Gap is launching NFT hoodie art that unlocks physical clothing

The image is called Gaphoodienftcollectionfrankape.

Gap is following in the footsteps of retailers like Nike and Macy's that have recently entered the NFT space. The NFTs are built on the Tezos block chain, which is said to be a more energy efficient option.

There are different levels of rarity at different price points for the NFTs. There are some common level pieces on sale today. Over the next few weeks, there will be rare, epic, and one-of-a-kind tiers. The designs are being created by Brandon Sines, creator of the Frank Ape cartoon character.

The experience is worth around $500.

The epic level NFTs, priced at around $415 (100 tez), include digital art by Sines and a physical Gap x Frank Ape sweatshirt. To get the chance to buy an epic one, customers will need to purchase four common and two rare NFTs. Gap says thegamified experience will encourage fans to collect art hoodies. The experience comes out to around $500. The price of a men's hoodie at Gap is about 25 dollars, but they have a 50 percent off sale right now that will bring the price down to about 15 dollars.

Gap has retreated from shopping malls over the past few years. In October 2020, the company said it would close 350 Gap and Banana Republic stores.

This isn't the first time Gap has rolled out a special edition drop. The most sales of an item in a single day was achieved by the Gap in September, thanks to the success and buzz around the Yeezy Gap Hoodie. 70 percent of Gap shoppers are new to the store.