Gap faucets NFT craze by taking basic hoodies digital

Gap Inc on Thursday launched non-fungible tokens (NFTs) of its iconic hoodies, sending the attire maker’s shares about 5% increased because it turned the newest main retailer to dive into the world of speculative crypto belongings.
The greater than 50-year-old firm’s push to promote digital belongings for actual cash follows related strikes by clothes firms resembling Nike Inc, which final month introduced the acquisition of NFT maker RTFKT.
Mattel Inc has additionally launched NFT variations of its Barbie and Hot Wheels strains. NFTs, a kind of digital asset, have exploded in reputation this yr with artworks promoting for thousands and thousands of {dollars}.

Gap mentioned its NFTs will likely be priced in tiers starting from about $8.30 to $415 for a collectible that comes with a bodily hoodie. Prices can fluctuate with the worth of the cryptocurrency used for making purchases.
The firm is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon, on the NFT assortment that’s being hosted on the Tezos blockchain.
Gap mentioned Tezos makes use of an energy-efficient strategy to safe its community. The crytpocurrencies wanted to purchase NFTs have been criticized for his or her giant carbon footprint.