January 20, 2022, 21:29

    Gap taps NFT craze by taking classic hoodies digital

    Gap taps NFT craze by taking classic hoodies digital

    Jan 13 (Reuters) – Gap Inc (GPS.N) on Thursday launched non-fungible tokens (NFTs) of its iconic hoodies, sending the apparel maker's shares about 5% higher as it became the latest major retailer to dive into the world of speculative crypto assets.

    The more than 50-year-old company's push to sell virtual assets for real money follows similar moves by clothing companies such as Nike Inc , which last month announced the acquisition of NFT maker RTFKT. read more

    Mattel Inc (MAT.O) has also launched NFT versions of its Barbie and Hot Wheels lines.

    Register now for FREE unlimited access to Reuters.comRegister

    NFTs, a type of digital asset, have exploded in popularity this year with artworks selling for millions of dollars.

    Gap said its NFTs will be priced in tiers ranging from about $8.30 to $415 for a collectible that comes with a physical hoodie. Prices can fluctuate with the value of the cryptocurrency used for making purchases.

    The company is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon, on the NFT collection that is being hosted on the Tezos blockchain.

    Gap said Tezos uses an energy-efficient approach to secure its network. The crytpocurrencies needed to buy NFTs have been criticized for their large carbon footprint.

    Register now for FREE unlimited access to Reuters.comRegisterReporting by Ananya Mariam Rajesh and Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath

    Sourse: reuters.com

    Related posts

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies. You can find a detailed description in our Privacy Policy.
    Accept
    Reject
    Privacy Policy