Morgan Chittum

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        <ul>
                <li>One Gap NFT currently goes for 2 XTZ or roughly $8.41 worth of Tezos, as of press time</li>
                <li>The new collection features artwork by Brandon Sines</li>
            </ul>
    
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<p>Gap Inc. (GPS.N) released a line of non-fungible tokens (NFTs) on Thursday, joining a laundry list of major retailers to step into the world of digital collectibles. The collection, dubbed “Gap Threads,” will be powered by Tezos, which touts itself as a more energy-efficient blockchain.&nbsp;</p>



<p>One NFT currently goes for roughly $8.41 worth of Tezos and can be purchased on the San Francisco-based company’s <a href="http://gap.com/nft" target="_blank" rel="noreferrer noopener">website</a>.&nbsp;</p>



<p>The NFTs were designed by artist Brandon Sines and will be <a href="https://www.gap.com/nft/" target="_blank" rel="noreferrer noopener">released</a> periodically throughout the month, according to a statement from the firm. Additionally, certain holders of the asset will receive a real-life Gap hoodie, along with their NFT.</p>



<div class="wp-block-image"><figure class="alignleft size-medium"><img loading="lazy" decoding="async" width="300" height="230" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg" alt="" class="wp-image-14116" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=335 335w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=340 340w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=286 286w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=50 50w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Screen-Shot-2022-01-13-at-2.39.40-PM-300x230-1.jpg?w=849 849w" sizes="auto, (max-width: 300px) 100vw, 300px" /><figcaption>Source: The Gap</figcaption></figure></div>



<p>Brian David-Marshall, president of InterPop which collaborated with Gap to create the collection, described NFTs as a way for companies to bridge the gap between physical and digital ownership.</p>



<p>“These NFTs will unlock an opportunity for fans to get their hands on an exclusive real world apparel drop from this collection. This is a great example of how NFTs are empowering creators and brands globally to connect with their fan bases on new levels,” David-Marshall said in a statement to Blockworks.&nbsp;</p>



<p>Other major brands such as <a href="https://cms.blockworks.co/adidas-bumpy-and-historic-step-into-the-metaverse/" target="_blank" rel="noreferrer noopener">Adidas</a>, <a href="https://www.macys.com/social/macys-parade-nft/" target="_blank" rel="noreferrer noopener">Macy’s</a> and <a href="https://us.dolcegabbana.com/en/redeem/" target="_blank" rel="noreferrer noopener">Dolce &amp; Gabbana</a> released NFT plans in the past few months.</p>



<p>Adidas dropped 30,000 NFTs, recording $23.5 million worth of ether in sales last year. The collection went down in history as the most widely-distributed NFT drops, despite reports of <a href="https://cms.blockworks.co/adidas-bumpy-and-historic-step-into-the-metaverse/" target="_blank" rel="noreferrer noopener">failed transactions</a>, according to the company.&nbsp;</p>



<p>Garrette David, co-founder of Atomic Form, said it’s no surprise that large brands are venturing into NFTs, describing the partnerships as “a total no brainer.”</p>



<p>“Streetwear culture and clothing lines [have] historically leveraged their branding, [intellectual property] and their community to guide their sales and distribution,” David, who runs a Web3 startup, told<em> </em>Blockworks. “NFTs are a logical continuum. Aforementioned historical strategies translate well into the NFT space because it is a new medium for their IP and drives merchandising costs to be very low because the goods are code rather than physical goods.”</p>




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