 24tha t 9 am pacific time. 

Commentary

In a statement, Brandon Sines had the following to offer:

“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,” Sines said in a statement. “I cannot wait to share the physical and digital pieces we’ve been working on with Gap and Frank fans worldwide.”

The statement above was followed up by Chris Goble, Chief Product Officer and General Manager of Gap North America. Here’s what he had to say:

“Gap has always been at the intersection of music, art and culture, so we are excited about this growth opportunity in the digital space with artists like Brandon Sines.”

The Bottom Line

The bottom line here is simple. With major brands diving into the NFT space, the industry heated up significantly in 2021. Now, the beginning of 2022 has proven a continuance of what we saw last year, suggesting there’s no cooling down in the industry as of yet, and it’s not likely to cool off any time soon. 

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