US apparel brand Gap announced its first launch of NFTs on Wednesday.
The main purpose of this step is to bring new and existing customers closer to the Gap brand and its products, the company announced on Wednesday. The NFTs consist of a digital, video game-like experience, the final level of which unlocks a limited-edition Gap Hoodie in physical form.
For the NFTs, Gap worked with Brandon Sines. Sines is the artist behind the virtual character Frank Ape, a monkey who lives in New York and also exists as an NFT version. Community, creativity, and self-expression are values that are reflected in Sines’ way and are in line with Gap’s modern American optimism, Gap said.
The launch of the NFT collection is divided into four phases that increase in price category and have to be unlocked one after the other like in a video game. Digital Gap hoodies can be purchased in the first two levels. The third level features limited edition digital art by Sines himself. The fourth level allows collectors to purchase a physical Gap x Frank Ape by Brandon Sines hoodie.
The first level “Common” was launched on January 13th and was accessible for almost 24 hours. Converted from the virtual currency, the price was approximately 8.30 US dollars. The next three levels will be launched in the next two weeks and are worth between $24.90 and $415. The price for the last level “One of a Kind” has not yet been announced.