Gap establishes its NFT collection

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TL;DR Breakdown

  • Gap’s unique NFT collection is set to begin its sale.
  • The NFTs are categorized into four levels.

Gap, a famous American clothing retailer is looking to expand the firm through a gamified NFT collection. The development will promote innovation and creativity. Additionally, It will be deployed on the Tezos blockchain.

Gap chose the blockchain to become more eco-friendly. Tezos, which is an open-source blockchain, utilizes better environmentally-friendly techniques to keep its network safe. Moreover, this allows it to function with a low carbon print using little energy.

The NFT market is gaining fame among outstanding firms and the community because of its popularity and rarity. Gap announced its collection debut on Wednesday. They have partnered with an American artist, Brandon Sines. He is the owner behind Frank Ape, which was formed in 2010. The community can now get various versions of Gap’s signature hoodie, specially invented by Sines.

Gaining from the collaboration

Chris Goble, Chief Manager of GAP North America, noted that they decided to dive into NFTs since they want to venture into culture, music, and art.

Sines said that they would gain a lot from the collaboration. He noted that he would be in a great position to write beautiful notes to Frank Ape. He said that he was thrilled to show his fans what the partnership has in store for them, and he wouldn’t disappoint them.

The Gap NFTs can be accessed from Jan 13th on the company’s official site. The users can acquire them exclusively. The digital collectibles will come in ranks that include Rare, Common, Epic, and One of a Kind.

Customers can buy the pieces for 2 Tezos each (about $8.8). This will run until Jan 15th. Still, more Gap NFT drops will be available within the month. They will have a price between 6 and 100 Tez. The sale of the NFTs will be on a first-come, first-serve basis.

NFTs market

According to data from DappRadar, the sales volume of NFTs surpassed $24 billion last year and was almost $95 million in 2020. DappRadar takes data from various blockchains to identify those who own the NFT.

NFTs keep a digital record of ownership through blockchain technology, just like digital assets. They were first established on ethereum, so most NFTs can still only be bought using ether.

Gap said they want to gain experience and learn more about their customers with this development in the trending space. Through that, they can know what they want from the digital world.