Gap Inc. on Thursday launched the non-fungible token (NFT) of its iconic hoodies, sending shares of the attire maker up practically 5% because it turned the most recent main retailer to dive into the world of speculative crypto belongings.
The over 50 firm’s push to promote digital belongings for actual cash follows comparable strikes by clothes corporations akin to Nike Inc., which final month introduced its acquisition of NFT maker RTFKT.
Mattel Inc. has additionally launched NXT variations of its Barbie and Hot Wheels strains. NFTs, a sort of digital asset, have exploded in reputation this 12 months with artworks promoting for thousands and thousands of {dollars}.
Gap mentioned the worth of its NFTs will vary in tiers from about $8.30 to $415 for a collectible that comes with a bodily hoodie. Prices can fluctuate with the worth of the cryptocurrency used to make the acquisition.
The firm is collaborating with Frank Ape cartoon artist Brandon Signes on the NFT assortment being hosted on the Tezos blockchain.
Gap mentioned Tezos makes use of an energy-efficient method to maintain its community safe. The cryptocurrencies required to buy NFTs have been criticized for his or her massive carbon footprint.
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With inputs from TheIndianEXPRESS
