The Gap is launching its first NFTs with the collectibles ranked from 'common' to 'one-of-a-kind'

markets.businessinsider.com:

Reuters/Eduardo Munoz

The Gap is launching its first-ever NFT collection that it has dubbed a «gamified» experience.

The iconic American clothing retailer said in a Wednesday press release the first phase of its collection of non-fungible tokens — digital pieces of art tied to a blockchain — will arrive Thursday for a starting price of about $9.

Built on the open-source Tezos blockchain, the Gap's NFT collection was designed with the artist Brandon Sines, who is known for creating Frank Ape, an animated New York City ape that embodies «positivity and equality.»

The digital collectibles are ranked on four levels: common, rare, epic, and one-of-a-kind. The common NFTs will be the first to go on sale with the rest to follow over the next two weeks.

The gamified aspect encourages customers to collect the common and rare NFTs in order to unlock the chance at purchasing the epic NFT, which includes limited-edition Brandon Sines art and a physical hoodie.

«With this first venture into this new space, the company plans to learn more about how their customers want to engage in a digitally led world,» Gap said in its statement.

The company is one of many fashion labels to enter the world of NFTs and the future internet dubbed the metaverse. Major fashion brands including Burberry, Louis Vuitton, Gucci, and Ralph Lauren turned to the digital world last year in an effort to promote their brands, Insider reported previously.

In August last year, Insider reported the Gap has been making a comeback after years of decline, thanks in part to its brand push to Gen Zs and a revamped marketing effort it calls «modern American optimism.»