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Gap taps NFT craze by taking classic hoodies digital -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A sign advertising a Gap shop can be found on 5th Avenue, New York. It was taken June 16, 2015. REUTERS/Brendan McDermid/File Photo

(Reuters] – Gap Inc. (NYSE:), launched on Thursday non-fungible tokens (NFTs). This sent Gap Inc’s shares about 5% up as it becomes the largest retailer to venture into the world of speculative digital assets.

Following similar efforts by fashion companies like Nike Inc (NYSE:) announced last month the acquisition by RTFKT, a NFT manufacturer.

Mattel Inc NFT versions were also available from (NASDAQ) for its Barbie and Hot Wheels brands.

This year NFTs have seen a surge in popularity with art selling for many millions.

Gap announced that NFTs from Gap will come in four tiers, with prices starting at $8.30 for an NFT and ending at $415 for a collectible with a physical jacket. The value of cryptocurrency purchased can affect the price.

Brandon Sines is the creator of the Frank Ape cartoon and the company will collaborate with him on the NFT collection being hosted on Tezos’ blockchain.

Gap claimed that Tezos takes an efficient approach to protecting its network. Their large carbon footprint has been criticised by crytpocurrencies that are required to purchase NFTs.

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