Gap Inc. on Thursday launched the non-fungible token (NFT) of its iconic hoodies, sending shares of the apparel maker up nearly 5% as it became the latest major retailer to dive into the world of speculative crypto assets.
The over 50 company’s push to sell virtual assets for real money follows similar moves by clothing companies such as Nike Inc., which last month announced its acquisition of NFT maker RTFKT.
Mattel Inc. has also launched NXT versions of its Barbie and Hot Wheels lines.
NFTs, a type of digital asset, have exploded in popularity this year with artifacts selling for millions of dollars.
Gap said the price of its NFTs will range 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 to make the purchase.
The company is collaborating with Frank App cartoon artist Brandon Signes on the NFT collection being hosted on the Tezos blockchain.
Gap said Tezos uses an energy-efficient approach to keep its network secure. The cryptocurrencies required to purchase NFTs have been criticized for their large carbon footprint.
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