The Gap on Thursday launched non-fungible tokens (NFTs) for its hoodies, lifting the apparel maker’s shares about 5%.
The company’s effort to sell virtual assets for real money follows similar moves by apparel companies like Nike, which last month announced its acquisition of NFT maker RTFKT.
The Gap said its NFTs will be priced between about $8.30 to $415 for a collectible that comes with a physical hoodie. Prices can fluctuate according to the value of the cryptocurrency used to make purchases.
Mattel also released NFT versions of its Barbie and Hot Wheels lines.
NFTs, a type of digital asset, have exploded in popularity this year with artworks selling for millions of dollars.
Gap is collaborating with Brandon Sines, the artist behind the Frank Ape cartoon, on the NFT collection which is hosted on the Tezos blockchain.
Gap said Tezos uses an energy-efficient approach to securing its network. The cryptocurrencies needed to buy NFTs have been criticized for their large carbon footprint.
Reference: CNN Brasil
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