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Friday, January 21, 2022

Gap taps NFT craze by taking classic hoodies digital

Mattel Inc has also launched NFT versions of its Barbie and Hot Wheels lines.

By: Reuters |
January 14, 2022 8:00:37 pm
Gap announced the global launch of its first collection of non-fungible tokens (NFTs). (Photo: GAP)

Gap Inc on Thursday launched non-fungible tokens (NFTs) of its iconic hoodies, sending the apparel maker’s shares about 5% higher as it became the latest major retailer to dive into the world of speculative crypto assets.

The more than 50-year-old company’s push to sell virtual assets for real money follows similar moves by clothing companies such as Nike Inc, which last month announced the acquisition of NFT maker RTFKT.

Mattel Inc has also launched NFT versions of its Barbie and Hot Wheels lines. NFTs, a type of digital asset, have exploded in popularity this year with artworks selling for millions of dollars.

Gap said its NFTs will be priced in tiers ranging from about $8.30 to $415 for a collectible that comes with a physical hoodie. Prices can fluctuate with the value of the cryptocurrency used for making purchases.

The company is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon, on the NFT collection that is being hosted on the Tezos blockchain.

Gap said Tezos uses an energy-efficient approach to secure its network. The crytpocurrencies needed to buy NFTs have been criticized for their large carbon footprint.

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